Global Real Time Location System (RTLS) Market Analysis, Trends and Insights 2019-2026
Summary - A new market study, titled “Global Real Time Location System (RTLS) Market - 2019-2026 ” has been featured on WiseGuyReports.
Market Overview
The Global Real Time Location System (RTLS)
Market is expected to grow at a CAGR of over 27.1% to reach a market value of
USD 13.7 billion by 2026.
An RTLS system is a technology which tracks the
geolocation of a range of objects in real time. An RTLS is different from GPS
in the sense that an RTLS system is confined in its geographical boundary of
signal detection, whereas GPS provides global coverage. The signal used in an
RTLS system can be radio frequency, or optical (infrared) or acoustic
(ultrasound). However, the location information accessed by the RTLS system
usually does not include speed, direction or spatial orientation of any form.
The report covers all the
major trends and drivers playing a vital role in the growth of the global
market. The market has been segmented on the basis of region, component,
technology, and industry verticals.
Market Dynamics: Drivers, Restraints,
Opportunities Challenges
The Global Real Time Location System (RTLS)
Market is expected to thrive, owing to the boom in the number of people owning
smartphones. This is because of the extensive number of mobile applications
dependent on GPS software in-built in the smartphones. Another driver for the
market would be the technological advancements in the field which improve
efficiency, and at the same time cut component costs. Also, the fact that RTLS
systems have the possibility of being used in different ways to address various
inefficiencies is a major factor of growth.
In addition, Asset tracking is important in any
industry. Real time locating systems offer easy identification and tracking of
assets which include tools, containers, medical equipment, and trailers. And
for the military and defense sectors it’s even more critical. Moreover,
According to the Stockholm International Peace Research Institute (SIPRI),
total world military expenditure rose to $1,822 billion in 2018, representing
an increase of 2.6 per cent from 2017. The five biggest spenders in 2018 were
the United States, China, Saudi Arabia, India and France, which together
accounted for 60% of global military spending. Therefore, increasing military
expenditure is further expected to fuel growth in the global RTLS market.
However, the privacy and security concerns
surrounding sharing a person’s location, high cost involved in the initial
setup coupled with uncertainty clouding the returns which are to accrue over
time by incorporating RTLS hinder the growth of the market.
Key Segments:
Global Real Time Location System Market By
Component:
• Software Components
• Hardware Components
Hardware, being the major component used in
setting up the RTLS, dominated this segment. Be that as it may, the
technological advancements in this sector have led to a recent trend in the
hardware (tags, sensors, etc.) prices falling which means although the sale
volume is forecasted to rise, the sale value will not be seeing such growth.
Global Real Time Location System Market By
Technology:
• RFID
• Bluetooth
• Wi-Fi
• GPS
• others
By Technology, the Global Real Time Location
System (RTLS) Market is classified into RFID, Bluetooth, Wi-Fi, GPS, and
others. Radio-Frequency Identification (RFID) is further sub-segmented into
Active RFID and Passive RFID. This segment is expected to be dominated by the
Wi-Fi segment due to technological advancements in bandwidth improvement which
has led to increased effectiveness. Another factor supporting the demand for
Wi-Fi based RTLS solutions is the low deployment cost as compared to its
closest competitor, the RFID solutions.
Global Industry Verticals Market By Industry Verticals:
• Manufacturing
• Logistics
• Defence
• Healthcare
• Electronics
• Others
The Health Care industry is expected to show
healthy growth in this segment with increasing incorporation of RTLS solutions
to track missing equipment, patient activities etc.
The Logistics and Manufacturing segments are
exploitable avenues for prospective manufacturers as there is an increasing
need to track shipments in transit, and products in various of the supply
chain. India, for example, is working on pushing manufacturing-friendly
initiatives so that the contribution of the manufacturing sector to the Gross
Domestic Product would reach 25% from the present 17%.
Another industry vertical with the potential to
dominate the Global Real Time Location System Market is the Electronics
Manufacturing Industry. As the demand for electronics in the form of
smartphones, tablets, computers/laptops, etc. In 2018, for example, 1.5 billion
smartphones were sold worldwide. This comes in line with the smartphone sales
showing a steady increase in the tens of millions over the past few years.
Geographical Landscape
By geography, the global Real Time Location
System (RTLS) market is segmented into North America, Asia-Pacific (APAC),
Europe, South America, and the Middle East and Africa (MEA).
In 2018, North America accounted for the highest
growth rate because of the presence of high-profile RTLS solutions/RFID
providers the region. In America, for example, 96% of the high-profile retail
stores have taken up measures to ensure their apparel is RFID tagged.
The APAC region has also been forecasted to have
a healthy growth rate, due to the rapidly increasing demandfor smartphones, and
a focus on developing the manufacturing sector in each country.
In Europe, the RTLS Market is expected to be fuelled
by the fast pace of developments in the health care system. This accelerated
demand for efficient health care is partly because of the anticipated increase
in the number of patients that need to be taken care of, given that the ratio
of older people to younger people is set to rise in Europe. According to the
findings of an EU sponsored study, the EU-28’s median age is expected to rise
by 4.5 years by 2080. This means, given the present demographic, there will be
less than two persons of working age for every elderly person. This ageing of
the continent as a whole is forecasted to drive the demand for health care.
Competitive Analysis
The Global Real Time Location System (RTLS)
Market is an extremely fragmented market with high degree of competition existing
among market players. This market is primarily technology driven and any
prospective market player would do well if investments in R&D are
prioritised.
Some major players in the market are Impinj,
Teletracking Technologies, Ubisense Group, Zebra Technologies, Airista, Aruba
Networks (Hp Enterprise), Awarepoint, Identec Group, and among others.
Impinj Inc, a major market player has started
following the trend of connecting products to the web, and has started
incorporating the Internet of Things into their RFID tags. Making an exclusive
Impinj Platform so that consumers can view the state, location and authenticity
of a product in real time was their way of establishing market presence.
Ubisense Group has chosen to focus on improving
the efficiency of the supply chain process in factories by emphasising the
importance of a digitally connected factory and its benefits. Keeping an eye on
the future, the firm has started delivering customised solutions to make smart
factories for the automotive industry. They are aimed at allowing the
manufacturers to achieve efficient inventory control by making products, parts
and components visible and identifiable anytime and everywhere
FOR MORE
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