Real Time Location System (RTLS) Market - Forecast(2021 - 2026)
Real Time Location Systems (RTLS) are opted to track the location of objects, assets, or individuals in real-time monitoring. This is done by embedding tags to the object being tracked. The signals sent by the tags are received by fixed receivers or readers to identify the location. The Global RTLS Market is estimated to grow at a CAGR of 14.7% during the forecast period 2018–2024. APAC is projected to be the fastest growing market with a CAGR of 17.5%, which can be attributed to the increasing adoption fuelled by the drop in the prices of the RTLS systems lately.
Global RTLS Market Outlook
RTLS is typically designed so as to improve the operational processes, workflows, safety, security, inventory management, or a combination of all of these. Application of real-time tracking system for detecting live location of any object or person has proven to be of great assistance in diverse industries such as manufacturing, logistics, healthcare, defense, and so on. According to IndustryARC findings, the health care industry is estimated to hold the major share of the RTLS market in the end user vertical segment during the forecast period 2018–2024
Global RTLS Market Growth Drivers
The growing technological advancements, which result in lower prices and improved efficiencies, are set to propel the market. Regions such as APAC are highly priced sensitive market and the drop in prices have spurred the adoption in the region. Additionally, RTLS has evolved over the years and are now finding a wide range of new applications across various industry verticals such as sports, agriculture, livestock management, and others. These present excellent growth opportunities for the RTLS market.
Global RTLS Market Challenges
Despite strong growth factors, the market for RTLS is facing challenges in the form of privacy and security concerns in terms of data collected via the technology and sharing it with the third parties. Additionally, the high cost involved initially in the setup of the infrastructure is making small and medium-sized firms hesitant in taking up the technology.
Global RTLS Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Global RTLS Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
Global RTLS Market Report: Industry Coverage
By Component — Tags, Software, Sensors, & services
By Technology — Active RFID, Passive RFID, Bluetooth, GPS, Ultra Wideband, Infrared, Ultrasound, Wi-Fi and Zigbee
By Industry Verticals — Manufacturing, Logistics, Healthcare, Defense, Security, and Others
By Application — Asset/Inventory Tracking, Work in progress tracking (WIP), Vehicle/Fleet Tracking, Shipping Containers Tracking, Personnel tracking, Patients activity tracking.
Comments
Post a Comment