Summary- A new market study, titled “Global Real Time Location System (RTLS) Market - 2019-2026”has been featured on Wiseguy Reports
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.
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:
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:
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.
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.
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.
Wise Guy Reports is part of the Wise Guy Research Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe.
Ph: +162-825-80070 (US)
Ph: +44 2035002763 (UK)