Real Time Location System (RTLS) Market - Forecast(2020 - 2025)
Global RTLS Market Overview
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.
The Global RTLS Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Argentina, Chile, Others
- Europe: The U.K., Germany, France, Italy, others
- APAC: China, South Korea, Japan, Australia, others
- Rest of the World: The Middle East and Africa
Global RTLS Market Key Players
Some of the key players mentioned in this report are Intelleflex Corporation (U.S.), Ubisense Group Plc (U.K.), Radianse Inc. (U.S.), Oatsystems Inc. (U.S.), Visonic Technologies Ltd. (Israel), and others.
Global RTLS Market Trends
- In November 2018, Ubisense Group PLC sold its RTLS smart space business including the Ubisense brand to a firm that is controlled by funds managed by Investcorp Technology Partners. The company has revealed its plans to be a focused geo spatial software company hereon.
- One of the major acquisitions in the Global RTLS Market includes Ekahau’s sale of its RTLS business to AiRISTA Flow in 2017. This has resulted in Ekahau’s product line to feature only Wi-Fi design tools.
- Lockheed Martin has partnered with OnyxBeacon for the installation of Bluetooth Low Energy (BLE) based RTLS for its warehouses in Orlando. Lockheed Martin will use the technology to track the packages of components.
Key Questions Addressed in the Global RTLS Market Report
1. Is the market for RTLS growing? How long will it continue to grow and at what rate?
2. Is there a possibility for change in the market structure over time?
3. Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
4. Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
5. What is the current status of the Global RTLS Market in different countries?
6. Which are the major relevant product segments within RTLS?
7. What are the short-term, long-term, and medium-term growth drivers for the market?
8. What are the short-term, medium-term, and long-term challenges for the market?
9. What are the short-term, medium-term, and long-term opportunities for the market?
10. Who are the top players/companies of the market?
11. What are the recent innovations in the market?
12. How many patents have been filed by the leading players?
13. What are the types of patents filed by the leading players?
14. What is the futuristic scenario for the adoption of RTLS?
15. What is our Vision 2030 for the Global RTLS Market?
A few focus points of this Research are given below:
- Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
- Provide an overview of the product portfolio, including product planning, development, and positioning
- Discuss the role of technology companies in partnerships
- Explore the regional sales activities
- Analyze the market size and give the forecast for current and future of RTLS during the forecast period 2018–2023
- Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures
IndustryARC Research Best Practices
The Global RTLS Market size is evaluated based on the number of products per organization type along with the varying price points pertaining to specific applications. These were identified as key informational conjectures for market estimation in 2017/2018.
The Global RTLS Market share is thoroughly checked against all data points that have been incorporated and rechecked against various data sources. Various C-level executives and key opinion leaders are contacted for verification of the data.
The Global RTLS Market forecast and growth rate are achieved by applying the time series forecasting methodology on the various factors. The market forecast and growth rate are further backed with historical trends of the market along with a regressive mathematical model that assesses the value based on factors such as capital expenditure, equipment lifespan, R&D investments, and so on.
The Global RTLS Market demand has been researched taking into account the prominent economies across the different geographic regions to understand their corresponding impact on the market.
The Global RTLS Market drivers are evaluated for short-term, medium-term, and long-term based on the different market dynamics impacting the market.
The Global RTLS Market challenges are evaluated for short-term, medium-term, and long-term based on the different market dynamics impacting the market.
The Global RTLS Market trends have been analyzed taking into consideration the micro and macro trends prevalent in various geographies.
The Global RTLS Market outlook provides a brief overview of the market performance and anticipated change in market dynamics.
The Global RTLS Market analysis also involves the identification of new companies that have entered the market scenario and their impact on the market dynamics in the future.
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