RTLS Global Market - Overview —
Real-Time Locating Systems add value to all armed forces and defence contractors within the military by using mobile barcode scanners and scaling the Passport system to fit current and future needs, and by providing an efficient system for inventory tasks and lifecycle management. Track inventory items specific to the Army, Navy, Marines, or Air force, such as medication, production parts, and standard medical consumables for military intensive care units. Define inventory items as standard, serialized, batch-lot, serialized with quantity, and non-inventory to meet federal tracking procedures. The mighty systems allow them to securely compile real-time inventory data in order to generate insightful reports and increase overall inventory performance. Due to which RTLSs are gaining a huge traction in the market driving the market further with the rapid pace.
According to a recent study report published by the Market Research Future, The global market of Real-Time Locating Systems is booming and expected to gain further prominence over the forecast period. The Market is forecasted to demonstrate an enormous growth by 2022 with a whooping double digit CAGR during the estimated period (2018 – 2022). The global market of Real-Time Locating Systems will reach approximately USD 6 Billion by the year 2022, registering a CAGR of ~28% during the forecasted period (2018 and 2022).
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In today’s scenario where Enterprises are weighing down with the challenges to achieve operational excellence and improved productivity of Manpower and the major parameters that the ability to achieve excellence are Workflow Automation and Process Optimization. And Real-Time Locating Systems are the answer offering solutions to streamline processes by controlling and managing assets and personnel. Which is why the RTLS Market is vibrating vigorously with the constant demand across industries, including healthcare, manufacturing, defence, logistics, and many more. Additionally, governments across the globe are proactively making substantial investments in the development of RTLS technology which further promotes the growth of this market. Moreover, huge investment transpired by the market key players (Vendors) in to R&D of RTLS technology coupled with the convincing features of RTLS are fuelling the market growth further.
Despite the momentous growth potential, factors such as high cost associated with the deployment and implementation of RTLS technology jointly with the privacy & security concerns, and technical incompetency of developers are presenting challenges to the market growth of RTLS Technology.
Healthcare sector is the largest market for Real-Time Location Systems in terms of revenue generation. Continuing with the same trends Healthcare is estimated to be the frontier revenue generator of the market. Industrial manufacturing like Automotive Manufacturing, Aerospace are the second largest market of RTLS followed by the process industries such as mining and oil & gas.
Stanley Healthcare (U.S.), Zebra Technologies Corp. (U.S.), Ubisense Group PLC. (U.K.), IMPINJ, Inc. (U.S.), Savi Technology (U.S.), AiRISTA, LLC (U.S.), CenTrak, Inc. (U.S.), Versus Technology, Inc. (U.S.), Identec Group AG (Liechtenstein), Redpine Signals, Inc. (U.S.), Decawave Ltd. (Ireland), Awarepoint Corp. (U.S.), and BeSpoon SAS (France) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Real-Time Locating Systems Market.
The Highly competitive RTLS Market is adorned by the several well-established as well as small players. The market appears to be slightly fragmented. The key strategies traced from the analysis of recent developments of the key players include Product or Technology Launch, Agreement & Partnership, Acquisition and expansion. These key players compete based upon pricing, Technology, reputation and services.
Global Real-Time Locating Systems Market is segmented in to 5 Key dynamics for an easy grasp and enhanced understanding.
Segmentation By Component: Comprises – Hardware and Software.
Segmentation By Application: Comprises – Personal Tracking, Inventory, Asset Tracking Management and other.
Segmentation By Technology: Comprises - RFID, Wi-Fi, UWB, GPS.
Segmentation By Industries: Comprises - Retail, Banking, Manufacturing, Media & Entertainment, Healthcare and other
Segmentation By Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
North America is dominating the market of Real-Time Locating Systems due to the presence of global players which offers competitive advantage in this market. The U.S holds largest share of RTLS market in North America followed by Canada and Mexico. RTLS offers wide range of features and companies such as BMW, Aston Martin Lagonda, Airbus, Hewlett Packard, Samsung Electronics and Boeing among others are utilizing RTLS systems in their manufacturing process systems to track various tools. Europe stands as second biggest market due to the growth of healthcare and BFSI industry whereas Asia-Pacific has emerged as fastest growing market due to the growing economies of China and India and high investment of government in defence sector.
LIST OF TABLES
Table 1 Global Real-Time Locating Systems Market, By Components
Table 2 Global Real-Time Locating Systems Market, By Application
Table 3 Global Real-Time Locating Systems Market, By Technology
Table 4 Global Real-Time Locating Systems Market, By Industry
Table 5 Global Real-Time Locating Systems Market, By Regions
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LIST OF FIGURES
Figure 1 Research Type
Figure 2 Global Real-Time Locating Systems Market: By Components (%)
Figure 3 Global Real-Time Locating Systems Market: By Application (%)
Figure 4 Global Real-Time Locating Systems Market: By Technology
Figure 5 Global Real-Time Locating Systems Market: By Industry (%)
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