Real time location systems track an object’s or a person’s location in real time, usually in a contained space. These systems use tags which are worn by people or are attached to objects and wireless signals are received by reference points which determine the location.
Real Time Location System Market is growing rapidly and is expected to reach $XX billion by 2020, growing at the Compound Annual Growth Rate of XX% over the forecast period. Market is being fuelled by growing opportunities in process industries, manufacturing industries, transportation and many others.
Real time location systems work on a wide variety of technologies like radio frequency identification (RFID), ultrasound locating, wireless local area network, bluetooth and many others. Among these, radio frequency (RFID) is the most dominating and constituting highest market share mainly because RFID technologies are accurate, cost-effective, the battery life of tags is higher and have low maintenance cost. UWB and ZigBee based RTLS systems have the highest potential to witness growth over the forecast period owing to their accuracy and highly precise tracking features.
The market has been segmented into various verticals namely healthcare, process industries, military and defence, transportation, government and many more. On the basis of geography, the market is divided into five major regions namely,
Middle East and Africa
Currently, North America holds the largest market share in the global market mainly because of increased adoption of RLTS technologies in various industries. Healthcare industry has fuelled the market in North America. Government support is also driving the RLTS market in North America. Asia Pacific’s market is also growing at a steady rate and is expected to gain momentum in the forecast period. Main reasons responsible for the growth of the market are increasing demand from Japan, South Korea, and Singapore. Industrial growth will also drive the adoption in Asia Pacific market.
Key Players in the market are Ubisense Group PLC, Aeroscout, Inc., Teletracking Technologies, Inc., Savi Technologies, Inc., Zebra Technologies Corporation.