The global real-time location services applications market is estimated to experience considerable growth over the forecast period owing to improved accuracy of information. Real-time location services (RTLS) delivers accurate information on diverse objects through uninterrupted communication between the object to be tracked and the location engine. Real time tracking in different manufacturing and business processes is the prime driving factor for the market. RLTS with its precise tracking capabilities supports the organizations in improving their productivity.
The real-time location services (RTLS) applications market is expected to have a diverse scope in transportation, defense, healthcare, logistics, retail, and process industries as well as industrial manufacturing, government, hospitality, and education. Mounting adoption of ZigBee and UWB coupled with developing solutions of diverse RTLS technologies is a key trend in the market. Emerging applications for RTLS technology as well as untapped potential in healthcare applications are projected to be the prime market opportunity that is expected to drive the market over the next six years.
The vendors in the RTLS applications market have been concentrating on the technological improvements to meet specific needs of companies in order to monitor and track the exact location of personnel or assets. RTLS technology monitors and tracks the location of entities in real-time. The RTLS system makes use of readers and RFID tags to track and locate people and assets. Tags are mechanically run by batteries to send RF signals concerning the location of a person or object. Emerging technologies such as ZigBee and UWB-based real-time location services technologies are estimated to fuel the market on account of precise location of objects and high accuracy in shorter locations in comparison to other RTLS technology. Furthermore, these technologies have overcome the complications faced by other technologies in tracking objects in stiffer mediums such as concrete wall.
The key drivers of the RTLS applications market include the requirement of improved workflow optimization and resource utilization in numerous industries along with technological improvements in the market, and standards prevailing in the market. Innovative features offered by the real-time location services applications systems such as cost savings, enhanced quality of care, and increased efficiency are anticipated to foster market growth over the forecast period. Workflow and assets management across the enterprise, dipping prices of RTLS components along with government support are expected to intensify the adoption of RTLS over the next six years.
The market is anticipated to be restrained by factors including privacy and security concerns, high cost of ownership and concerns regarding the application of data. Privacy issues and operational challenges are projected to hinder the adaptability of real-time location services applications solutions. Heavy initial costs in deployment of these solutions are estimated to negatively impact the real-time location services applications market through the forecast period. Range and power consumption issues along with complicated trade-off between accuracy may pose as threats to the market over the next six years.
The market can be categorized on the basis of product, technology, and applications. Based on product, the market is segmented into service, software, and hardware. The hardware segment is expected to provide high development avenue to the market during the forecast period. Additionally, rising awareness of the benefits of real-time location services applications solutions and increasing demand from manufacturing, industrial, retail sectors, logistics, and transportation would positively impact market growth over the forecast period. The market is further on the basis of technology is segmented into Wi-Fi, RFID, UWB, ultrasound, infrared, and ZigBee. Broadly used wireless technologies such as Wi-Fi and RFID are the mature segments in the industry, whereas UWB and ZigBee are emerging technologies, which are anticipated to drive the market.
Asia Pacific is anticipated to dominate the market on account of rise in demand from countries such as Singapore, Japan, and South Korea. North America is also expected to have high market growth rate over the forecast period owing to higher purchasing power and increasing adoption rate of RTLS solutions in various industries.
Major vendors in the real-time location services applications market include Tele Tracking Technologies Inc., AeroScout Inc., Ubisense Group Plc, Motorola Solutions Inc., PINC Solutions Corporation, Skytron LLC, Axcess International, Zebra Technologies Corporation, Sonitor Technologies AS, Versus Technology Inc., and Awarepoint Corporation.
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