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Global RTLS market overview
Technavio’s market research analyst predict the global RTLS market size to grow steadily at a CAGR of more than 46% by 2021. The reduction in the cost of radio-frequency identification (RFIDs) is one of the primary factors for the real-time locating systems market growth. RFID tags are broadly used across numerous sectors, such as logistics, automotive, construction, mining, oil and gas, retail, healthcare, sports, and education, for asset tracking and workforce management. Due to the increase in its adoption rate and competition among vendors in the industry, the cost for RFIDs is declining exponentially. Such declining cost will contribute to the RTLS market growth significantly over the next few years.
In terms of geography, the Americas accounted for the maximum RTLS market share during 2016 and will continue to dominate the market over the next four years. The US is the highest revenue contributor to this market in the region. The primary factor responsible for the surging dominance of the US is the high adoption of RFID tags and RTLS solutions. It is expected that the demand for RFID tags will increase in Canada and Brazil because of the surge in adoption of tags in SMEs and hospitals in the coming years.
Competitive landscape and key vendors
According to Technavio’s RTLS market research report, the competition among RTLS equipment and services providers has been intensifying rapidly. With the increasing use of RTLS in retail, automotive, manufacturing, and oil and gas sectors, many companies are entering the market. To gain a competitive advantage in the market over their peers, vendors are opting for M&A to grow inorganically. The development of advanced technological solutions and the maturity of Wi-Fi and cellular-based technologies for RTLS solutions will lead to further growth of the market.
Leading vendors in the market are -
- AiRISTA
- HP
- STANLEY Healthcare
- Ubisense
- Zebra
Other prominent vendors in the RTLS market include Awarepoint, BeSpoon, Convergence Systems, DecaWave, Essensium, GE Healthcare, HID, IBM, Idolink, Identec Solutions, Intelligent Insites, Kinexon Precision Technologies, Mojix, OATSystems, PINC Solutions, Plus Location Systems, Q-Track, Radianse, RF Technologies, Sewio, Sonitor Technologies, Teletracking Technologies, ThingMagic, Tyco Security Products, and Versus Technology.
Segmentation by solution and analysis of the RTLS market
- Systems
- Tags
As per the RTLS market analysis report, the systems segment dominated the RTLS market and accounted for a major part of the overall market share during 2016. The increased adoption of RTLS by government organizations is a key factor contributing to the growth of this segment in the RTLS market. Furthermore, RTLS is used in military applications for asset and shipment tracking, which will further propel the overall growth of the market during the forecast period.
Segmentation by application and analysis of the RTLS market
- Transportation and logistics
- Healthcare
- Government
- Retail
In this market study, analysts have estimated the transportation and logistics segment to dominate the RTLS market during the forecast period. The dominance of the transportation and the logistics segment can be attributed to the increased use of RTLS in tracking goods. Automobiles of military forces and aerospace and defense and healthcare organizations are tracked on a real-time basis with the help of RTLS. The transportation and logistics industry is increasingly using RTLS technology to enhance its productivity and profitability. RTLS have major applications such as asset and inventory tracking, fleet tracking, personnel tracking which also helps in reducing theft.
Key questions answered in the report include
- What will the RTLS market size and the growth rate be in 2021?
- What are the key factors driving the global RTLS market?
- What are the key market trends impacting the growth of the global RTLS market?
- What are the challenges to real-time locating system market growth?
- Who are the key vendors in the global RTLS market?
- What are the market opportunities and threats faced by the vendors in the global RTLS market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global RTLS market?
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