Global Real Time Location System (RTLS) Market 2019-2024 - Increasing Demand from Manufacturing Industries
DUBLIN, June 24, 2019 /PRNewswire/ -- The "Real Time Location System Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
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The real time location system market was valued at USD 2.76 billion in 2018 and is expected to reach USD 10.44 billion by 2024, at a CAGR of 30.47% over the forecast period 2019-2024
According to Cisco, 500 billion devices are expected to be connected to the Internet by 2030. The increasing trend of IoT and wearables devices organizations can easily get more things done which will boost productivity and deliver insight for better user experiences and engagement.
-- A real time location system helps in determining the current position of
an object based on real time information gathered through a wireless
system. It helps in indoor tracking of the object as well. Because of
the availability of indoor tracking, the healthcare sector is adopting
this system and expected to contribute to the growth of the RTLS market
for the healthcare vertical.
-- Moreover, to lower the risk of workplace accidents, industries are
opting for RTLS. An RTLS helps to know the exact position of forklifts,
vehicles, and operators at any given time. Based on the collected data,
an RTLS analyzes the traffic and enables it to identify and eliminate
workplace accidents eradicate workflow bottlenecks, saving time and
money.
-- However, high initial set up cost and maintenance cost is hindering the
growth of this market during the forecasted period.
Scope of the Report
Real time locating systems (RTLS) are used to automatically identify and track the location of objects or people in real time, usually within a building or other contained area. The improved ability of real-time tracking in diverse business processes boosts the real-time locations systems market share. These systems provide increased productivity, accuracy, and operational excellence. Moreover, among the RTLS technologies, the demand for RFID tags has been increasing in the healthcare sector because RFID tags can be used in many forms such as tracking of surgical tools to tracking patients and staff.
Key Market Trends
Mining Industry Offers Potential Growth
-- The Census of Fatal Occupational Injuries, which has been conducted
under the US Bureau of Labor Statistics, has established that workplace
injuries have decreased by 25% in 10 years, due to the advent of various
technologies in the workplace. This helps in boosting the real time
location system market.
-- With the increase in mining activity, across different regions, the
production of any mine is heavily dependent on a safe interface between
mining equipment and human beings. Therefore, the need arises for a
wireless communication framework for mine safety, security, and its
management that provides efficient, reliable, secure exchange and
processing of relevant information. This creates huge market
opportunities for RTLS during the forecasted period.
-- In underground mining, RFID tags are mostly used because they are
capable of communicating in both directions, so the miners can also
communicate with the control station on the surface and vice versa.
-- With the advancement in technology, different sensors are now attached
with RTLS which helps in subsequently transmitting the information in
real time to a monitoring station on the surface which creates the
absolute critical visibility of the sub-terrestrial mining world which
is used to predict immanent disasters. Even in case of disaster
recovery, this real-time location information is critical for the prompt
and effective rescue operation.
-- Thus, with the implementation of RTLS, improvement in the mine safety
can be seen which in result will create a market for RTLS during the
forecasted period.
Asia-Pacific to Witness the Fastest Growth
-- Asia-Pacific market is expected to grow at the fastest rate during the
forecasted period because of the increasing number of the working
population, and the booming healthcare industry in emerging economies of
the world i.e. India and China.
-- Moreover, according to the Indian Brand Equity Foundation, the
manufacturing sector of India has the potential to reach USD 1 trillion
by 2025 and India is expected to rank among the top three growth
economies and manufacturing destinations of the world by the year 2020.
This creates a huge opportunity for RTLS in warehouse management and
during shipping and logistics.
-- Further, Japan is hosting Summer Olympics 2020 which will require
tracking of goods and authorized persons in real-time to ensure the
smooth running of the events. This is anticipated to propel the growth
of the real-time location system market during the forecast period.
Competitive Landscape
The real time location system market is highly fragmented. The major players include Zebra Technologies Corporation, Ubisense Group PLC, AeroScout Inc(Stanley Healthcare)., TeleTracking Technologies, Inc., Savi Technology amongst others. The companies are seeing huge opportunities in developing regions and thus they are strategizing their operation accordingly with mergers and acquisitions or product innovations. Some Key Developments in the Market:
-- April 2018 - Zebra Technologies Corporation collaborated with Capital
Health to provide a comprehensive portfolio of advanced patient
identification solutions to support the Capital Health's new Specialized
Rehabilitation Hospital (SRH), a digitalization initiative in Abu Dhabi.
-- January 2018 - Zebra Technologies Corporation has collaborated with the
Dubai Health Authority (DHA) to provide new specialized healthcare
technology solutions to enable the digital transformation of the
emirate's healthcare sectors.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Reliability of the Technology in Providing Accurate Location
4.3.2 Increasing Demand from Manufacturing Industries
4.4 Market Restraints
4.4.1 High Initial Set-Up Cost and Maintenance Cost
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Component
5.1.1 Hardware
5.1.2 Software
5.1.3 Services
5.2 By Technology
5.2.1 RFID
5.2.2 Wi-Fi
5.2.3 Ultra-Wideband
5.2.4 Bluetooth Low Energy
5.2.5 Other Technologies
5.3 By End User Vertical
5.3.1 Healthcare
5.3.2 Manufacturing & Automotive
5.3.3 Retail
5.3.4 Transportation & Logistics
5.3.5 Government & Defense
5.3.6 Oil & Gas
5.3.7 Mining
5.3.8 Other End-user Verticals
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Ubisense Group PLC
6.1.2 AeroScout, Inc.
6.1.3 TeleTracking Technologies, Inc.
6.1.4 Savi Technology
6.1.5 Zebra Technologies
6.1.6 CenTrak Healthcare company
6.1.7 Ekahau, Inc.
6.1.8 Versus Technology
6.1.9 Identec Group AG
6.1.10 Sonoitor Technologies, Inc.
6.1.11 Awarepoint Corporation
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/sgnjlb
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