According to a recent market research report released by Transparency Market Research, the global real-time location systems market is estimated to take a leap at a CAGR of 35.50% during the period between 2014 and 2020. The report, titled “Real Time Location Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”, projects the global real time location systems market to be worth US$3.86 bn by 2020. The overall market was valued at US$0.46 bn in 2013.
The report points out that advanced features offered by real time location systems (RTLS) such as cost savings, enhanced quality of care, increased efficiency, and assets and workflow management across an enterprise have boosted the demand from the global real time location systems market. The reducing prices of RTLS components and government support encouraging the use of RTLS are expected to increase the adoption of RTLS. Further, rising applications of RTLS solutions across numerous industry sectors will propel the market during the forecast horizon.
However, the report states that operational challenges and privacy concerns would hinder the acceptance rate of RTLS solutions. High initial costs involved in the deployment of RTLS solutions would also negatively impact the growth of the global real time location systems market. The market has a huge opportunity to grow in the healthcare sector.On the basis of technology, the report segments the global real time location systems market into Wi-Fi, RFID, ultrasound, infrared (IR-RFID), ZigBee and ultra wide band (UWB), and others including combined technologies, Bluetooth, and GPS.
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According to end-use application, the report categorizes the global real time location systems market into transportation and logistics, healthcare, government and defense, manufacturing and processing, hospitality and retail, and others including warehousing, academic, docks, and yards. During the forecast horizon, the demand for real time location systems from the healthcare sector is expected to be significantly high.The report segments the global real time location systems market across four key regions: Asia Pacific, North America, Europe, and Rest of the World.