Real-Time Locating Systems (RTLS) Market by Offering (Hardware, Software, and Service), Technology (RFID, W-Fi, UWB, BLE, Infrared), Application (Inventory & Asset - Tracking & Management), Vertical, and Geography - Global Forecast to 2022
“Resource utilization and workflow optimization requirement in various industries is the major driver for the RTLS market.”
The Real-Time Locating Systems market was valued at USD 1.42 billion in 2015 and is expected to reach USD 8.09 billion by 2022, at a CAGR of 24.5% during the forecast period. The requirement for resource utilization and workflow optimization in several industries, rising market competitiveness, increasing technological advancements, and high return on investment are the major drivers for the RTLS market. Factors such as lack of awareness, system incompatibility, lack of uniform standards and interoperability are restraining the growth of the RTLS market.
“Manufacturing industry, specifically in automotive and aerospace, is expected to grow at the highest rate in RTLS market.”
Manufacturing industry poses a huge market potential for the RTLS solutions mainly because of the increasing awareness and rising adoption level of such solutions as well as high industrial growth activities, especially in developing geographic regions such as Asia-Pacific and RoW. Automotive and aerospace are the two leading industries in manufacturing with huge growth and market potential.
“RTLS solutions based on UWB technology expected to witness highest growth in the RTLS market”
The benefits provided by UWB technology in diverse application sectors, ranging from healthcare to defense, are the prime factors responsible for the high growth of this technology in the RTLS market, worldwide. The increase in demand for solutions based on UWB technology in manufacturing and healthcare industries, to locate and track the exact location of objects which cannot be tracked by RFID or Wi-Fi technologies due to obstructions such as hard concrete wall is expected to drive the RTLS market for UWB technology.
“North America to hold largest market size and APAC to witness highest growth in the RTLS market”
North America is expected to continue to hold the largest share in RTLS market, owing to the presence of major RTLS players in the U.S. and high adoption rate of RTLS technologies, specifically in the healthcare and retail sector. APAC is expected to grow at the highest rate in the RTLS market because of high industrial growth in manufacturing and retail in this region.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews have been conducted with key people in the RTLS industry. The break-up of primary participants has been shown below:
By Company Type: Tier 1 – 15 %, Tier 2 – 60%, and Tier 3 – 25%
By Designation: C-Level Executives – 45%, Directors – 40%, and Others – 15%
By Region: North America – 55%, Europe – 30%, and APAC – 15%
The report also profiles the key players in the RTLS market. The prominent players profiled in this report are Stanley Healthcare (U.S.), Zebra Technologies Corp. (U.S.), Ubisense Group PLC. (U.K.), IMPINJ, Inc. (U.S.), Savi Technology (U.S.), AiRISTA, LLC. (U.S.), CenTrak, Inc. (U.S.), Versus Technology, Inc. (U.S.), Identec Group AG (Liechtenstein), Redpine Signals, Inc. (U.S.), Decawave Ltd. (Ireland), Awarepoint Corp. (U.S.), BeSpoon SAS. (France), among others
This research report categorizes the RTLS market on the basis of offering, technology, vertical, application and geography. It also provides the Porter’s five forces analysis, along with the description of each of its forces and their impact on the RTLS market. The report also discusses major drivers, restraints, challenges, and opportunities for the market.
Reasons to buy the report:
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the RTLS market comprehensively and provides the closest market size estimation for major industry verticals and applications across various regions.
2. The report would help stakeholders understand the pulse of the market and provide them with the information on drivers, restraints, challenges, and opportunities for the market.
3. This report would help the stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.