Published Date : Feb 13, 2017
Albany, NY, Feb 13, 2017: The report, titled “Global RTLS Market 2017-2021” extensively covers all the important parameters of the global real-time locating systems (RTLS) market including its dynamics, competitive landscape, applications, and geographical segmentation.
As per the findings of the report, the global RTLS market is poised to progress at a CAGR of more than 46% between 2017 and 2021. The market is likely to experience a thrust owing to the booming demand for RTLS in the transportation and logistics sector. The flourishing growth of this sector worldwide is, therefore, working in favor of the growth of the market. Moreover, the declining prices of radio-frequency identification (RFIDs) are providing a fillip to the market. On the flip side, the lack of well-defined technology standards pertaining to RTLS is hampering the growth of the market.
Based on solution, the global RTLS market is divided into systems and tags. The systems segment accounted for the lion’s share in the market in 2016. The dominance of the segment can be attributed to the growing demand for RTLS from government organizations. In addition, these systems are being increasingly used in military applications for shipment and asset tracking, which is fuelling the growth of the segment.
On the basis of application, retail, government, transportation and logistics, and healthcare are the segments analyzed in the report. Transportation and logistics will dominate the market throughout the forecast period. The increasing emphasis on enhancing the business productivity and profitability and reducing the insurance risk is stimulating the adoption of RTLS in the transportation and logistics sector. These systems have various applications such as fleet tracking, inventory tracking, and personnel tracking.
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The key regional markets covered in the report are the Americas, Europe, Middle East and Africa (EMEA), and Asia Pacific (APAC). The Americas will continue to lead the market in terms of revenue throughout the same span, with the U.S. being the front runner in the region. The rising adoption of RFID tags and RTLS solutions across end-user industries such as transportation and logistics, healthcare, retail, and automotive is driving the growth of the region. The market is expected to witness an upswing in the adoption of RFID tags across SMEs and hospitals in Brazil and Canada.
The burgeoning demand for RTLS in the retail, oil and gas, manufacturing, and automotive sectors is leading to an influx of new players in the global RTLS market, thereby making it a highly competitive arena. Players are focusing on mergers and acquisitions to facilitate the development of advanced technological solutions, which in turn is helping them in gaining a competitive edge over their contemporaries.
The leading companies in the market are Zebra, STANLEY Healthcare, AirISTA, HP, and Ubisense. Other prominent players are GE Healthcare, IBM, Kinexon Precision Technologies, RF Technologies, Sonitor Technologies, Tyco Security Products, DecaWave, Plus Location Systems, and Convergence Systems.
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