Increasing Demand for Asset Tracking & Monitoring Solutions
Digital technologies are disrupting the industry at all the levels of the value chain, right from production line to customer-facing interfaces. Businesses operating in asset-intensive industries have started focusing on investing in effective automation solutions for monitoring and tracking items. These organizations are focusing on replacing traditional manual system for asset monitoring with the automated monitoring solutions using technologies such as Radio-Frequency Identification (RFID) and real-time location system (RTLS).
For instance, in a manufacturing setup, real-time monitoring and protection of critical process equipment, such as a turbine, or a large compressor is standard practice, however monitoring second-tier equipment, such as blowers, pumps, cooling fans and other small components have been traditionally considered cost-prohibitive and difficult. The recent advancement of pre-engineered wireless monitoring solutions such as real-time location system (RTLS) has made it feasible to monitor and track each component of the manufacturing system.
Some of the key factors contributing to the increasing demand for asset tracking solutions includes cost cutting, introduction of new programs, quality, safety & compliance and process efficiency
- New Programs – Large scale projects require more resources and more securely managed processes. Increasing demand from stockholders for transparency in business operations.
- Cost Cutting – Cost cutting is one of the prime focus of any organization, due to this the demand for automated asset tracking solutions is increasing to minimize operational labour cost, service cost reductions, and eliminating other non-value-added labour process.
- Quality, Safety & Compliance – Rising compliance and regulatory requirements on quality and safety across various procedures and protocol
- Process Efficiency – Increasing focus on workflow automation, companies across industries are prioritizing process automation
Real-time location system (RTLS) is becoming a key component to automate the tracking of capital equipment used across facilities and remote worksites, as this system can be integrated seamlessly across various business systems such as ERP, MRO, and other service & maintenance systems. Some of the key vendors present in the global RTLS market includes Zebra Technologies Corporation, Stanley Black & Decker, Inc. (STANLEY Healthcare), Hewlett Packard Enterprise Development LP (Aruba Networks), Airista Flow, Inc., Siemens AG, Sonitor Technologies, CenTrak, Sewio Networks, s.r.o, Midmark Corporation, Litum Technologies.
Infoholic Research has recently published study “Global Real-Time Location System (RTLS) Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”. The global study on RTLS market is segmented based on component, technology, industry vertical, region and country.
Access Full Report Summary @ https://www.infoholicresearch.com/report/real-time-locating-system-market
ICT – Research Analyst