Global RTLS market is expected to witness a CAGR of 22.2% between 2018 – 2024 owing to rising investment on workflow optimization and operational performance by enterprises
Bangalore, India, March 29, 2019: With its recently published study “Global Real-Time Location System (RTLS) Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global market for RTLS will grow significantly in the coming years, due to increasing need to improve operational performance across the value chain, massive dependency on analytics solutions slong with rising focus on smart workflow optimization, and consistent demand for RTLS in healthcare settings.
RTLS is a type of positioning system used to identify, locate, and track objects in real-time through automatic and continuous feedback. RTLS solutions uses software location engine that calculates the location of tag attached to an item by using Angle of Arrival (AoA), Time Difference of Arrival (TDoA) and/or Radio Signal Strength Indicator (RSSI). RTLS solutions can be deployed through various communication technologies such as UWB, RFID, WiFi, and others. Choosing appropriate technology is largely dependent on the type of application, use environment, and compliance requirements.
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The global RTLS market is segmented on the basis of component, technology, industry vertical, region and country. In terms of technology, the market is segmented into WiFi, UWB, RFID, Infrared (IR), Ultrasound, Bluetooth, GPS, and others. Among the technology segment, the UWB segment is identified as the fastest growing segment and is expected to contribute significantly to the market share by 2024.
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In 2017, the Americas region had the largest share in the global RTLS market and is likely to maintain its market dominance throughout the forecast period. This is mainly due to high preference for improving technology-enabled capabilities to enhance operational efficiency across industries particularly in countries such as US and Canada.
“Asset tracking is becoming a critical component for companies operating across various industries for workflow optimization, which is significantly propelling the growth of the RTLS market” – Delsingh Bright, Sr Research Analyst, Infoholic Research
Key insights of the report include:
- Market Analysis – By Technology
- Infrared (IR)
- Market Analysis – By Component
- Market Analysis – By Industry Vertical
- Transportation & Logistics
- Sports & Entertainment
- Oil & Gas
- Market Analysis – By Region
- United States
- Asia Pacific
- South Korea
- Australia and New Zealand
- Middle East & Africa (MEA)
Ms. Sunanda Ganguli
Infoholic Research LLP