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RTLS Market Deriving Growth from Surging Adoption across Industries
The global market for real time location systems (RTLS) has been exhibiting growth at an extraordinary pace. RTLS technology helps deliver state-of-the-art tracking methods to its users. The system transmits wireless signals to a particular reference point to determine a given object’s location. Transparency Market Research, a leading market analysis firm, recently conducted a survey to quantify the growth prospects of the market. Findings of the research has revealed that the global real time location systems (RTLS) market, which stood at a value of US$0.46 billion in 2013, is expected to reach US$3.86 billion by 2020. If the figures hold true, the market will exhibit an impressive 35.5% CAGR during the 2014-2020 period.
Real time location systems comprise a high-performance technology implemented to detect the current geographical position of a target, which may be anything from a plant to a person, to any manufactured product, such as a vehicle. Current RTLSs are based on wireless technologies such as Bluetooth, Wi-Fi, RFID, GPS, and ultra-wide band. RTLS-capable objects are used across several industrial domains, to which the market owes much of its growth.
Here is a snapshot of the purposes served by RTLS in different industries:
RTLS in Healthcare Sector: Healthcare organizations has graduated from partial deployment of RTLSs, which were primarily used in applications of pharmacy tracking, to a 360-degree adoption of RTLS in hospitals to improve patient experience and hospital operations. Prevalent trends in the healthcare sector demonstrate the enhanced propensity among hospitals to invest in enterprise-wide adoption of RTLS. This enables hospitals to automate workflows, eliminate costs incurred on expensive manual processes, and improve patient safety and experience.
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RTLS in Manufacturing Sector: Manpower, machines, and materials constitute the three pillars of the manufacturing industry. A rising number of companies in the manufacturing sector have started adopting RTLS to keep a tab on these three indispensable elements on a real-time basis. While the adoption of the technology has been limited in the manufacturing sector until recently, with the evolution of technology and advent of new entrants, a surge towards complete adoption of RTLS is expected. RTLS technology in manufacturing sector will significantly reduce the time and cost incurred on tracking misplacements. The technology will also help in enhancing labor productivity.
RTLS in Government Sector: Asset management and optimum utilization of resources with RTLS solutions will drive the demand for RTLS in the government sector. Real time location systems provide advantages such as network security, fleet tracking, personal tracking, easy navigation, network security, and asset and inventory tracking. An increasing number of government consumers are seeking ways to technologically upgrade operations to keep pace with globalization. Hence, they are exploring next-generation technologies such as real time location systems to capitalize on the aforementioned advantages and automate time-consuming manual processes.
Other industrial segments such as education, transport and logistics, and retail have also exhibited surging adoption of the technology. While the healthcare sector has driven the adoption of real time location systems, other industrial domains are expected to catch up soon, creating immense opportunities for the global RTLS market to capitalize on in the near future.
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