The global market for real-time locating systems is majorly driven by factors need of efficient asset tracking systems, inventory management, location systems awareness, and high industrial growth, among others.
The Real-Time Locating Systems Market is majorly driven by the factors such as asset tracking, location system awareness, fleet tracking, navigation, and personnel tracking among others. It enables the organization to keep the track of things and personnel’s for the improvement of the organizational process. In the healthcare sector, real-time locating systems focuses on location tracking of objects, people, things and also helps in saving lives and improving patient care by optimum utilization of resources. Moreover, applications of RTLS aims to improve operational processes, safety, inventory management, workflow management or a combination of all. For the better result, RTLS solutions uses various technologies such as NFC and Wi-Fi enabled tags and badges which communicates with the pre-installed infrastructure system in order to exchange the data or information.
But, factors such as high deployment cost and lack of uniform standards are some of the major restraints which is likely to hamper the market growth over the period of time.
The Global Real-Time Locating Systems Market is estimated to reach at market size of USD 6 billion by the end of forecast period with compound annual growth rate of 28% from year 2016 to year 2022.
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Market Research Analysis:
The Global Real-Time Locating Systems is expected to grow at faster pace during the forecasted period. High adoption of autonomy in the manufacturing and healthcare factor are some of the major factor which is expected to support the market of RTLS. Currently, North America is dominating the market of RTLS as most of the companies operating in various sectors are moving their fleet tracking management and inventory & asset tracking system from traditional to modern. Europe stands as second biggest market due to the advancement in the healthcare industry. Countries such as Germany, France & U.K. where healthcare companies are deploying RTLS systems on very large scale is expected to drive the market with high adoption of Real-Time Locating Systems. Asia-Pacific stands as third biggest market due to the growth of manufacturing industry in South Korea, China and Taiwan. India & China is showing positive growth rate as government of these countries are adopting new FDI policies in order to bring the global players in this region.
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