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Real-Time Location Systems (RTLS) Market - New Revenue Pockets
RTLS is an emerging market worldwide with tremendous growth potential in industries such as healthcare, manufacturing, logistics, retail, and many more. The ability of RTLS solutions to provide real-time location tracking of an enterprise’s asset and employees, for high operational efficiency and productivity, is resulting into the increasing demand of RTLS solutions globally. In addition, the advent of new technologies such as Ultra Wideband and Zigbee and rising customer awareness regarding RTLS solutions are driving the growth of the RTLS market. Among all industry verticals, industrial manufacturing and process industries (mining, oil & gas) are expected to be the game changers for the upcoming growth of this market. These two industries are estimated to be the new revenue pockets for the RTLS market in the upcoming future.
The demand for RTLS solutions in the manufacturing sector is expected to rise at a tremendous growth rate in the coming future, mainly, due to the need for efficient and secure manufacturing environments with optimum operational efficiency. These solutions help the automotive, aerospace, and other discrete manufacturing companies in tracking Work-in-Progress (WIP) carriers, heavy equipment, containers, and personnel, in order to increase their production throughput and staff efficiency significantly. Various companies use RTLS solutions in their manufacturing operations spanning automotive, aerospace, and general manufacturing companies such as Airbus (France), Aston Martin (Germany), BMW (Germany), and Caterpillar (U.S.), among others. High industrial growth rate in developing economies such as Asia-Pacific and Middle East is also motivating different companies involved in manufacturing sectors to set up manufacturing facilities in these regions. All these factors are driving the growth of RTLS solutions in the industrial manufacturing sector worldwide.
In process industries such as mining and oil & gas, worker security and safety concerns are driving the growing demand of real-time location tracking solutions. Various mining and oil & gas companies worldwide are adopting Real-Time Location Systems to have greater visibility of their workers and thus ensuring the safety of employees. RTLS provides real-time location data about personnel working in mines, and oil and gas rigs to prevent accident chances and to reduce the possibility of injury or loss of life as far as possible. Moreover, the Asia-Pacific and Middle East and Africa regions are projected to have a significant market growth for RTLS applications in mining and offshore oil and gas rigs, especially for personnel tracking, staff/worker safety, and asset management.
RTLS solutions also have a lot of untapped opportunities in the healthcare sector. Healthcare is estimated to hold its market leadership position in the coming future as well. The upcoming growth of this market growth is evident from the latest five-year contract (2013-2018), worth $543 million, which was signed in January 2013, between the Veteran Affairs (VA, U.S.) and Hewlett-Packard (U.S.) Enterprise Services for the deployment of RTLS at 152 medical centers. The purpose of this contract is to provide better and advanced veteran healthcare services in the U.S.
There is a huge untapped market present in the healthcare sector that presents tremendous growth opportunities for the RTLS vendors to offer their products & services. Presently, the applications of Real-Time Location Systems in hospitals are limited to operating rooms, emergency care, or other temporary programs in the hospital facility. However, with new and advanced technologies such as UWB and Zigbee which offer high accuracy and new applications such as temperature and humidity sensing and monitoring in the healthcare vertical, the future growth prospects in this sector are very bright.
Hence, healthcare is the biggest market shareholder in terms of market revenue and installations worldwide; however, industrial manufacturing and process industries represent the future of RTLS applications and hold a huge potential in terms of market revenue. Rising customer awareness, government support, declining tags’ prices, and increasing technological advancements are some of the major factors responsible for the surge of Real-Time Location Systems in these two sectors.
Real Time Location Systems (RTLS) Market by Product (Tags, Sensors, Software), Technology (Wi-Fi, RFID, Infrared, Ultrasound, UWB, Zigbee), Application, Industry Vertical (Healthcare, Logistics, Manufacturing, Retail) & Geography 2013 - 2020
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