Real-Time Location Systems (RTLS) are being deployed across a wide range of industries as the technology continues to evolve. The 35.5 percent compound annual growth rate (CAGR) Transparency Market Research (TMR) has forecasted for the segment highlights this very fact.
According to the TMR report, titled "Real Time Location Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020," the value of the market will grow from the $0.46 billion in 2013 to $3.86 billion by 2020, a CAGR of 35.5 percent.
The first generation of static point-to-point RTLS technology was very limited in its capability to track assets. It mainly focused on static low-distance room-based identification. However, the second and third generation RTLS incorporate a number of technologies to give customers a comprehensive view of where their items are along with embedded analytic and larger floor space tracking.
Individual consumers as well as organizations across all industries are using RTLS to identify and track different assets. Everything from people, pets, and bikes to tools, medical equipment, containers, trailers, and more can be tracked in real time.
The TMR report segmented global RTLS market by technology and industry. Some of the technology are RFID, Wi-Fi, ZigBee, ultrasound and UWB, while the industries include, healthcare, transportation and logistics, government and defense, manufacturing and process industries, and others.
The report also looks into the different regions around the world. Currently, North America has the biggest share, with 45.4 percent of total global revenue. With almost half of the global market in one region, there is a lot of potential for the rest of the world, and Asia Pacific is predicted to make the biggest jump, compared to Europe and the rest of the world.
The companies providing the technology across all the regions are AeroScout Inc., Awarepoint Corporation, Zebra Technologies Corporation, Identec Solutions, PINC Solutions Corporation, Motorola Solutions Inc., TeleTracking Technologies, Inc., Sonitor Technologies, Inc. and others.
The opportunities for the market looks positive, with TMR reporting longer battery life, improved precision, Wi-Fi, sophisticated features and affordable price points continuing to drive growth as more industries deploy RTLS.