Global Real-Time Location System Market: Real time location system is a technology that uses Wi-Fi, radio frequency identification (RFID) infrared sensors to identify or detect current position of a person, object or vehicle in building or confined area. Real time location systems are frequently used for fleet tracking, navigation, inventory tracking, and personnel tracking. Location tags such as ultra-wide band, Wi-Fi location band, infrared locating tag, RFID tags, etc. are embedded on objects so as to determine their position.
Increasing adoption in various sectors such as healthcare and manufacturing and for warehouse management are major factors driving growth of the global real time location system market. In addition, real-time location system provides improved accuracy, operational efficiency and workflow management which are some other factors driving growth of the global real-time location system market. Moreover, increasing adoption owing to reduced RTLS component prices is also contributing to growth of global real-time location system market.
High installation cost is a major factor hampering growth of global real-time location system market. In addition, growing privacy concerns and operational challenges like battery drain out, technical complications are slowing down adoption of real time location systems in the global market. Use of real time locations systems to track equipment’s in manufacturing sector is current trend seen, which is expected to drive growth of the market to a significant extent during the forecast period. Increasing application of real time location systems in hospitals to track doctors, machineries, etc. is expected to drive growth of the market.
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The global real-time location system market report has been segmented on the basis of technology used, application, and region.
North America will dominate the global real-time location system market during the forecast period owing to higher purchasing power, early adoption of this technology, and presence of major vendors in this region. The market in Asia Pacific is expected to register significant CAGR of XX.X% during the forecast period. The growth in this region can be attributed to increasing awareness and application of real-time location systems in healthcare and industrial sectors.
Key players in real-time location system market are AeroScout Industrial, Awarepoint corp., GE Healthcare, Motorola Solutions, PINC Solutions Corporation, Sonitor Technologies, TeleTracking Technologies, Ubisense Group Plc, Versus Technology Inc., Zebra Technologies and other prominent players.