Driven by Rising Demand from Transportation, Global RTLS Market Expected to Grow at a Strong CAGR of 46.47% until 2021
Albany, New York, February 16, 2017: The rapidly expanding global market of RTLS is the focus of a new report that has been added to the online repository of Market Research Hub (MRH). The title of the study is “Global RTLS Market 2017-2021” which delivers precise information about the market, by covering its current scenario and growth prospects for the coming years. For the better understanding of the market, the report regionally analyzed into some of the prime regions such as APAC, Americas and EMEA. According to this latest study, analysts have forecasted the global RTLS market to grow at a CAGR of 46.47% over the forecast period of 2011 to 2021.
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Firstly, the report starts with a brief introduction of ‘Real-time location systems’ along with the market description consisting of size, status and forecast. RTLS are combined hardware/software systems that are used to automatically detect the location of objects or people inside of the building. This is done with the help of nodes or tags and readers which are fixed in smartphones or navigational devices, through which a user can easily track an object. RTLS works on technologies like GPS, ultra-wideband (UWB), Bluetooth, WI-Fi and RFID to track the location of objects.
Moving further, the market segmentation are also represented in the report. This report is divided on the basis of solution and applications. By solution, it has been categorized into:
RFID tags help numerous sectors to enhance its efficiency and effectiveness of various operations. Today, RTLS are used in an ever-increasing number of sectors including Transportation and logistics, Military, Healthcare, Retail, Government, postal & courier services etc. At present, one of the primary growth drivers for this market is the reduction in the cost of radio-frequency identification (RFIDs).
Additionally, analysts have used SWOT analysis to identify the strengths and weaknesses impacting the segments of the global market. According to the study, in transportation and logistics the advent of latest cost-effective technologies such as UWB and ZigBee are a major contributor to the growth of the global RTLS market. Likewise in health care, the increased demand for RTLS with analytical features has led to the growth of the market. Moreover, the report also states that the implementation of RTLS is expensive due to its high initial deployment cost. This brings a challenge to it enterprise users.
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The report further represents the vendor ranking and a corresponding detailed analysis of the top vendors in the Global RTLS market. Some of the key vendors are
- STANLEY Healthcare
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