Growing government initiatives, huge investments in technology, rising applications into several verticals, and advanced features of the technology are some of the key factors fostering the market growth.
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According to Stratistics MRC, the Global Real Time Location Systems (RTLS) Market is valued at $967.25 million in 2015 and is expected to grow at a CAGR of 32.14% to reach $6,804.23 million by 2022.
Conversely, huge costs involved in deployment, privacy & security issues, and technical issues with the system are hampering the market. Manufacturing industry is anticipated to provide ample of opportunities to the market during forecast period.
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RFID technology held the largest market share among all the technologies owing to its enhanced features such as less maintenance cost, high accuracy and extended battery life when compared to other wireless communication technologies. Recent technologies like ZigBee, are witnessing high market traction due to its long battery life and high accuracy.
North America is commanding the global market with largest market size mainly driven by growing applications in healthcare sector and government initiatives. Asia Pacific is poised grow at a fastest CAGR owing to rising demand of WiFi and RFID technology enabled RTLS.
Some of the key players in global Real Time Location Systems (RTLS) market are Teletracking Technologies, Inc., Awarepoint Corporation , Motorola Solutions Inc., Identec Group AG (Liechtenstein), Zebra Technologies Corporation, Sonitor Technologies AS, PINC Solutions Corporation, Ubisense Group PLC., Versus Technology, Inc., Aeroscout, Inc., Skytron LLC, Savi Technology, Inc., DecaWave Ltd., Axcess International, Inc., Centrak, Inc. and Ekahau, Inc.
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Global Positioning System (GPS)
Ultra Wide Band (UWB)
Radio Frequency Identification (RFID)
Government and Defense
Transportation and Logistics
Rest of Europe
Rest of Asia Pacific
Rest of the World
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