According to Transparency Market Research (TMR), intense competition lies within the real-time location system Market between players such as Sonitor Technologies Inc., Motorola Solutions Inc., Identec Solutions, Zebra Technologies Corporation, Awarepoint Corporation, and AeroScout Inc. Players within the market are investing on research and development for achieving breakthroughs and developing advanced and improved systems with attractive features.
According to Transparency Market Research (TMR), the global real-time location systems Market will expand at a double-digit CAGR in the years to come and be worth US$3.86 bn by 2020. On the basis of application, it is expected that the demand for real-time location systems will be highest from the healthcare sector. On the basis of geography, North America is leading in the market on account of the high use of real-time location systems by the healthcare sector in North America. In addition to this support received from the government will also play as usual for the growth of the North American real-time location systems Market.
Apart from North America, it is expected that Asia Pacific will be a key market for real-time location systems on account of the growing medical tourism within this region as well as increasing efforts taken by government to improve and drive the use of technology advanced systems. In terms of Technology, Zigbee and UWB are expected to be upcoming Technologies in the market. Wi-Fi based real-time location systems are also enjoying high adoption rates across organizations on account of their smoothness of deployment.
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Real Time Location Systems Used by Enterprises to Track and Manage Assets
As per the lead author of this report, “one of the key factors driving the growth of the global real-time location systems (RTLS) Market is the various high-end features offered by the systems including high-efficiency, Asset Management Improvement, Savings of cost, and enhance workflow.” A large number of organizations and enterprises are making use of real-time location systems for identifying, tracking, and managing their assets such as tools, equipment, and Personnel in real-time by applying a tag or badge on them. This in turn will drive the growth of the market.
With an increasing number of organizations realizing the benefits of using real-time location systems such as optimum resource utilization and asset management, the adoption of these systems will rise thereby driving the growth of the market. Moreover, with the dropping prices of the components of real time location systems, the cost of these systems will reduce and drive further adoption. In addition to this the support received from the government will also help the market to grow in the years ahead.
Privacy Concerns Posing a Challenge for Growth of Real Time Location Systems
The report not only discuss the various factors influencing the growth of the market but also holds an equal a long discussion on the various challenges which the market faces. One of the key factors restricting the growth of the global real-time location system Market is the privacy concerns. This in turn is expected to reduce the acceptance rate of real-time location system solution. Another factor which will pose a threat to the growth of the market is the operational challenges. Moreover, the high cost required for the deployment of real-time location systems will also deter me from adopting these systems. On a positive note however huge opportunities of growth lies in the healthcare sector.