Rising Importance of Geolocation & Robust Business Utilization of Geospatial Data Spurs Demand for Real-Time Location System Solutions

Robust business utilization of geospatial data in industries such as automotive and healthcare is poised to drive the global market for Real-Time Location System (RTLS) Solutions to reach US$6.3 billion by 2022.

As a key strategy that helps organizations improve their operational efficiency, asset management is increasingly gaining prominence in the modern business world. While efficient management of organization assets, including human resources, and physical assets like capital equipment, raw material or finished goods ensures that businesses are always up and ready for day-to-day operational challenges, poor handling of the same can temporarily or permanently disrupt business operations. As a first step towards ensuring efficient asset management and utilization, identifying the location of human resources and physical assets assumes profound importance. The ability to know where human or physical assets are located at any given point in time can provide an important efficiency advantage to organizations. Growing in popularity is therefore a host of advanced track and trace solutions, including Real-Time Location Systems (RTLS).
Initially utilized only in the defense, military and government sectors, RTLS is now expanding into the commercial and industrial sectors guided by falling technology costs and increased affordability. Manufacturing, healthcare, transportation, commercial and retail sectors represent emerging markets for RTLS. The growing focus of organizations on asset utilization and workflow optimization is helping drive use of RTLS. Rising adoption of cost rationalization strategies as means to survive the prevailing tough and challenging economic environment is also driving investments on RTLS as means to enhance operational efficiency and reduce costs. Increasing use of mobile equipment for production, maintenance and other operational activity and increasing number of mobile workforce in organizations are also helping drive adoption of RTLS that help identify the precise location of these assets to ensure their high availability and optimum utilization. As companies become increasingly aware of the need for tracking, monitoring and analyzing location and movement of people and assets for their daily operations, automatic location identification solutions are expected to become a mainstream commercial opportunity. Manufacturing industry led by automotive manufacturing, has been a major end-user of RTLS. The growing focus on lean and automated manufacturing practices is helping drive implementation of these solutions for location tracking and positioning of capital equipment & other production tools, raw material, work-in-Progress materials & components, finished vehicles and even labor across the production facility. The global recovery in automotive production in both developed and developing nations is expected to benefit demand for RTLS.
As stated by the new market research report on Real-Time Location System (RTLS) Solutions, the United States represents the largest market worldwide. Asia-Pacific led by China represents the fastest growing market with a CAGR of 41.2% over the analysis period. The growth in the region is supported by the expanding manufacturing sector, rise in intra and inter regional trade, robust development of the retail sector and the ensuing boost in logistics and transportation, and growing focus on using technology to maximize efficiency and productivity, decrease expenses and increase profitability.

Major players in the market include AiRISTA Flow, CenTrak, DecaWave Ltd., GE Healthcare, IDENTEC Solutions AG, Midmark Corporation, Mojix Inc., Savi Technology Inc., Sonitor Technologies Inc., Stanley Healthcare, TeleTracking Technologies Inc., Ubisense Group plc, and Zebra Technologies Corporation, among others.

The research report titled “Real-Time Location System (RTLS) Solutions: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of growth drivers, trends, issues, challenges, and mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides sales estimates and projections in US dollars for major geographic markets, including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, South Korea, and Rest of Asia-Pacific), Middle East & Africa and Latin America.

For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.

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