According to the latest market study released by Technavio, the global RTLS market is expected to reach USD 7.28 billion by 2021, growing at a CAGR of more than 46%.
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Technavio has published a new report on the global RTLS market from 2017-2021. (Graphic: Business Wire)
This research report titled ‘Global RTLS Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also presents the vendor landscape and a corresponding detailed analysis of major vendors operating in the market. The market study includes vendors across the US.
The significant growth of the real-time locating systems (RTLS) market is attributed to the decline in the price of radio-frequency identification (RFID) active tags, increasing the adoption of RTLS among various SMEs and large enterprises. These enterprises belong to transportation and logistics, healthcare, and retail sectors. The adoption of RTLS depends on traditional or manual mediums for asset tracking. Incorporation of RTLS in SMEs and large enterprises increases their operational efficiency and productivity.
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Technavio’s ICT analysts categorize the global RTLS market into five major segments by the application. They are:
- Transportation and logistics
- Healthcare
- Government
- Retail
- Others
The top three application segments for the global RTLS market are:
Transportation and logistics
The transportation and logistics segment was valued at USD 0.27 billion in 2016 and is expected to reach USD 2.07 billion by 2021, growing at a CAGR of 50.29%.
The transportation and logistics industry is heavily using the RTLS technology to enhance its productivity and profitability. RTLS have major applications such as asset and inventory tracking, fleet tracking, personnel tracking, and others in the industry. RTLS reduce wastes of unnecessary and unwanted movement, redundant transportation, lost inventory, and waiting and line stoppages.
According to Abhishek Sharma, a lead M2M and connected devices research analyst from Technavio, “When integrated with a WMS, RTLS delivers operational labor savings, supplier relationship improvements, incentivized performance gains, and space savings. It also facilitates inventory reductions, effective asset utilization, facility capacity/throughput gains, expedited service cost reductions, flexibility gains, line stoppage reduction, and continuous improvement acceleration.”
Healthcare
The healthcare segment was valued at USD 0.21 billion in 2016 and is expected to reach USD 1.62 billion by 2021, growing at a CAGR of 50.47%.
The healthcare segment is likely to witness significant growth during the forecast period. This segment is one of the fastest growing in the RTLS market. There has been a significant increase in patient monitoring and asset tracking in hospitals. This is due to advantages such as low cost and real-time tracking, offered by RTLS, which ensure the security of patients and assets.
“In the healthcare sector, RTLS are used for applications such as asset and inventory tracking, patients' activity and safety tracking, and WIP tracking. They are also used for hand hygiene tracking, personnel tracking, temperature and humidity monitoring, and others,” says Abhishek.
Government
The government segment was valued at USD 0.16 million in 2016 and is expected to reach USD 0.84 million by 2021, growing at a CAGR of 39.33%.
The government segment is expected to witness a steady growth during the forecast period. This is because of the increased adoption of RTLS by government hospitals and various sectors such as retail, transportation and logistics, and hospitality. Various government agencies are using RTLS tags and systems to improve services and become cost-effective. Also, RTLS active and passive tags are used by the US Army to track shipments, which are sent to remote locations in Afghanistan and the Middle East.
The top vendors highlighted by Technavio’s research analysts in this report are:
- AiRISTA
- HP
- STANLEY Healthcare
- Ubisense
- Zebra Technologies
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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