Earlier machines were assisted with either humans or other technologies in order to track objects. With strong technological advancements, automatic data sensors have been invented and being used in current day. This reduction in time, energy and sources for human where the machines will automatically update the data into the systems, won over the market. This further led to the invent of real time location systems which not only were designed for automatic date capture tasks but were additionally fitted with other abilities like viewing objects’ real time location or also monitor its state on various portable devices.
Real Time Location System (RTLS) Market Trends:
The Real Time Location System (RTLS) Market generated revenue of $328 million in the manufacturing industry in 2014 and forecasted to reach $7 billion by end of 2020, according to a market research by IndustryARC. This market is estimated to grow at a high rate of nearly 30% CAGR through 2020. A growth in RTLS use in the manufacturing industry is projected due to strong demand in the safety services and insurance segments.
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Market Driving Factors:
The declining prices and growing awareness of Real Time Location System (RTLS) are set to propel the growth of the global market. The improved accuracy as well as growing applications and adoptions of the systems is another market driver. The increased customer demand for tracking services is set to drive the industry further.
The growing technological advancements that result in a lower price, as well as improved efficiency and non-interference of signals, are also set to propel this market. Declining prices of Real Time Location System (RTLS) Technologies will make the adoption of RTLS rise, particularly in the cost-sensitive APAC market. As a result, RTLS services and...