Real Time Location System (RTLS) is a technology that is used to automatically identify and locate objects, assets or individuals in real time. The goal of RTLS is to continuously track location of the targets.
The major applications of RTLS include asset tracking, personnel tracking and work in progress tracking. To date RTLS adoption in manufacturing has been limited; but with evolving technology and more companies entering the market, this industry should exhibit a high upsurge in sales.
The Real Time Location System (RTLS) Market generated revenue of $328 million in the manufacturing industry in 2014 according to a recent report from IndustryARC. This market is estimated to grow at a high rate of nearly 30% CAGR through 2020.
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North America is currently the biggest market for real time location system (RTLS) in 2014 followed by Europe. However the APAC region is poised to grow at the highest CAGR through 2020. The significant growth in APAC region is due to more emerging economies are investing significant capital into increasing the adoption of logistics and manufacturing industries across the supply chains.
Market Growth Factors:
• The declining prices and growing awareness of RTLS are set to propel the rise of the Real Time Location System (RTLS) Market, particularly in cost sensitive APAC market. As a result, RTLS services and products will have a bigger potential market.
• The growth of the global Real Time Location System (RTLS) Market can also be attributed to the improved accuracy as well as growing applications for the RTLS systems. The increased customer demand for tracking services is set to drive the RTLS market.
• The increased demand for RTLS in manufacturing and healthcare is forecast to drive the market.
• The increased adoption rates for...