(MENAFN- America News Hour) The global real time location system is segmented by component into hardware, software and service; by technology into infrared, radio frequency identification (RFID), ultra-wideband (UWB), ultrasound, Wi-Fi, ZigBee and others; by application into inventory & asset tracking & management, temperature & humidity monitoring, supply chain management, mapping & visualization, staff locating & monitoring, security, dock monitoring & warehousing, workflow & process automation, postal & courier services and others; by industry into government & defense, healthcare, hospitality, logistics & transportation, industrial manufacturing & processing and others.
Real-time location system (RTLS) is a technology that uses Wi-Fi, RFID and infrared sensors to detect the geographical position of people and objects in real time. The real time location system market , in terms of value, is expected to grow rapidly during the forecasted period at a CAGR of 25.51%. The growing use of navigation and real time location system among various businesses sectors expected to fuel the growth of real time location system market globally over the forecasted period.
In terms of regional platform, North America holds the largest market share in terms of revenue due to rising technological awareness and the high progress rate in acceptance of real time locating system in government applications and various other trades.
Asia Pacific is anticipated to be the fast growing market due to the rising population and rising tourism industries. Growing economies and adoption of smart systems such as smartphones, tablets and laptops are also projected to drive the market of real time location system in this region.
Europe is expected to show significant growth over the forecasted period due to the enhanced quality of real time tracking in the location systems for numerous business processes. Middle East and Africa region are expected to show a positive growth over the forecasted period due to hefty investments in the technology and increasing applications of the solutions among various industries.
Rising Demand for Radio Frequency Identification (RFID)
RFID technology is expected to generate the maximum revenue over the forecasted period due to enriched features such as high accuracy, low maintenance cost and long battery life in comparison with other wireless communication technologies such as Wi-Fi. RFID tags are less expensive, small and easy to install which are also expected to spur the growth of real time location system market globally.
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The presence of water and metal can affect the signals which act as a barrier for the growth of real time location system market globally. Application of RFID limits to fairly large objects which can also affect the market growth of real time location system market.
Rising Technological Advancements
'SOS' button is a new feature which is installed in all radio cabs for the safety of passengers. Pressing the button sends the real time location of the passenger to the nearby police control room. This feature increases the awareness regarding real time location system.
High rate of adoption of GPS systems among population for higher accuracy particularly in fleet tracking, defense and logistics industries are also generating a demand for this technology.
The report titled 'Real Time Location System Market: Global Demand Analysis & Opportunity Outlook 2027' delivers detailed overview of the global real time location system market in terms of market segmentation by component, by technology, by application, by industry and by region.
Further, for the in-depth analysis , the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
This report also provides the existing competitive scenario of some of the key players of the global real time location system market which includes company profiling of Stanley Healthcare Solutions, Zebra Technologies Corp., Versus Technology, Inc., Axcess International, Inc., SAVI Technology, Sonitor Technologies AS, TeleTracking Technologies, Inc., Awarepoint Corp., DecaWave Limited and Ubisense Group PLC. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
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On the whole, the report depicts detailed overview of the global real time location system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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