(RFIDWorld.ca) The global real time locating systems (RTLS) market was worth $11.7 billion and it is expected to grow to $43.7 billion by 2020 at a CAGR of 21% from 2013 to 2020. GPS has emerged as a market leader among all RTLS technologies surpassing active RFID and it is expected to grow at a CAGR of 24% between 2013 and 2020 to reach market revenue of $15 billion in 2020. The higher adoption of GPS technology can easily be attributed to its enhanced accuracy levels and application in tracking high valued assets such as airplanes and cargo ships.
“The RTLS market is in its transition phase with increasing adoption of GPS and Wi-Fi technologies in comparison to conventional RFID. Real time locating technologies gained importance due to its application in inventory management and security. Moreover, increasing innovations in RTLS market has extended the application of real time locating technologies in tracking high value assets with higher precision rates than ever” state AMR analysts Shreyas Naidu and Bryan Olson. “In addition, Government departments have great interests in the RTLS market as it offers intuitive solutions for public safety and military operations”.
Privacy concerns have always been and are expected to be the biggest concern for real time locating systems market. However, stringent regulations such as GPS act, and bills such as Stalking Apps Bill are driving the adoption levels. Human resource tracking in business organizations is gradually gaining importance to improve efficiency. However, adoption among the users is still a key concern, which has definitely improved over the years. Various privacy regulations such as the General Data Protection Regulation to be formulated by 2014, and to be implemented by 2016 by European Union, may resolve this concern to an extent.
This report segments the global RTLS Market into applications and technology. The technology market is further segmented into Radio Frequency Identification (RFID),
Global Positioning System (GPS), Wi-Fi Infrared, and Bluetooth and the GPS market is the leader. The application market consists of manufacturing, healthcare, transportation and logistics, retail and other application. Healthcare market accounted for the largest share of revenue of the overall global RTLS application market at $24 billion in 2011. However, retail application market segment is projected to have the highest CAGR at 25% from 2013 to 2020.
The U.S. has been an early adopter of the RTLS and accounted for maximum revenues in 2012; however, the Asia Pacificregion is projected to have the highest growth rate of 23% for the forecast period. The study also offers an updated review and SWOT analysis for the major market participants such as CenTrak, Ubisense, Radianse, Identec, Ekahau, Honeywell Scanning & Mobility, Motorola Solutions and RF Code.
Full access to report here.