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Asia Pacific sees fast growth in real-time location system

Posted: 14 Apr 2015 ?? ?Print Version ?Bookmark and Share

Keywords:RTLS? real-time location system? healthcare? ZigBee? UWB?

Asia Pacific is expected to be the fastest-growing region for real-time location system (RLTS), which will grow at a CAGR of 33.03 per cent between 2015 and 2020, and reach $3.92 billion by 2020, according to a report by MarketsandMarkets.

The global RTLS market was valued at $720.5 million in 2014. The healthcare sector constituted the largest application for the RTLS market and is expected to continue to grow at a significant rate because of the increasing applications in the said field, especially the old age care segment. Industrial manufacturing, government and defence, process industries, and transportation and logistics sectors are the next major applications of RTLS solutions and are expected to grow at a considerable rate due to the increasing adoption of RTLS solutions in the same.

The RTLS market players have been focusing on the innovations in terms of technological advancements to cater to the specific needs of enterprises in tracking and monitoring the precise location of assets or personnel. UWB- and ZigBee-based RTLS technologies have been the emerging technologies in the RTLS market, which provide high accuracy and precise location of objects in shorter locations compared to any other RTLS technology. The market for these technologies is expected to grow at a higher CAGR in the forecast period than others because of the increasing adoption of the RTLS solutions based on these technologies.

Furthermore, these technologies have been able to overcome the difficulties faced by the other technologies in tracking objects in harder mediums such as concrete wall or other substances. However, Wi-Fi and RFID technologies are expected to account for a major market share during the forecast period, due to their lesser cost compared to UWB and ZigBee technologies.

The Americas and Europe were the largest markets for the RTLS technology in 2014. Asia Pacific is seen as the fastest growing region, followed by RoW, which is also among the major regions that play a significant role in the growth of the RTLS market. The growth of the RTLS Market in the Americas was largely driven by the United States, which accounted for 74.7 per cent of the total Americas RTLS Market in 2014.

The Asia-Pacific market for RTLS is expected to be driven by its key markets such as Japan, Australia, China, Malaysia and Singapore. The industrial manufacturing and retail sector, along with transportation and logistics, is likely to provide a huge growth opportunity for RTLS solutions in these regions. The market will also be fuelled by the increase in focus of the major global RTLS vendors to expand their product and service offerings in the Asia Pacific as this region is expected to witness a higher growth in terms of the adoption of RTLS solutions and market value.

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