Technology integration will be vital to meet expanding tracking and monitoring requirements and ensure interoperability, states Frost & Sullivan
LONDON, Sept. 23, 2015 /PRNewswire/ -- In an intensely competitive business environment, the need to track and locate assets, personnel and items for operational efficiency and security is driving the global real-time location systems (RTLS) market. Sophisticated RTLS that provides real-time data to facilitate decision making will gain traction in organisations around the world. Moreover, the convergence of RTLS with sensor technologies will enable remote condition monitoring of assets and personnel, spurring adoption.
New analysis from Frost & Sullivan, World Real-time Location Systems (RTLS) Market, finds that the market earned revenues of $742.8 million in 2014 and estimates this to rocket up to $4,280.1 million in 2021. The study covers Wi-Fi, ultra-wideband, ultrasound, infra-red, ZigBee and radio-frequency identification technologies.
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"The compelling requirement for patient security and monitoring represents a huge market for RTLS in the healthcare sector," said Frost & Sullivan Measurement and Instrumentation Senior Research Analyst Nandini Bhattacharya. "In addition, hospitals are turning to RTLS to access critical information on patients, staff, doctors and medical devices that will help streamline day-to-day operations and save crucial time during emergencies."
While RTLS providers continue to expand the horizons of their capabilities, low awareness on the technology and its benefits among end users in many parts of the world curbs adoption. Prospective clients remain sceptical concerning returns on high investments.
Further, the lack of standardisation between the multiple technologies used by various RTLS vendors affects interoperability. Efforts by stakeholders to establish common protocols will be vital to unlock the vast opportunities that remain untapped in the global RTLS market.
"The development of software platforms that can support numerous technologies will form the basis for next-generation RTLS," noted Bhattacharya. "This convergence of technologies will also lead to more robust solutions and strengthen the use case of RTLS."
Cloud-based solutions and big data analytics will serve as significant cogs in the RTLS machine. The emergence of Internet of Things-based applications will augment the importance of RTLS, sustaining its deployment across industries for a long time to come.
World Real-time Location Systems (RTLS) Market is part of the Automatic Identification & Security Growth Partnership Service program. Frost & Sullivan's related studies include: Global Radio-frequency identification (RFID) Market in Retail, 5-year Opportunity Analysis of the Global Iris Recognition Market, and Global Finger and Palm Vein Biometrics Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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World Real-time Location Systems (RTLS) Market
SOURCE Frost & Sullivan