RTLS Market Innovation Trends and Current Business Trends by 2024: Global Market Insights, Inc.
Regional Analysis say that north america RTLS market held a high market share in 2016, which was majorly driven by growing number of applications in the healthcare segment coupled with the government support & initiatives from the administration. The U.S. market is a major contributor to the RTLS market growth owing to the speedy adoption of RTLS technology in the healthcare sector. Moreover, the presence of major RTLS players in the U.S. is also driving the industry growth. Real Time Location System (RTLS) Market size will have significant growth prospects over the forecast timespan owing to the rise in technological advancements, growing requirement for assets & workflow management, and resource utilization. The RTLS market is growing owing to the improved quality of real-time tracking in the location systems for diverse business processes. Growing government support & initiatives for the usage of these systems and plummeting prices of components is anticipated to increase the adoption of RTLS. In addition, heavy investments in the technology and increasing applications of the solutions across several industry segments will drive the RTLS market growth over the forecast time span. In addition, systems help in enhancing efficiency, accuracy, and operational superiority, resulting in enhanced productivity.
The systems are anticipated to penetrate several sectors, such as consumer products and manufacturing, over the coming years owing to advantages such as advanced security & safety of employees, effective & efficient supply chain & logistic operations, and smooth development processes, which would further stimulate the RTLS market growth. The systems consist of application software, battery-powered tags, location readers, location sensors, and network infrastructure, which help in automatically recognizing and tracking the physical location of people and objects in real time. With the rise in awareness about the advantages of automatic management and asset tracking, the RTLS market is expected to grow at a high rate between 2017 and 2024. Lack of uniform standards, interoperability, and system incompatibility coupled with lack of expertise and low awareness are the major factors hindering the RTLS market growth. However, owing to the several benefits presented by the systems, they are being favored and implemented by several companies for process automation.
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