Thursday, 6 February 2014
Real Time Locating System (RTLS) market expected to climb a figure of $30.6 billion by 2020
Real Time Locating System is an application that locates the exact position of a target, be it an asset moving vehicle or an individual. RTLS comes embedded in a navigational product or mobile phones. RTLS technology is getting popular among masses through growth potential.
Report by AMR stated that RTLS market could reach a figure of $43.7billion by 2020 from $11.7 billion in 2013 with a CAGR of 20.7%. Leaving RFID far behind, experts observed that GPS will have a highest CAGR of 23.8% among all RTLS technologies. The market revenues for GPS by 2020 are expected to be near 15 billion.
As per the report, RTLS application in diverse segment and its high accurateness to locate target than RFID are favorable for its growth. Particularly for Military and Public safety, it is an asset.
It is increasingly becoming popular in retail stores for providing quality information about staff, customers, inventory, and facility. It helps you to know about shopping paths and patterns of customer. Also, it controls inventory. It provides you valuable data about time that customers spend in the store and most visited place in it.
Privacy is still a concern for RTLS market, but GPS act and Stalking Apps that was passed in U.S bill will work as catalyst. Experts observed that customers are becoming more flexible to use such technologies. Also, General Data Protection Act to be implemented in 2016 by European Union will prove to be favorable.
As per the report, RTLS market is divided into Technology and Application. Technology section is further divided as Bluetooth, Radio Frequency Identification (RFID), GPS and Wi-Fi. Application market includes Healthcare, Transportation, logistics, Manufacturing etc.
In terms of geographical location, Asia Pacific region will account for highest growth rate of 23% in forecasted time span of seven years.