The RTLS market earned revenues of $742.8m in 2014

24th September 2015

Siobhan O'Gorman

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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 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 $742.8m in 2014 and estimates this to rocket up to $4280.1m in 2021. The study covers WiFi, ultra-wideband, ultrasound, IR, ZigBee and radio-frequency identification technologies.

“The compelling requirement for patient security and monitoring represents a huge market for RTLS in the healthcare sector,” said Nandini Bhattacharya, Senior Research Analyst, Measurement and Instrumentation, Frost & Sullivan. “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 RLTS 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 IoT-based applications will augment the importance of RTLS, sustaining its deployment across industries for a long time to come.