RTLS for industrial applications: Key market research findings
- The Americas dominate the market geographically
- RTLS systems account for majority of the market’s revenue
- Key vendors – AeroScout MobileView, Awarepoint, Ekahau, Essensium, HP, PINC Solutions, Schmidt, Ubisense, Zebra Technologies, and View Technologies
Technavio’s market research analysts predict the global RTLS market for industrial applications to reach almost $2 billion by 2020. The growth in the market is driven by the increased need for easy inventory management. Real-time location system (RTLS) systems enable manufacturers to track inventory, which is out of stock or going to be out of stock, locate the object getting replenished faster and find out for which stock economic order quantity has to be applied, and identify customer preference and employ discount offers and loyalty programs in store. Currently, the Americas dominate the market with a share of more than 55%. The presence of multiple manufacturers in sectors like automotive, such as Ford and Tesla, consumer electronics, such as Apple, and aerospace and defense (such as Boeing and Airbus) in the region will be the fueling factor behind the growth of the RTLS market for industrial applications in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the RTLS segments for industrial applications based on the technology.
“Recently, smart factories are becoming increasingly popular in the market. Smart factories help the manufacturing industries to track complex manufacturing process. It gathers the location data with the help of RTLS, which includes tags and sensors, to pinpoint exact location and identity of assets. Many automobile and aerospace industries such as Audi, BMW, Aston Martin, and Airbus have installed smart factories in an attempt to make the manufacturing process more flexible,” says Sunil Kumar Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research.
During 2015, the systems segment dominated the market with a share of more than 63%. Systems are a combination of hardware and software, consisting of a reader, which is used to track RFID tags and software that can monitor objects on a real-time basis. The software parts also assist in the asset information management, asset movement history, inventory tracking, and the report analysis on the basis of data gained from tracking the object.
The key vendors in the market include AeroScout MobileView, Awarepoint, Ekahau, Essensium, HP, PINC Solutions, Schmidt, Ubisense, Zebra Technologies, and View Technologies. The global RTLS market for industrial applications is highly competitive owing to the presence of several well-established vendors. Initially, the market had fewer service providers, but with the rapid use of RTLS in multiple applications, a large number of companies are entering the market. Moreover, analytics providers are making their way into the market because of the increasing use of analytics in manufacturing industries to ensure a faster decision-making process.
A more detailed analysis is available in the Technavio report, Global RTLS for Industrial Applications Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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