When it comes to tracking people and things in resource supply chains, real-time location systems are the way to go. That is, according to a new analysis from Frost & Sullivan (News - Alert), which found that RTLS has had an excellent growth due to its ability to map and provide location information with great accuracy.
According to the report, “Analysis of the Real-Time Location Systems (RTLS) Market,” the RTLS market experienced high revenue in 2011, topping $380 million, and is estimated to reach over $3 billion by 2018. It has an edge over global positioning systems, bar codes, and radio-frequency identification, thanks to its accurate mapping and reliable location information, which its competitors just can’t provide.
There’s plenty of opportunity for growth in RTLS, with government sectors such as military and security in need of real-time location systems, as well as verticals such as hospitals and pharmaceuticals. There is constantly development and research being done, allowing the RTLS technologies to continue growing, and keeping it perceptive of the changes in applications and technology around it.
"Wi-Fi-based RTLS is popular worldwide, as it employs existing wireless networks and requires minimal investments for infrastructure," says Nandini Bhattacharya, senior research analyst at Frost & Sullivan. "Hybrid solutions developed through the convergence of various technologies will also be more cost-effective."
Given its availability, innovation, and constant advancements, the RTLS market is in a good place. Costs are still a little high for many customers, but they have dropped in recent years, and will eventually reach an affordable point. So while it may not be the most affordable technology of its kind, it has proven itself the most effective and desirable.
Edited by Amanda Ciccatelli