Real-Time Location Systems (RTLS) Market

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Introduction • Real-Time Location Systems Market is expected to reach $7,585 million by 2022, supported by a CAGR of 31.4% during the forecast period • Real-time location system (RTLS) detects and tracks the geographical position of people and objects in real-time • The improved ability of real-time tracking in diverse business processes boosts the realtime locations systems market share. • The real-time location systems market is driven by an increase in use of smartphones for mobile applications, such as gaming apps, business and communication apps, health & wellness apps, and personal convenience apps, which use real-time positioning information • Asia-Pacific is estimated to grow fastest due to increase in the adoption of RTLS and extensive growth in China, Japan, Australia, and India
Key Factors of the Market • Increase in demand for smartphones, diverse opportunity across applications, and rapid proliferation of business analytics solutions are expected to drive the real-time location systems market growth • Technological advancements are expected to provide lucrative opportunity for the market growth • Increase in proliferation of RTLS technology is expected to enable patients to search nearby labs and hospitals as per their convenience, thereby driving the real-time location systems market growth • The adoption of RFID has significantly increased owing to its enhanced features such as low maintenance cost, high accuracy, and long battery life as compared to other wireless communication technologies such as Wi-Fi, thus providing growth opportunity for the real-time location systems market
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