Adopting RTLS Solutions to Augment the Bottom Lines of Industries
Infiniti’s latest market assessment study on real-time location systems (RTLS) solutions analyze the market size and segmentation by technologies and end user applications for a leading engineering US-based company.
Application of RTLS solutions
The rising need of the enterprises to improve their profits, operational efficiency, and customer satisfaction is driving adoption of real-time location systems (RTLS) technologies. The main application of RTLS is for tracking and locating assets or people in real time using radio frequency (RF) signals as a communication medium. The RTLS tags are designed to provide location information in real time through automatic and continuous feedback that results in improved quality, increased efficiency, and cost saving across several industries. Logistics and transportation, healthcare, defense, aerospace, oil and gas, manufacturing, retail, mining, and chemical are some of the few industries that implement RLTS solutions in their business operations. The applications of these devices include asset tracking, patient’s activity tracking, work in progress tracking, and vehicle tracking. Infiniti’s recent market assessment of RTLS solutions provide a comprehensive overview of the market including market segmentation based on technologies and end user applications, market size, and key competitors. The study also helps companies identify the upcoming niche segments and existing technologies in the market.
The emergence of cost-effective technologies like Zigbee and UWB, establishment of smart factories, and vast use of ultrasound and IR technologies will have a positive impact on the overall development of the RTLS market. The growing demand for security and safety services, such as tracking prisoners and locating assets in the supply chain is increasing the adoption of these solutions in the government sector. Digitalization and industrialization will augment the growth of this market.
Need for inventory management
The adoption of RTLS for ease of inventory management will increase the profitability of the businesses and ensure smoother operations. The introduction of RFID systems that enable automatic data capture will ease the tracking process in different manufacturing units. Suppliers are using these systems to locate stocks that are replenishing faster and find out for the stock economic order quantity. Moreover, these solutions are used to identify customer preferences and to employ discount offers and loyalty programs.
Emergence of smart factories
Smart factories are implementing RTLS, which includes tags and sensors to determine the exact location and identify assets. Smart factories are set up to decrease cycle time, identify the best procedure in a manufacturing process, and reduce manual errors through automation. RTLS solutions are used as data sources for information on the existing plant systems and devices and for interpreting the current state of the factory. By employing these innovative devices, organizations will reduce their working capital costs and boost its profitability.
Solutions and recommendations
The market assessment study by Infiniti assesses the market share of key players, market size, market dynamics and the latest trends of RLTS solutions for a leading engineering US-based company. Some of the solutions are listed below:
- Offer a comprehensive overview of the RTLS market, stakeholders, and products, along with the product attribute analysis
- Identify the competitive threats and opportunities in the market that will help organizations make informed business decisions
- Provide a detailed characterization of the growth drivers, competitive landscape, and challenges
- Deliver a complete breakdown of the market segmentation; by region, technology, and vertical
- Analyze the historical, current, and forecasted market size
Read our comprehensive case study on market assessment study on real-time location solutions
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