Companies have realized that a surefire route to more efficiently managed operations is through better manageability of their resources, both in terms of assets and personnel. RTLS is a means to achieve this end.
Unlike other track and trace technologies, RTLS offers higher granularity. This is essential for various applications, which require a greater degree of accuracy. Various governments along with industry-based associations have been investigating and promoting RFID usage across verticals to highlight potential benefits.
New analysis from Frost & Sullivan (autoid.frost.com), Asia Pacific RTLS Market, finds that the market earned revenues of over $111.0 million in 2009 and estimates these to reach $3733.9 million in 2016.
"Although RTLS is relatively a nascent technology and is more prevalent in North America and Europe, the Asia Pacific community is now beginning to understand what RTLS has to offer," says Frost & Sullivan Industry Analyst Parul Oswal. "The region on the whole is beginning to see more deployments taking place in enterprises across various verticals including healthcare, manufacturing and logistics, transportation, and emerging markets such as personnel tracking."
Despite the bright outlook, the RTLS market is not without its challenges. RTLS technology is still in the nascent stage; hence, there is lack of standards governing the usage of this technology. This is a major barrier for widespread adoption. A collective effort by all vendors in setting up standards will be vital for the overall acceptance of RTLS in the global market. To ensure that RTLS technology is more standards driven, vendors are required to form a working group and collaborate their innovations on an agreed set of platform or architecture.
Apart from this, the total cost of ownership of this technology remains a major impediment to deep market penetration. Both hardware and system integration cost can be significant especially for larger scale roll-outs. Hence, many potential end-users prefer to wait for the cost of RTLS to decrease before embarking on an initiative.
In order to not only grow but also ensure survivability during this current economic meltdown, stakeholders need to be more dynamic and be willing to invest in areas where strong promise of ROI is achievable. Initial results have shown that RTLS provides tremendous promise in cost saving activities, besides significantly improving operational efficiency and enhancing security levels, which are also critical in running any organization.
"Proper feasibility studies or cost benefit analysis obviously need to be conducted first, and once potential gains are deduced, stakeholders need to push ahead and lead towards an RFID initiative in order to bring its operations to a higher level," says Oswal. "Stakeholders need to be more aggressive and seriously consider leveraging on RTLS as a technology to enable a more competitively run enterprise as this is crucial for long-term sustainability and profitability."
If you are interested in more information on this study, please send an email to Donna Jeremiah, Corporate Communications, at djeremiah[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country.
Asia Pacific RTLS Market is part of the Automatic Identification & Security Growth Partnership Service program, which also includes research in the following markets: Asia Pacific RFID Value Chain - Profiles of Local Companies, APAC RFID Inlays Market, APAC RFID Tags Market, and APAC RFID Middleware Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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Asia Pacific RTLS Market / P27D