Despite being a nascent technology more prevalent in North America and Europe, real time location system (RTLS) is steadfastly drawing consumers in the Asia Pacific region due to its highly precise location tracking advantage over existing systems. Consequently, installations are increasing in enterprises across a wide range of verticals including healthcare, manufacturing and logistics, transportation, and emerging markets such as personnel tracking.
New analysis from Frost & Sullivan (autoID.frost.com), Asia Pacific RTLS Market, reveals that this market earned revenues of $36.8 million in 2006 and estimates this to reach $765.1 million in 2013.
"Companies have realized that one of the prime needs for a more efficiently managed operation is better manageability of its various resources - from assets, raw materials, semi-finished goods and personnel, and RTLS is the way toward achieving this," observes Frost & Sullivan Research Associate Richard Sebastian.
As enterprises strive for greater visibility and manageability in their efforts to install a competent and flexible resource management system, they turn to RTLS to leverage on its accurate tracking capabilities. Based on this demand, the hitherto ‘small’ Asia Pacific market is expected to show strong growth, efficiently enabling revenue gains and reductions in unnecessary expenditure.
"As this relatively small market grows increasingly competitive, RTLS vendors need to strategically position themselves by creating better visibility of their products in anticipation of increasing demands," suggests Sebastian. "Those that build a strong presence for themselves from the start and thus create a rapport with end users are the ones that will stand to gain in this market."
Like most new technologies, RTLS also faces initial difficulty in penetrating an untapped market. One of the major challenges it faces currently is the lack of awareness about RTLS technology. This is owing to the fact that RTLS is a nascent technology and its potential has only received minimal exposure yet. Moreover, RTLS technology overall has not been clearly defined, hampering understanding of its applications and further confusing the end user.
Therefore, it is vital for RTLS stakeholders to mount effective marketing campaigns in a bid to create awareness among end users. Moreover, the deployment of additional projects will create better visibility regarding the potential of this technology and attract more adoptions. With an increase in the level of awareness and decrease in deployment costs over time, the RTLS market is bound to be on the rise.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the Asia Pacific RTLS Market, then send an email to Donna Jeremiah, Corporate Communications, at djeremiah[.]frost.com, with your full name, company name, title, telephone number, fax number, and email address. Upon receipt of the above information, an overview will be sent to you by email.
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