GPS Tracking Device Market Analysis
The global GPS tracking devices market is gaining prominence in the present time and yet expected to expand at 11.9% of CAGR, during the forecast period (2017-2023), reveals Market Research Future in its comprehensive study. The market is also ready to achieve a valuation of 2.53 Billion by 2023. The market is proliferating due to the emergence of IoT and cloud technology which is the rising trend at present.
Key Players
The well-known players in the GPS Tracking Device system Market are listed as, Spy tech, Inc. (U.S), Verizon Wireless (U.S), Tomtom International Bv (Neitherland), Calamp Corp. (US), Laipac Technology, Inc. (Canada), , Sierra Wireless Inc. (Canada), Concox Information Technology Co., Ltd. (China), Orbocomm Inc. (US), and Queclink Wireless Solutions Co., Ltd. (China), Atrack Technology Inc. (Taiwan) and to name a few.
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Market Drivers & Trends
The modern technology in the GPS tracking devices market allows an effective function which triggered the demand for GPS tracker in terms of size, range and dependability, and its surveillance power. These are the factors that are forcing the market to expand rapidly. Also, the emergence of IoT and cloud technology have mainly contributed to the development of the market, which will also lead to growth in the forecast period.
The extensive usage of GPS tracking devices market in the sectors of transportations, IT and telecommunication sector has also contributed immensely to the market’s growth. On this, the standalone and advanced tracking devices are becoming popular in use, which is the main traction of the market’s growth graph. In the current time, even the business, government, and individuals are favoring the use of GPS tracker for a real-time information tracking for the sake of National security.
Besides, these devices also provide advanced GPS vehicle tracking systems to enhance safety and security. These factors are profoundly impacting the market’s growth and is also anticipated to expand rapidly in the coming years as GPR devices are gaining more and more popularity in many other industries as it fulfills all the needs and requirements for various purposes.
Market Segmentation
The global GPS Tracking Device System Market is segmented by the elements of type, components, and end-users.
In terms of type: Covert GPS tracking devices market, Standalone Tracker, Advance Tracker, and others are the segments that are contributing to the market’s growth.
In terms of components: GPS Loggers, Personal GPS Trackers, Real-Time GPS Trackers, and others are the segments acquiring most of the market’s share and contributing to its growth during the forecast period.
In terms of end-user: Automotive and aerospace, Healthcare, Transportation, Retail, Government and defense, Industrial, Hospitality, Education are the segments acquiring the maximum market share.
Regional Outlook
Region-wise analysis of GPS Tracking Device market studied for the key regions such as Asia Pacific, North America, Europe and Rest of the World.
Among these, North America stands as the leading region around the world in terms of having the highest market share. In this region, these devices are widely used in assisting monitor anti-poaching patrols in the present days and tracking the location throughout the time in commercial as well as for personal purposes. Such factor is emerging and thus thriving the market to evolve considerably during the forecast period.
On the other hand, Europe region is also displaying a positive growth in the GPS Tracking Device devices market in support of safety purpose and even in getting a real-time update about the vehicle location, vehicle speeds, as well as instant alert message to bad driver behaviors.
Asia-Pacific region is also one of the critical regions in grabbing the significant share of the market as countries like China, Japan, and South Korea are emerging markets for GPS tracking devices market. Here, the market has enormous potential for growth of GPS tracking device market specifically China.
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