New York, US, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global GPS Tracking Device Market information by Type, Components, End-User and Region – forecast to 2027” the market has aimed to receive an 11.96% CAGR by the year 2019 to 2026 forecast period. Further, the GPS Tracking Device Market has a prediction to increase at USD 3,396.20 Billion by the end of the year 2026.
GPS Tracking Device Market Scope:
Rising Uses of Video Telematics is Key Driving Force Behind Market Development
The global GPS Tracking Device Market is witnessing rapid traction, heading with the significant advances in technologies. Besides, the growing integration of video telematics to field service management and advanced analytics capable of transforming fleet management software. Rising numbers of users who use GPS trackers to track various multiple devices with the help of advanced and sophisticated software on a single screen drive the market growth. With the increasing uses of GPS vehicle tracking devices developed to track the quality of the road and provided improved mapping facilities, the market is projected to garner substantial traction in the years to come.
Dominant Key Players on GPS Tracking Device Market Covered Are:
- Sierra Wireless Inc. (Canada)
- Laipac Technology, Inc. (Canada)
- Queclink Wireless Solutions Co., Ltd. (China)
- Atrack Technology Inc. (Taiwan)
- Tomtom International B V (Netherland)
- Calamp Corp. (US)
- Orbocomm Inc. (US)
- Concox Information Technology Co., Ltd. (China)
- Spy tech, Inc. (US)
- Verizon Wireless (US)
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Proliferation of Mobile Phones Boost Demand For GPS Technology
Increasing usages of mobile phones & GPS technology and advances in analytical capabilities in communication technologies bolster the market growth. Additionally, the emergence of 3G/4G and 5G technologies fuel the growth of the market, improving vehicle connectivity. Simultaneously, the proliferation of autonomous and semi-autonomous vehicles and growth in cloud computing-based vehicle tracking systems boost the market size.
Rapid economic growth worldwide provides ample opportunities for the expansion of this market. Also, increased R&D expenditures and the expansion of international players influence market growth. Vast advances and uptake of advanced vehicle security technologies support the GPS Tracking Devices market growth.
Technological Limitations are Major Headwinds
Technological limitations causing failures in GPS and cellular-based trackers due to glitches in cellular or wireless network coverage are major factors projected to impede the market growth. Also, requirements for the high R&D investments for research and development activities challenge new market players majorly. Nevertheless, advances in wireless technologies would support the market growth throughout the assessment period.
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Segmentation of Market Covered in the Research:
The report is segmented into types, components, end-users, and regions. The type segment is sub-segmented into standalone trackers, advance trackers, covert GPS trackers, and others. The component segment is sub-segmented into real-time GPS trackers, GPS loggers, personal GPS trackers, and others.
The end-users segment is sub-segmented into retail, hospitality, education, government, defense, industrial, automotive and aerospace, healthcare, transportation, and others. By regions, the market is sub-segmented into Europe, Asia Pacific, Americas, and rest-of-the-world.
Regional Analysis
North America dominates the global GPS tracking device market. The region houses many advanced communication technologies and witnesses high uses of GPS vehicle tracking devices. Besides, the increase in demand from the automotive sector and vehicle thefts increases the size of the GPS tracker market for cars. The early adoption of cloud-based deployment services and GPS trackers propels the development of the market.
Additionally, rising sales of premium and luxury vehicles and uptake of GPS trackers. The strong presence of notable manufacturers and operating units with the availability of sophisticated technologies boost the regional market growth. Furthermore, the proliferation of smartphones provides enormous opportunities for business growth. The growing use of navigation services offers an impetus to the regional market's growth.
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Competitive Analysis
The GPS tracking device market witnesses several strategic partnerships, alongside other strategic approaches such as expansion, collaboration, mergers & acquisitions, and service & technology launches. Leading industry players make vast investments in research and development activities and fostering their expansion plans.
They make vast investments in new product development and global expansion initiatives. The GPS Tracking Devices market is likely to witness relentless innovations and new products, eventually intensifying competition among synchronous motor manufacturers.
Industry News
For instance, on July 14, 2021, Amazon announced the development of an Alexa-powered wearable GPS tracking device for kids. The idea is to deliver exclusive Amazon Kids Plus content (earlier known as Amazon FreeTime Unlimited), allowing parents to track and communicate with kids.
In another instance, on May 19, 2021, Accel-KKR, a leading tech-focused private equity firm, announced the acquisition of a fleet management software leader - GPS Insight. GPS Insight provides SaaS-based fleet management software and complementary solutions for Class 3-6 fleets in the United States and Canada.
Accel-KKR, under its management, has assets worth over US$10 billion. Accel-KKR is merging GPS Insight with its two existing portfolio companies - InSight Mobile Data and Rhino Fleet Tracking focused on fleet management, field services, and GPS tracking.
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COVID-19 Analysis
Despite the COVID-19 disruption, the GPS tracking device market garnered significant prominence, witnessing significant changes in people's lifestyles. Pre pandemic, GPS technology was already having a big impact on the telecom industry. Resultantly, the global GPS tracking device industry started garnering substantial traction, witnessing continually increasing investments.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
