Smart Tracker Market Size to Achieve USD 1,655 Million by 2030 growing at 12% CAGR due to the Increasing Penetration of Smartphone’s - Exclusive Report by Acumen Research and Consulting

TOKYO, July 14, 2022 (GLOBE NEWSWIRE) -- The Global Smart Tracker Market Size valued for USD 583 Million in 2021 and is projected to reach a market size of USD 1,655 Million by 2030; growing at a CAGR of 12.6%.

Globally, rising women's safety concerns have boosted the smart tracker market revenue. Women's safety is the most concerning issue, as a crime against women is increasing all over the world. Statistics support this, as the crime rate against women is alarmingly high. Considering this a number of women's safety apps are developed and released in countries that have high crime rates. As a result, the Indian government along with leading software companies has developed several apps that focus on women’s safety. The primary feature of these apps included a smart tracker, thereby fueling the industry demand. Some of the top apps are Namola App, Grannus, SHEROES, CitizenCOp, etc.

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COVID-19 Impact on the Global Smart Tracker Market Value

The worldwide market faced some challenges as a result of the COVID-19 pandemic in 2020. The pandemic disrupted the world's supply chain for smart trackers. As a result, the smart tracker market declined slightly in 2020. As the number of COVID-19 cases in the world increased significantly during the first half of 2020, various vendors closed their retail stores and shifted to online retailing channels. Smart tracker manufacturers around the world began promoting their products through online portals or through direct marketing. Such vendor strategies have assisted them in surviving in the competitive smart tracker market and retaining customer loyalty to specific brands.

Report Coverage:

Global Smart Tracker Market Growth Aspects

According to our smart tracker industry analysis, the rising number of Smartphone owners will support the market growth. This will be primarily driven by high-end Smartphone owners such as iPhone and Samsung. To prevent the stealing and misplacing of iPhones, in April 2021 Apple launched AirTag - an accessory that works with Apple's Find My app to help a user to keep track of and find the things that are important to them. AirTag, whether connected to keys, handbags, backpacks, or other items, connects to the vast, global Find My network and can assist in the recovery of a misplaced item, all while keeping location information private and anonymous through end-to-end encryption.

However, lack of standardization and major connectivity issues will hamper the market from growing. For instance, the downside of Bluetooth trackers is that they are short-range, so they can only track something that is nearby. Additionally, there are hundreds and thousands of smart tracker apps present on open platforms. However, these apps are not reliable and have connectivity issues. Furthermore, a threat from cybercriminals such as data and privacy theft could also hinder the smart tracker market growth.

Rising incidences of losing items or forgetting them primarily fuel the smart tracker industry

An estimated 19% of items are lost on public transportation worldwide. Every year, 80 million items of luggage are lost at airports around the world. Every 53 seconds, a laptop is stolen. Over half (56%) of laptop owners accidentally leave their laptops on a monthly basis. Every year, 70 million Smartphone’s are lost, with only 7% recovered. Every year, 4.3% of company-issued mobile phones are lost or stolen. Data breaches account for 80% of the expense of a lost laptop. 52% of devices are stolen at work, and 24% are stolen at conferences. Millions of products are lost or stolen each year in the United States. The average person lost nine items per day, according to the survey. That works out to nearly 3,300 items per year. 12,000 laptops are lost each week in US airports.

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The growing adoption of pet trackers creates an opportunity for the industry

Pet trackers are typically divided into two types: GPS trackers that use mobile networks and radio-frequency trackers that do not require any added signals or networks. Most pet trackers are simply attached to the animal's collar, but others can be the entire collar. The number of lost pets increases year after year. According to the ASPCA's lost pet statistics, there are 78.2 million dogs and 86.4 million cats in the United States. According to the above statistics, the number of lost owned pets that end up in foster homes each year ranges between 5 and 7 million! Pet trackers are primarily intended to assist us in monitoring location by utilizing a tracking transmitter on the pet and a receiver for the owner.

Smart Tracker Market Segmentation

The global market has been divided into three sections: technology, application, and region. The technology segment is further split into Bluetooth, cellular, GPS, and others. As per our smart tracker industry analysis, the Bluetooth segment will hold a significant market share during the forecast timeframe from 2022 to 2030.

Furthermore, the applications considered in this report include consumer products, pets, and luggage. Among them, the consumer products segment achieved a considerable market share in 2021 and is expected to continue its trend in the coming years. However, the pet smart trackers will witness an impressive growth rate throughout the projected timeframe from 2022 to 2030.

Smart Tracker Market Regional Outlook

North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa are the regional classification of the global smart tracker market. North America accounted for the maximum market share in the regional scenario owing to the early adoption of technologies, and an increasing number of lost and misplaced items in the region. In addition, high purchasing power and increased awareness among consumers about these devices are also supporting the North America smart tracker market share.

However, the Asia-Pacific smart tracker market is likely to witness the fastest growth from 2022 to 2030. The rising number of Smartphone’s and tablets & laptops, increasing adoption of the internet of things (IoT), and rising women's safety are some of the factors fueling the APAC market.

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Smart Tracker Market Players

Some prominent smart tracker companies covered in the industry include Chipolo doo, Kaltio Technologies Oy, PB Inc., Innova Technology LLC, LugLoc, Mars Inc., Qorvo Inc., Tile Inc., Samsung Electronics Co. Ltd., and TrackR Inc.

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