New York, USA, August 25, 2021 (GLOBE NEWSWIRE) – Market overview:
According to a comprehensive research report by Market Research Future (MRFR) “Global GPS Tracking Devices Market Information by Type, Components, End-User and Region – Forecast to 2027“The market has set itself the goal of achieving a CAGR of 11.96% by the forecast period 2019-2026. Additionally, the GPS tracking devices market is forecast to grow to $ 3,396.20 billion by the end of 2026.
Scope of the GPS Tracking Devices Market:
The increasing use of video telematics is the driving force behind the market development
The global GPS tracking devices market is experiencing a rapid pull that is advancing with the significant advancements in technology. Additionally, the increasing integration of video telematics into field service management and advanced analytics can transform fleet management software. Increasing numbers of users using GPS trackers to track various devices on a single screen with the help of advanced and sophisticated software are driving market growth. With the increasing use of GPS vehicle location devices designed to track the quality of the road and providing improved mapping facilities, the market is expected to grow significantly in the years to come.
Major Dominant Players in GPS Tracking Devices Market Covered are:
- Sierra Wireless Inc. (Canada)
- Laipac Technology, Inc. (Canada)
- Queclink Wireless Solutions Co., Ltd. (China)
- Atrack Technology Inc. (Taiwan)
- Tomtom International BV (Netherlands)
- Calamp Corp. (UNITED STATES)
- Orbocomm Inc. (USA)
- Concox Information Technology Co., Ltd. (China)
- Spy Tech, Inc. (USA)
- Verizon Wireless (USA)
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The proliferation of cell phones increases the demand for GPS technology
The increasing use of cellular phones and GPS technology, as well as advances in analytical skills in communication technologies, are fueling market growth. In addition, the advent of 3G / 4G and 5G technologies is fueling the growth of the market and improving vehicle connectivity. At the same time, the spread of autonomous and semi-autonomous vehicles and the growth of cloud computing-based vehicle tracking systems are increasing the market size.
Rapid global economic growth offers numerous opportunities for this market to expand. Increased R&D spending and the expansion of international players are also influencing market growth. The tremendous advances and the introduction of advanced vehicle security technologies support the growth of the GPS tracking devices market.
Technological constraints are the biggest headwind
Technological constraints that cause GPS and cellular-based trackers to fail due to interference in cellular or wireless network coverage are important factors expected to hinder market growth. The demands on the high R&D investments for research and development activities are also a major challenge for new market participants. Still, advances in wireless technologies would support market growth throughout the assessment period.
Browse the detailed market research report (100 Pages) on GPS Tracking Devices Market:
Segmentation of the Market Covered in Research:
The report is divided into types, components, end users, and regions. The type segment is divided into standalone trackers, advance trackers, covert GPS trackers, and others. The component segment is divided into real-time GPS trackers, GPS loggers, personal GPS trackers, and others.
The end-user segment is divided into retail, hospitality, education, government, defense, industrial, automotive and aerospace, healthcare, transportation, and others. By regions, the market is segmented into Europe, Asia-Pacific, America and the rest of the world.
North America dominates the global GPS tracking device market. The region is home to many advanced communication technologies and is experiencing heavy use of GPS vehicle tracking devices. In addition, increasing automotive demand and vehicle thefts are adding to the market for GPS trackers for cars. The early introduction of cloud-based provisioning services and GPS trackers is driving the development of the market.
In addition, increasing sales of premium and luxury vehicles and the introduction of GPS trackers. The strong presence of well-known manufacturers and operating units with the availability of fully developed technologies stimulate regional market growth. In addition, the proliferation of smartphones offers enormous opportunities for business growth. The increasing use of navigation services gives the regional market growth impulses.
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The GPS tracking device market has several strategic partnerships in addition to other strategic approaches such as expansion, collaboration, mergers and acquisitions, and service and technology launches. Leading industry players are investing heavily in research and development activities and promoting their expansion plans.
You invest heavily in new product development and global expansion initiatives. The GPS tracking device market is likely to see relentless innovation and new products that will eventually increase competition among synchronous motor manufacturers.
For example, on July 14, 2021, Amazon announced the development of an Alexa-powered portable GPS tracking device for children. The idea is to provide exclusive Amazon Kids Plus content (formerly known as Amazon FreeTime Unlimited) that allows parents to track and communicate with children.
In another case, Accel-KKR, a leading technology-driven private equity firm, announced the acquisition of the leading provider of fleet management software – GPS Insight – on May 19, 2021. GPS Insight offers SaaS-based fleet management software and complementary solutions for Class 3-6 fleets in the US and Canada.
Accel-KKR has assets valued at over $ 10 billion under his management. Accel-KKR merges GPS Insight with its two existing portfolio companies – InSight Mobile Data and Rhino Fleet Tracking, which focus on fleet management, field service and GPS tracking.
Despite the COVID-19 disruption, the GPS tracking device market gained significant importance and saw significant changes in people’s lifestyles. Before the pandemic, GPS technology had a huge impact on the telecommunications industry. As a result, the global GPS tracking device industry has grown in importance and has seen ever-increasing investments.
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