Global GPS Tracker Market Research Report Forecast to 2023
GPS tracker uses the global positioning system (GPS) to detect, monitor, and record the location of a person or device such as smartphones, laptops, cars, and others. GPS uses (Global Navigation Satellite System (GNSS) network to offer real-time as well as historical worldwide data tracking. The tracking devices record the location at regular intervals and broadcast the data via a cellular network. The GPS tracking system is used majorly for security purpose in patrols, transport, fleet management, and asset tracking among others.
The global GPS tracker market is expected to reach approximately USD 2.72 billion by 2023, registering a CAGR of 14.42% during the forecast period.
The market has been divided into various segments based on type, network, vertical, and region.
By type, the market has been segmented into covert GPS trackers, standalone tracker, and advance trackers. The advance trackers segment is expected to dominate the global GPS tracker market in the type segment, generating the highest revenue. Advance trackers are multifunctional tracking devices. Due to advanced features such as reporting, configurable alerts, 3D mapping, and landmark creation, advance trackers are widely adopted which is driving the growth of this segment in the market.
By network, the market has been classified into 3G, LTE, and 2G. In the network segment, the LTE segment is expected to dominate the global GPS tracker market with the highest revenue, owing to the high speed and connectivity offered by the LTE network; it is an ideal network for transmitting emergency and alert notifications.
By vertical, the market has been divided into automotive & aerospace, healthcare, transportation & logistics, government & defense, oil & gas, metals & mining, and others. Transportation & logistics segment holds the highest market share thus dominating the application segment as the GPS tracking systems are used for tracking personal as well as commercial vehicles by organizations managing cab services, vehicle rentals, delivery/courier services such as Ola, Uber, Zoom cars, and others. In logistics, GPS trackers help in tracking the movement of assets throughout the supply chain. This provides transparency and control over the entire network, reducing the probability of theft or losing a shipment, and improving operational efficiency.
The key players of the GPS tracker market include ATrack Technology Inc. (Taiwan), CalAmp (US), ORBCOMM (US), TomTom International BV (Netherlands), Laipac Technology Inc. (Canada), Sierra Wireless (Canada), Concox Information Technology Co., Ltd (China), Spy Tec International (US), Queclink Wireless Solutions Co., Ltd (China), Verizon Wireless (US) and Sony Mobile Communication Inc. (Japan).
Global GPS Tracker Market Analysis & Forecast, from 2017 to 2023
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