GPS Tracking Devices Market Expected To Rise To USD

New York, United States, August 25, 2021 (GLOBE NEWSWIRE) – Market Snapshot:
According to a comprehensive research report from Market Research Future (MRFR), “Global GPS Tracking Devices Market insights by type, components, end user and region – forecast to 2027“The market was aiming to receive a CAGR of 11.96% by the forecast period of 2019 to 2026. In addition, the market for GPS tracking devices is expected to grow to $ 3,396.20 billion by the end of the year 2026.

Market Scope of GPS Tracking Devices:
The increase in the uses of video telematics is the main driving force behind the development of the market
The global market for GPS tracking devices is experiencing rapid traction, along with significant technological advancements. In addition, the growing integration of video telematics with field service management and advanced analytics capable of transforming fleet management software. The growing number of users who are using GPS trackers to track various devices using advanced and sophisticated software on a single screen is driving the growth of the market. With the increasing use of GPS vehicle tracking devices developed to track road quality and improved mapping facilities, the market is expected to gain substantial traction in the coming years.

The Major Key Players in the Covered GPS Tracking Devices Market are:

  • Sierra Wireless Inc. (Canada)
  • Laipac Technology, Inc. (Canada)
  • Queclink Wireless Solutions Co., Ltd. (China)
  • Atrack Technology Inc. (Taiwan)
  • Tomtom International BV (The Netherlands)
  • Calamp Corp. (United States)
  • Orbocomm Inc. (United States)
  • Concox Information Technology Co., Ltd. (China)
  • Spy Tech, Inc. (US)
  • Verizon Wireless (US)

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Proliferation of Cell Phones Stimulates Demand for GPS Technology
The increasing uses of mobile phones and GPS technology and the advancement of analytical capabilities in communication technologies are driving the growth of the market. In addition, the emergence of 3G / 4G and 5G technologies are fueling market growth, improving vehicle connectivity. Simultaneously, the proliferation of autonomous and semi-autonomous vehicles and the growth of cloud-based vehicle tracking systems are increasing the size of the market.
The rapid economic growth in the world offers many opportunities for the expansion of this market. In addition, the increase in R&D spending and the expansion of international players are influencing the growth of the market. Vast advancements and adoption of advanced vehicle security technologies are supporting the growth of the GPS Tracking Devices market.

Technological limits are major headwinds
Technological limitations causing GPS and cell trackers to fail due to cellular or wireless network coverage issues are major factors that are expected to hamper the growth of the market. In addition, the high R&D investment requirements for research and development activities constitute a major challenge for new market players. Nonetheless, advancements in wireless technologies would support market growth throughout the assessment period.

Browse the in-depth market research report (100 pages) on the GPS Tracking Devices Market:

Market segmentation covered by research:
The report is segmented into Types, Components, End Users, and Regions. The type segment is sub-segmented into autonomous trackers, advanced trackers, secret GPS trackers and others. The components segment is sub-segmented into real time GPS trackers, GPS loggers, personal GPS trackers and others.

The end user segment is further subdivided 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 market for GPS tracking devices. The region is home to many advanced communication technologies and shows high use of GPS vehicle tracking devices. In addition, increasing demand from the automotive industry and vehicle thefts are increasing the market size of GPS trackers for cars. Early adoption of cloud-based deployment services and GPS trackers is propelling market development.

In addition, increased sales of high-end and luxury vehicles and adoption of GPS trackers. The strong presence of notable manufacturers and business units along with the availability of sophisticated technologies is driving the growth of the regional market. In addition, the proliferation of smartphones offers huge growth opportunities for businesses. The increasing use of navigation services is giving impetus to the growth of the regional market.

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Competitive analysis
The market for GPS tracking devices is witnessing several strategic partnerships, as well as other strategic approaches such as expansion, collaboration, mergers and acquisitions, and service and technology launches. The main players in the industry invest heavily in research and development activities and promote their expansion plans.

They invest heavily in new product development and global expansion initiatives. The market for GPS tracking devices is likely to witness relentless innovations and new products, ultimately intensifying competition among manufacturers of synchronous motors.

Industry News
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 (formerly known as Amazon FreeTime Unlimited) content, allowing parents to track and communicate with children.

In another instance, on May 19, 2021, Accel-KKR, one of the leading technology-focused private equity firms, announced the acquisition of a leader in fleet management software – GPS Insight. GPS Insight provides SaaS fleet management software and complementary solutions for Class 3 to 6 fleets in the United States and Canada.

Accel-KKR, under his leadership, has assets worth more than US $ 10 billion. Accel-KKR merges 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 disruption of COVID-19, the market for GPS tracking devices has grown in importance, witnessing significant changes in people’s lifestyles. Before the pandemic, GPS technology was already having a big impact on the telecommunications industry. As a result, the global GPS tracking device industry has started to gain traction, witnessing steadily increasing investments.

About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, providing comprehensive and accurate analysis of various markets and consumers around the world. Market Research Future has a distinguished goal of providing high-quality research and granular research to customers. Our market research by products, services, technologies, applications, end users and market players for global, regional and national market segments, enables our clients to see more, learn more and do more, which helps answer your most important questions. questions.

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