GPS Tracking Device Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
- Transparency Market Research
GPS tracking device is a device used to track the geographic position of an object using GPS technology. GPS (Global Positioning System) technology is based on information sent by a satellite about their precise position in space to the GPS device; the device uses this information to locate itself on the map. GPS tracking devices are used in many industries to obtain useful data of an object’s geographical position. In transportation and logistics especially, GPS tracking devices are used to obtain critical data regarding positioning of vehicles. GPS tracking devices are also popular among household users to track their positions. Security and increased efficiency are key benefits of geographical positioning data.
Increased accuracy of GPS is one of the key factors driving the global GPS tracking devices market. Accurate positioning data provided by GPS tracking devices is more useful than raw data that does not provide enough information to take key decisions. Demand for GPS tracking devices is expected to increase significantly in the near future due to their increased accuracy.
Decreased cost of GPS sensors is another key driver of the global GPS tracking devices market. Due to decreased cost of GPS sensors, GPS tracking devices can now be used in even small scale economic activities. Even an individual can now afford to have a GPS device for small activities like tracking a kid around the city or for path finding. Decreased cost of GPS sensors is expected to boost the global GPS tracking devices market in the near future. Impact of this driver on the global GPS tracking devices market is expected to be very high as there is still a vast untapped market for GPS tracking devices around the globe.
Privacy concerns of individuals and secrecy concerns of organizations is one of the key restraints of the global GPS market. In a number of cases, unauthorized data is obtained by service providers about geographic location of the consumer or the consumer’s vehicle. These concerns of individuals and organizations is expected to have a negative influence on sales of GPS tracking devices. However, as benefits of GPS systems outweigh this restraint, impact of this restraint on the global GPS market is expected to be low.
Integrated GPS chips in mobile handsets is another key restraint of the global GPS tracking devices market for standalone GPS tracking devices. As mobile handsets facilitates multiple functions along with GPS tracking, consumers are expected to prefer mobile handsets over standalone GPS tracking devices. As penetration of mobile phones is very high in most developed as well as developing countries, impact of this restraint on the global standalone GPS devices market is expected to be very high.
Risk of losing strategic data in case of cyber-attack is another key restraint of the global GPS device market. In case of cyber-attack, the attacker can access key information regarding geographical positioning of the individual or asset using a GPS tracking device. Risk of cyber-attacks is expected to have a negative influence on sales of GPS tracking devices; however, as benefits of GPS systems outweigh this restraint from the perspective of most current GPS users, impact of this restraint on the global GPS market is expected to be low.
On the basis of industry verticals, the GPS tracking devices market can be segmented into transportation & logistics, construction, metals & mining and others. On the basis of geography, the market can be bifurcated into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America.
The major players active in the global GPS tracking devices market include Calamp Corp, Orbocomm Inc, Ltd, Concox Wireless Solution Co., Ltd., TomTom International BV, Geotab Inc. Meitrack Group, Teltonika UAB, Trackimo LLC, Laird PLC, ATrack Technology Inc, Queclink Wireless Solutions Co., and Sierra Wireless Inc.
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