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Increasing demand for IoT and cloud technology is a key factor driving GPS tracking device market revenue growth

VANCOUVER, BC, CANADA, February 7, 2023 /EINPresswire.com/ -- GPS tracking necessitates the installation of a tracking device in a vehicle, on an object, or on a person. The device then offers details on its precise location and subsequent movements, allowing for real-time tracking.

The global GPS or global positioning system tracking device market size reached USD 2.15 Billion in 2021 and is expected to register a revenue CAGR of 12.3% during the forecast period, according to a latest analysis by Emergen Research. GPS tracking market revenue growth is driven by factors such as increasing demand for the Internet of Things (IoT) and cloud technology, increasing commercial vehicle sales, growing usage of digital maps, and advancements and upgrades of software used in GPS tracking devices.

GPS technology has become an integral component of modern life, and GPS tracking is the core of every car monitoring system. The system consists of a network of satellites circling the Earth and gadgets that can determine the position of an object or a person. Today, GPS has a variety of applications, ranging from global military exercises to navigational directions for vehicles.

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The research has been based mainly on the synthesis, analysis, and interpretation of information gathered from specialist sources about the GPS Tracking Device market from 2022 to 2030. The report’s section on the competition landscape offers a detailed analysis of the market shares of the top GPS Tracking Device industry players.

Key Players Profiled in the Report are:

CalAmp, ORBCOMM, Sierra Wireless, ATrack Technology Inc., Geotab Inc., Concox, Trackimo, Meitrack Group, RUPTELA, and Geoforce, Inc

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Some Key Highlights

The commercial vehicles segment accounted for moderate revenue share in 2021. Commercial GPS tracking is incredibly useful and is getting more popular among businesses that use vehicles. One can improve business operations by using a GPS tracker for commercial cars to always detect the precise position of drivers. Installing a GPS tracker that connects with mapping software enhances routing, dispatch, and safety while also lowering fuel costs and increasing the number of jobs that can be accomplished.

The on-board diagnostic segment accounted for a significant revenue share in 2021. OBD Tracker is a GPS device that offers a number of features such as can read engine fault codes, engine RPM, and vehicle speed. It's easier to set up and operate, and it's more suited for vehicle monitoring. The scope of applicability is expanded. Once the gadget is placed, this tracker will begin its ongoing surveillance of the car.

The aerospace & defense accounted for a significant revenue share in 2021. GPS is employed by aviators globally to improve flying safety and efficiency. With its accurate, continuous, and global capabilities, GPS offers a continuous satellite navigation service to fulfill the demands of a variety of aviation users. Space-based positioning and navigation provide three-dimensional positioning determination for all flight phases, such as takeoff, en-route, and landing, in addition to airport surface navigation. GPS continues to facilitate the growth of quicker and more efficient flying routes.

 Furthermore, the report provides a comprehensive overview of the GPS Tracking Device market along with product portfolio and market performance. The report offers key insights into market share, supply chain analysis, demand and supply ratio, import/export details, and product and consumption patterns. To gain a better understanding, the report is further segmented into sections such as product types offered by the market, application spectrum, companies, and key geographical regions where the market has established its presence.

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Emergen Research has segmented the global GPS tracking device market on the basis of technology type, deployment type, end-use, and region:

Technology Type Outlook (Revenue, USD Billion; 2019-2030)

Standalone Tracker

OBD Device

Advance Tracker

Deployment Type Outlook (Revenue, USD Billion; 2019-2030)

Commercial Vehicles

Cargo & Containers

Others

End-Use Outlook (Revenue, USD Billion; 2019-2030)

Automotive

Aerospace & Defense

Healthcare

Transportation & Logistics

Others

 Analysis of the segments and their growth projection is carried out by extensive historical and current analysis of the market scenario. Further, the report offers details about the factors and features of the GPS Tracking Device market expected to boost the growth of the industry in the coming years.

Key Questions Answered in the Market Report

How did the COVID-19 pandemic impact the adoption of by various pharmaceutical and life sciences companies?

What is the outlook for the impact market during the forecast period 2022-2030?

What are the key trends influencing the impact market? How will they influence the market in short-, mid-, and long-term duration?

What is the end user perception toward?

How is the patent landscape for pharmaceutical quality? Which country/cluster witnessed the highest patent filing from January 2014-June 2022?

What are the key factors impacting the impact market? What will be their impact in short-, mid-, and long-term duration?

What are the key opportunities areas in the impact market? What is their potential in short-, mid-, and long-term duration?

What are the key strategies adopted by companies in the impact market?

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The global GPS or global positioning system tracking device market size reached USD 2.15 Billion in 2021

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