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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, July 3, 2023/EINPresswire.com/ -- 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.

A GPS tracking device is a compact and highly sophisticated technological tool that utilizes the Global Positioning System (GPS) to accurately track and monitor the real-time location of objects or individuals. These devices rely on a network of satellites to determine precise coordinates, which are then transmitted to a central monitoring system or a user's device. With their small size and advanced features, GPS tracking devices have become invaluable in various applications, including vehicle tracking, asset management, personal safety, and even wildlife conservation. They provide users with unparalleled peace of mind, improved security, and enhanced operational efficiency by enabling real-time monitoring, geo-fencing, historical data analysis, and other customizable functionalities.

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Some Key Highlights From the Report

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 report offers a comprehensive overview of the competitive landscape and covers company profiles, production and manufacturing capacity, product portfolio, expansion strategies, and business initiatives such as mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches and brand promotions among others.

Prominent Players Analyzed in the Report:

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

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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

The report offers a comprehensive breakdown of the regional analysis of the market and subsequent country-wise analysis. The regional analysis of the market comprises of production volume information, consumption volume and patterns, revenue, and growth rate for the forecast period of 2022-2030. According to the regional analysis, the market is primarily spread over key geographical regions as follows:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Some of the important question for stakeholders and business professional for expanding their position in the Global GPS Tracking Device Market :

Q 1. Which Region offers the most rewarding open doors for the market Ahead of 2022?

Q 2. What are the business threats and Impact of latest scenario Over the market Growth and Estimation?

Q 3. What are probably the most encouraging, high-development scenarios for GPS Tracking Device movement showcase by applications, types and regions?

Q 4.What segments grab most noteworthy attention in GPS Tracking Device Market in 2022 and beyond?

Q 5. Who are the significant players confronting and developing in GPS Tracking Device Market?

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