GPS Tracking Device Market
Report ID: SQMIG45A2589
GPS Tracking Device Market Trends
Skyquest Technology's expert advisors have carried out comprehensive research on the gps tracking device market to identify the major global and regional market trends and growth opportunities for leading players and new entrants in this market. The analysis is based on in-depth primary and secondary research to understand the major market drivers and restraints shaping the future development and growth of the industry.
GPS Tracking Device Market Dynamics
GPS Tracking Device Market Drivers
Growing Market of IoT and Cloud Technology
- The GPS tracker, devised with modern technology such as IoT and cloud technology, enables it to serve a variety of applications. GPS trackers are embedded with electronics and internet connectivity, transforming them into intelligent devices and objects that can connect to the cloud, be remotely controlled, and communicate with one another. Consequently, the growing demand for IoT and cloud technology fuels the expansion of the GPS tracking market.
Improved Sales of Commercial Vehicles to Aid Market Growth
- The growth of the GPS device market is fueled by the device's durability and increased use in commercial vehicle tracking systems. As the retail sector expands, GPS tracking devices can detect vehicles that use GPS to track their precise location. This increases the necessity of monitoring for safety and efficient operation. Consequently, numerous commercial vehicles are equipped with GPS systems. Accordingly, the sale of commercial vehicles increases, stimulating the market for GPS tracking devices. The increasing penetration of the e-commerce industry is also anticipated to increase the demand for GPS tracking systems in light commercial vehicles.
GPS Tracking Device Market Restraints
Environmental Factors Lead to Poor User Experience
- GPS tracking gadgets are utilized to monitor an item or object. External conditions like dense trees, tall buildings, heavy cloud cover, and rain can weaken the GPS signal. Consequently, results or tracking are sometimes delayed. In many devices or systems, the GPS tracking unit requires a clear line of sight between the receiver and the satellite; otherwise, the signal may be degraded. Additionally, many vendors and manufacturers offer low-cost and low-quality GPS tracking devices to gain a competitive advantage, resulting in poor user experience and low quality. These factors restrain the expansion of the GPS tracking device market.
Increasing Adoption of Hardware-agnostic Tracking Solutions
- The technological revolution helps manufacturers introduce a variety of smartphones at lower prices. Advancements in technology and different software applications allow smartphone users to access GPS signals to track vehicles, etc. These software applications are easy to install, provide a user-friendly graphical user interface (GUI), and are affordable. Thus, the adoption of smartphones as tracking devices is increasing rapidly. Many cab service providers, such as Uber Technologies Inc. (US) and transportation companies, use smartphones as vehicle tracking devices.
GPS Tracking Device Market Report Snapshots
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