Global GPS Tracking Device Market: Overview
The global market for GPS tracking devices is gaining momentum due to the adoption of better technologies across several sectors. The impetus given to security systems and better management of resources will play a pivotal in enhancing market growth. GPS (Ground Positioning System) technology is widely used to determine the precise location of vehicles and other mobile entities. The information regarding the moving object can be transmitted to a central control unit or can also be stored within the tracking device. The system uses satellite, radio, or cellular modems fitted with the tracking device; devices enabled with GPS can be used to track the mobile objects. The device’s location uses geometric coordinates to position the object on a map. The GPS tracking system is divided into three parts viz. basic, intermediate, and advance design.
The market could be segmented based on the following parameters: type, industry, deployment vehicle, and region. Each of these categorizations are vital in ascertaining the progress of the market. It is important to analyze the sub-segments within these categories to get a wider purview of the market.
Transparency Market Research (TMR) elucidates key facts about the market in a report. The market dynamics have been decrypted to understand the pivotal forces that could augment growth in the future. The report employs pragmatic methodologies to gauge the progress of the market, and collects data through primary, secondary, and tertiary modes of research. The market growth has been quantified in the form of key parameters such as growth rate, market value, and regional market share. The report shall act as an important focal point for market players and analysts to gauge the future success of the market.
Global GPS Tracking Device Market: Key Trends and Opportunities
The prime reason that propels demand for GPS devices is the accuracy of these devices in ascertaining the position of mobile objects. Moreover, the installation of these devices does not incur very high costs, which further popularizes these devices. The relatively low cost also makes it easy for small- and medium-sized businesses to deploy these systems and improve their efficiency. Hence, the market has been expanding its consumer base over the years. The transport industry is a key consumer of these products; buses, trucks, freights, and cars owned by businesses are fitted with GPS tracking system. Another important factor bolstering demand is installation of these devices across public transport systems. The governments want to add utility to public services, thus, these systems are being rapidly adopted across government undertakings.
Global GPS Tracking Device Market: Regional Analysis
The global market for GPS tracking devices is geographically segmented into the Middle East and Africa, South America, Asia Pacific, North America, and Europe. The market in Asia Pacific is expected to exhibit a high growth rate on account of the rising popularity of automation in the regions. The affluence of regional market is expected to depend on the assistance from government initiatives and expansion of transport businesses.
Global GPS Tracking Device Market: Vendor Landscape
The market players operational in the global market are expected to innovate their solution portfolio to garner a greater market share. The leading players include Laird PLC,Calamp Corp, Teltonika UAB, Concox Wireless Solution Co., Ltd., TomTom International BV, Sierra Wireless Inc.,Geotab Inc. Meitrack Group, ATrack Technology Inc, Orbocomm Inc, Ltd, and Trackimo LLC.
Global GPS Tracking Device Market: Vendor Landscape: based on type
- OBD device
- Standalone tracker
- Advance tracker
Global GPS Tracking Device Market: Vendor Landscape: based on deployment vehicle
- Commercial Vehicle
Global GPS Tracking Device Market: Vendor Landscape: based on industry
- Metals & Mining
- Logistics and Construction
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.