The current location is tracked and ascertained using the GPS tracker device. This technology is mostly used by moving vehicles or people to determine their precise location. The Internet of Things and cloud computing are the two main market-drivers for GPS tracking devices. The GPS Tracker was created using cutting-edge technology, and its unique characteristics can be used for a variety of purposes. Based on their size and range, the GPS tracker device can be placed anyplace for surveillance. Additionally, the use of solitary and sophisticated tracking devices is growing in acceptance. The GPS Tracker can be used by people, businesses, and the government to monitor its real-time data in terms of national safety.
According to a recent report by Emergen Research, the global GPS or global positioning system tracking device market size reached USD 2.15 billion in 2021 and is projected to grow at a revenue CAGR of 12.3% during the forecast period. Increased demand for Internet of Things (IoT) and cloud technologies, rising sales of commercial vehicles, rising use of digital maps, and improvements and upgrades to the software used in GPS tracking devices are all contributing reasons to the growth of the global GPS tracking market. Every car monitoring system relies on GPS tracking, which has become a fundamental part of modern life. The system comprises of a network of satellites that orbit the Earth and tools that can pinpoint an object’s location.
With the capacity to monitor people, animals, automobiles, and other objects in real time, this gadget enhances communication between devices and users while also delivering high levels of accuracy, precision, and dependability. Additionally, GPS tracking aids in the efficient and prompt operation of businesses, which in turn helps them maintain client satisfaction through precise timekeeping and scheduling. Therefore, during the anticipated period, this aspect is anticipated to fuel the expansion of the GPS tracker market. However, GPS trackers can malfunction in adverse weather situations like heavy rain, snowfall, and others, which is anticipated to hinder market growth for GPS trackers over the foreseeable future.
Some Key Highlights From the Report
Emergen Research has segmented the global GPS tracking device market on the basis of technology type, deployment type, end-use, and region:
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