GPS Tracking System Market May Exhibit Remarkable Growth Through 2030
The GPS tracking system market was valued at $2.19 billion in 2022 and is expected to reach the value of $5.66 billion by 2030, at a CAGR of 12.60% during the forecast period, according to a new report from Data Bridge Market Research.
GPS tracking system technology is one of the most innovative inventions of our time. As it continues to advance, more fleets are using it to monitor their vehicles and get driving directions throughout the world. According to the GPS tracking system market analysis, the global market has more demands in transportations, IT and telecommunications to keep an eye on its real-time information about individuals, products and vehicles. The GPS tracker online is useful to increase the security and safety of consumers and businesses.
A GPS tracking system is a portable unit that lets users track and monitor its location. These devices are most generally used as car tracking systems in vehicles. Whereas tracking systems are similar to in-car navigation systems, there are only some differences. GPS navigation systems display drivers their location on digital map and then deliver instructions during driving to get to a selected point. On the other side, GPS trackers usage GPS technology to track a current location of vehicle's and trip history. The GPS data is then broadcasted to a smartphone, computer or tablet.
GPS Tracking System Market is Highly Competitive
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to GPS (global positioning system) tracking system market.
The growth of the tracking system market is fuelled by the increased usage in commercial vehicle and device's durability. As the retail sector develops, a GPS tracking system can detect vehicles that use GPS to track their location. The GPS tracker system, developed with modern technology such as cloud and IoT based technology. This technology allows it to serve a variety of applications. GPS trackers are embedded with internet connectivity and electronics, transforming the information into intelligent devices and objects that can connect to the cloud. These systems can be remotely communicating and controlled with one another by using cloud and IoT based technology. Consequently, the increasing demand for cloud and IoT technology boosts the expansion of the market.
(Source: Data Bridge Market Research news release. Infographic provided)