GPS Tracking Device Market is increasing demand for IoT and cloud technology | Market valuation of USD 6.2 Billion by 2030

Growth Analysis Of GPS Tracking Device Market In The Forecast Period

The GPS Tracking Device Market will acquire a CAGR of 12.90 % and a market valuation of USD 6.2 Billion by 2030 in the forecast period. The market is noticing massive demand from the IT, telecommunications, and transportation sectors. 

Effects Of Existing Key Factors Of The GPS Tracking Device Market

The key existing factors are the market dynamics, such as the drivers, market opportunities, restraints, and challenges. Let’s discuss these existing factors in detail. 

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Report Scope:

Drivers Of The Market

The advanced tracking features, GPS, along with a longer lifespan and higher ROI, are driving the market. GPS devices are available in smaller sizes. With technological advancements, the devices may be expected to become thumbnail-sized with tiny batteries; this will aid in long-lasting application. Moreover, the average lifespan of non-rechargeable batteries in GPS trackers is 3-4 years. In today’s generation, GPS is used in every enterprise and also individually for a personalized tracking experience. The advanced GPS trackers offer valuable information on temperature control, vehicle engine diagnosis, and others. Further, you can track your vehicle from any remote location with GPS. These applications and featural advantages are accelerating the GPS Tracking Device Market growth.

IoT and cloud technology are also the major drivers of the market. The rise in demand for these technologies has increased the market size. The demand for vehicle tracking systems is another chief driver of the market.

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Growth Opportunities Of The Market

The GPS Tracking Device Market is extensively growing due to the software integration with GPS trackers. This has led to access to real-time data at any remote location, aiding various industry sectors. The advanced mapping capabilities integrated with resources and predictive diagnosis is promoting the market. Moreover, with the help of software, you can track multiple devices on a single screen. The drivers can detect road quality with the tracker. Therefore, the rise in sales of commercial and passenger vehicles is driving the market’s growth. The research and development activities for the upgradation of accurate and scalable GPS tracking software will bring up huge growth opportunities. 

Restraining Factors

The greater benefits of the GPS tracking devices impact the non-standard products and environmental factors leading to poor user experience. This factor is restraining the GPS Tracking Device Market. Some vendors deliver low-cost GPS tracking devices to gain competitive advantages. They implement non-efficient features which are affecting the sales of the market. The low-quality GPS results in low performance as the antenna receives less appropriate data. These are factors that are hampering the market’s growth in the forecast period.

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Challenging Factors

The technological advancements have led manufacturers to introduce low-cost smartphones with tracking features. Integrating applications that allow smartphone users to access GPS signals for tracking is challenging the market. Moreover, the software application is efficient and has a user-friendly GUI. Therefore, the adoption of smartphones over GPS devices has increased. Many vehicle service providers also use smartphones as tracking devices. These challenging factors are restricting the market’s growth.

These are the market dynamics and their effects on the global market. These factors are well studied, and strategies are implemented to meet the public demand. 

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