The GPS tracking device market was valued at USD 1.25 billion in 2016 and is expected to grow at a CAGR of 12.91% from 2017 to 2023.
Why advancements in software is expected to create opportunities for players in the GPS tracker market?
In addition to GPS tracking devices, software that can be integrated have undergone rapid changes. Real-time data of a specific location can be provided to various industries with the help of software. Improved mapping capabilities, combined with the ability to integrate with resources such as Google Earth and predictive diagnosis, can be possible with the help of software. Nowadays, with the help of different types of sophisticated software, the user can track multiple parameters on a single screen. With the help of software, it is also possible to detect the quality of roads. Thus, with this advancement, it is expected to have a more accurate and scalable software for GPS tracking devices in the near future.
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How increasing adoption of hardware-agnostic tracking solutions is posing challenges to GPS tracking devices?
Smartphones play an important role in day-to-day activities. Technological revolution helps manufacturers introduce a variety of smartphones at lower prices. Advances 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 user-friendly 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 tracking devices for their vehicles. Thus, the growing adoption of devices such as notebooks, tablet PCs, and smartphones is posing a challenge to the growth of the market for GPS tracking devices.
Affordable prices of GPS tracking devices
The market for GPS tracking devices is mature enough. GPS tracking devices are no longer luxurious commodities because of its relatively affordable prices. Leading companies and government agencies, as well as start-up companies, can afford these devices. GPS tracking devices are available in the price ranging from USD 30 to USD 100. Some advanced GPS trackers are starting from a price of USD 200. Therefore, GPS devices are becoming a mainstream tool for professional and personal use.
Impact of nonstandard products and several environmental factors leads to poor user experience
GPS tracking technology is widely adopted by users owing to its uniformity in performance and low costs. Thus, to fulfill the demand for GPS tracking devices, various companies are involving in the manufacturing of these devices, resulting in increased competition. To gain a competitive advantage, a few of the manufacturers are introducing low-cost GPS tracking devices in the market. These devices may lead to poor user experience because of poor GPS tracking device quality. A low-cost GPS module has a low-quality GPS receiver antenna and poor position algorithm, which may hamper the performance of GPS tracking devices.
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