Quantitative analysis includes the GPS tracking device market forecast and assists in identifying the market potential in terms of revenue and profitability
Progressive Markets added an in-depth report titled, "Global GPS Tracking Device Market- Size, Trend, Share, Opportunity Analysis & Forecast, 2015–2023". According to the report, the global market is set to grow at a considerable CAGR during the forecast period.
The report is a compilation of data acquired using rigorous research methodologies. Detailed figures and tables illustrate the market value based on every segment of the global GPS tracking device industry.
GPS tracking devices can accurately locate the position and track the movement of a vehicle or a person by obtaining precise, real-time location-based information. The device uses the global positioning system and its carriers to obtain the exact coordinates of the object being tracked.
The information acquired is stored in the tracking unit and then transmitted to the central database of the system or to devices connected to the internet via a cellular or satellite network. Vehicle tracking systems have found widespread acceptance in the global market.
The electronic device installed in the vehicle allows the owner or a third party to closely monitor and track their vehicles. A rise in the number of car thefts also fuels the need for efficient vehicle tracking systems.
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Drivers & Restraints:
The report extensively covers the top market dynamic factors that result in the growth or failure of the GPS tracking device market. The rapid growth of the transportation and logistics industry has resulted in a growing demand for GPS tracking devices.
The high performance delivered by the small-sized device appeals to the consumers, thus leading to the growth of the market. GPS tracking devices offer a high return on investments owing to their superior performance over a longer duration.
In addition, the growing number of vehicles on the road due to the rapid expansion of the automotive industry has resulted in the development of the market.
However, the high cost of manufacturing gps tracking devices is expected to hinder the growth of the market. The lack of standardization and the impact of environmental factors act as major obstacles and impede the market's growth.
The report predicts the GPS tracking device market size based on the previous market trends. The global GPS tracking device market is divided based on the type, application, and the geography.
The types of tracking devices include data loggers, data pushers, data pullers, and covert GPS trackers. These devices find applications in several industries that range from aerospace & defense, mining, oil & gas, transportation, and other industries.
Based on the geographical segmentation, the report analyzes the presence of the GPS tracking device industry across the globe in the regions of North America, Europe, Asia-Pacific, and LAMEA. The report includes the GPS tracking device market share based on every segment of the gps tracker market.
The gps marketplace displays a competitive landscape with the leading players accounting for the largest market shares. The prominent players profiled in the report include Teltonika UAB, Queclink Wireless Solutions Co., Laird PLC., Geotab Inc., Orbcomm Inc, Sierra Wireless, Inc., Ltd, Atrack Technology Inc., Calamp Corporation, Tomtom International Bv, GPS Tracking Device market and Shenzhen Concox Information Technology Co.
The company overview, financials and business segments, and the recent developments made by them in the global GPS tracking devices market are included in the report to provide a deeper understanding of the market. The information assists in evaluating the level of competition in the market and provides a clearer view of the key winning strategies adopted by the key players to expand their reach in the gps tracking industry.
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The gps tracking device market analysis delves into the key decisive factors such as the drivers, restraints, and opportunities. Comprehensive analysis of the current market identifies the prevalent opportunities for the development of the market based on the geographical segmentation and assists the market players in devising business strategies.
Porter's Five Forces Analysis establishes the potency of the buyers and suppliers and provides a better understanding of the market trends and behavior.
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