GPS Tracker by Product Type Insights
Based on product type, the GPS Tracker market segmentation include GPS Loggers, Personal GPS Trackers, and Real-Time GPS Trackers. Real-Time GPS Trackers holds the largest market revenue generation for GPS Tracker industry. The market of GPS Tracker for BFSI was valued at USD 1.47 Billion in 2022 and is expected to grow at a CAGR of 12.9% through the forecast period. The increasing demand for real-time GPS trackers can be attributed to a variety of factors. One of the main drivers of this trend is the growing need for location-based services across industries.
Businesses are using GPS trackers to improve fleet management, asset tracking, and delivery operations, among other things. Additionally, consumers are using GPS trackers to keep track of their personal vehicles, pets, and family members.
The increase in demand is the availability of affordable and easy-to-use GPS technology integrated with smart electronics is also increasing the market growth of GPS trackers. With the proliferation of smartphones and other mobile devices, GPS tracking has become more accessible and user-friendly than ever before. In addition, advancements in GPS technology have made it more accurate and reliable, which has further fueled its popularity.
Concerns over safety and security have also contributed to the rise in demand for GPS trackers. Many people feel more comfortable knowing that they can track their loved ones or valuables in real-time, which can provide a sense of peace of mind. Overall, the increasing demand for real-time GPS trackers is likely to continue as technology continues to improve and more use cases emerge.
Figure 3: GPS Tracker Market, by Product Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review
Personal GPS trackers are expected to grow at a CAGR of 12.8% through the forecast period. The demand for personal GPS trackers in healthcare is increasing due to the growing need for remote patient monitoring and telemedicine. These devices are used to track the location of patients with chronic conditions such as Alzheimer's disease, dementia, and autism, who may wander off or get lost. By using personal GPS trackers, caregivers can quickly locate patients and provide assistance if needed.
In addition, personal GPS trackers can be used to monitor the location and movements of patients with mental health disorders such as schizophrenia, bipolar disorder, and depression. This can help healthcare providers ensure that patients are taking their medication and attending appointments and can also help prevent self-harm or suicide attempts.
Personal GPS trackers can also be used to monitor the location and movements of elderly patients who live alone and may need assistance in case of a fall or other medical emergency. This can help healthcare providers respond quickly and provide timely care, reducing the risk of complications and hospitalization. Overall, the demand for personal GPS trackers in healthcare is likely to continue growing as healthcare providers seek to improve patient outcomes, reduce costs, and provide more personalized care.
March 2023: MapmyIndia launched GPS trackers, smart helmet kits, dash cam, and more equipments. While the dash camera and in-dash navitainment system are aimed at cars, the GPS tracker and smart helmet kits can be used by two-wheeler owners.
March 2023: Monimoto, a motorcycle security company, is releasing a new smart anti-theft device for bicycles, called the Cycloop. The Cycloop security system includes three components: the Cycloop device, a keyfob and a smartphone app. The device mounts on the frame. The keyfob is used to identify the bike's owner. When Cycloop detects a keyfob in proximity, it automatically disarms the device.
GPS Tracker by Vertical Type Insights
Based on vertical type, the GPS Tracker market segmentation include Healthcare, Transportation & Logistics, Government & Defense, Oil & Gas, and Metals & Mining. Transportation and logistics hold the largest market revenue generation point for GPS Tracker industry with a share of more than 40% in 2023. The demand for GPS trackers in transportation and logistics is expected to continue growing in the coming years, driven by the increasing adoption of IoT technology, the growing need for real-time tracking and monitoring, and the need to improve efficiency and productivity in these industries.
In the transportation industry, GPS trackers are used to track the location of vehicles in real-time, which helps to improve delivery times, reduce fuel consumption, and enhance customer satisfaction. GPS trackers can also help to monitor driver behavior, such as speed and acceleration, which can help to improve safety on the road and reduce accidents. In the logistics industry, GPS trackers are used to track the movement of goods and optimize the supply chain.
With the help of GPS trackers, logistics companies can track the location of shipments in real-time, monitor their temperature and humidity, and ensure that they are delivered to the right destination on time. This can help to improve efficiency, reduce costs, and enhance customer satisfaction.
Healthcare sector is expected to grow at the fastest CAGR of 14% through out the forecast period. With tracking ambulances to tracking patients to tracking employees, healthcare sector efficiency had increased a lot. According to some of our correspondents, healthcare institutions have shown an efficiency leap of 60% form previous 30% globally.
