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GPS Tracking Device Market Size
- Report ID: GMI6981
- Published Date: Oct 2023
- Report Format: PDF
GPS Tracking Device Market Size
GPS Tracking Device Market size was valued at over USD 2.9 billion in 2022 and is anticipated to grow at a CAGR of over 12.5% between 2023 and 2032. One of the major drivers of the market is the increasing adoption of fleet management solutions by businesses.
GPS tracking devices offer real-time visibility into the entire fleet. Fleet managers can monitor vehicle movements, driver behavior, and operational activities remotely. This enhanced visibility leads to better decision-making, improved resource allocation, and overall operational efficiency. For businesses with valuable assets on the move, GPS tracking devices provide a layer of security. In case of theft, the real-time tracking capabilities enable swift recovery of stolen vehicles or goods, minimizing losses and ensuring asset security. Major players are continuously focusing on offering technologically advanced GPS trackers to enhance fleet management.
For instance, in July 2023, Systems & Technology Corp. launched the EZ2 LTE model, a GPS tracker with 4G LTE Cat 1 network coverage. The EZ2 LTE is a small and compact tracker that fulfills vehicle telematics requirements. It supports simultaneous connection of digital or analog accessories and RS-232 connections to external equipment. EZ2 LTE supports multiple LTE frequency bands and is available in 4G Cat 1 with a fallback to 2G. EZ2 is ideal for applications such as logistics, fleet management, or refrigerated transportation, and is also beneficial for insurance & car rental.
A GPS tracking device is a compact electronic gadget equipped with a Global Positioning System (GPS) receiver. It accurately determines and records a device's location, speed, and direction. Utilized in diverse applications, from vehicle tracking and fleet management to personal safety, it provides real-time & historical location data for monitoring and security purposes.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| GPS Tracking Device Market Size in 2022: | USD 2.9 Billion |
| Forecast Period: | 2022 to 2032 |
| Forecast Period 2022 to 2032 CAGR: | 12.5 % |
| 2032 Value Projection: | USD 9 Billion |
| Historical Data for: | 2018 - 2022 |
| No. of Pages: | 220 |
| Tables, Charts & Figures: | 277 |
| Segments covered: | Type, Application, End-use Industry |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The data collected and transmitted by GPS tracking devices are sensitive and subject to potential breaches. Protecting this data from cyber threats, hacking attempts, and unauthorized access is paramount. A single security breach can result in legal repercussions, financial losses, and reputational damage. Continuous investments in robust cybersecurity measures are necessary to safeguard GPS tracking systems and their users. These factors can therefore hinder the market growth.
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GPS Tracking Device Market Scope
