Global Gps Tracking System Market Outlook
Revenue, 2024
Forecast, 2034
CAGR, 2024 - 2034
GPS tracking systems are instruments created to offer up to the minute location details of the monitored entity – be it an object or a person or a vehicle. These technologies have attracted interest due to their capabilities like sophisticated mapping options and real time notifications, for specific geographical areas.
Market Key Insights
- The Gps Tracking System market is projected to grow from $3.9 billion in 2024 to $13.5 billion in 2034. This represents a CAGR of 13.2%, reflecting rising demand across Fleet Management, Asset Tracking and Personal Security.
- The market leaders that drive competition in this industry include CalAmp Corp, Orbcomm Inc and Sierra Wireless Inc.
- U.S. and China are the top markets within the Gps Tracking System market and are expected to observe the growth CAGR of 11.9% to 15.8% between 2024 and 2030.
- Emerging markets including Australia, Vietnam and South Africa are expected to observe highest growth with CAGR ranging between 9.2% to 13.9%.
- The Gps Tracking System market will experience $1.4 billion worth of growth through 2030 because of the transition toward IoT and data analytics.
- The Gps Tracking System market is set to add $9.6 billion between 2024 and 2034, with manufacturer targeting Oil & Gas & Mining End-User Industry projected to gain a larger market share.
- With Rise in vehicle thefts, and Advancements in iot and ai technologies, Gps Tracking System market to expand 246% between 2024 and 2034.
Opportunities in the Gps Tracking System
The worldwide fishing sector has yet to make use of GPS technology despite its potential benefits for fishermen navigating the open seas and identifying prime fishing grounds, with high yields.
Growth Opportunities in North America and Europe
North America Outlook
North America plays a role in the GPS tracking system market largely because transportation and logistics industries have embraced GPS tracking devices to a great extent there. The market is influenced by the presence of top GPS tracking manufacturers and the rise of technology leading to intense competition among key players who aim to offer innovative and affordable solutions. Moreover as more businesses understand the value of keeping track of their assets and workforce there is a potential, for market growth and expansion.
Europe Outlook
In Western Europe and other parts of Europe well as a significant market for GPS tracking systems exists with a focus on safety and monitoring in the automotive and transportation sectors due to strict regulations in place here. The market faces competition from various local and international companies that provide creative tracking solutions. High demand for technology and an increase in vehicle theft cases are contributing factors for market growth opportunities, in this region.
Market Dynamics and Supply Chain
Driver: Rise in Vehicle Thefts, and Emergence of Smart Cities
The market is also influenced by the progress made in IOT well as AI . The enhanced connectivity and predictive features of these technologies have also enhanced the performance of GPS tracking systems by making them more effective and user friendly.
Restraint: High System and Installation Cost
Opportunity: Expanding into the Pet Industry and Implementation in the Healthcare Sector
Healthcare institutions and medical centers have the option to employ GPS tracking technology to monitor the whereabouts of patients— individuals with conditions like dementia or autism who are prone, to wandering and becoming disoriented—thus reducing the risk of them getting lost. Additionally these tracking systems can also be leveraged for overseeing medical devices and preventing their loss or theft.
Challenge: Privacy and Security Concerns
Supply Chain Landscape
Bosch
Honeywell International
Garmin International Inc
CalAmp
The Boeing Company
Trimble Inc.
MiTAC International Corporation
TomTom International BV
Transportation & Logistics
Marine industry
Aviation industry
Defence sector
Bosch
Honeywell International
Garmin International Inc
CalAmp
The Boeing Company
Trimble Inc.
MiTAC International Corporation
TomTom International BV
Transportation & Logistics
Marine industry
Aviation industry
Defence sector
Applications of Gps Tracking System in Fleet Management, Asset & Personal Security
GPS tracking systems are frequently employed for overseeing and supervising a business group of vehicles in time to offer essential data regarding location details and assorted metrics like speed and fuel usage as well as vehicle idle durations efficiently managing routes and preventing unauthorized use are key benefits of these systems with key players, in this field comprising Omnitracs and Verizon Connect.
These systems are used to protect and monitor valuable assets – from expensive equipment to goods in transit. By affixing a GPS tracker, businesses can keep tabs on precisely where their assets are, and set up alerts for movement or relocation outside predetermined region's. Leaders include Asset Panda and TrackAbout.
GPS monitoring is now commonly employed in safety gadgets to monitor and safeguard people in need of assistance—specifically children and the elderly individuals who may be more vulnerable to potential risks or emergencies. These gadgets have the ability to transmit location updates and emergency signals as an additional measure of security for those individuals in need of protection. Safe Assist and Life360 stand out as players, in this particular market segment.
Recent Developments
Garmin has introduced a new GPS tracking app that works with systems to improve real time tracking features, for businesses.
TomTom International has integrated sophisticated telematics features, into their GPS tracking systems to enhance fleet management services for businesses.
Trimble Navigation introduced a cutting edge GPS tracking system powered by ML technology that offers predictive analysis, for monitoring vehicle movements.