Tech market holds up GPS tracking devices on the run!!

The worldwide Global Positioning System has evolved as the highly used technology trend in the past decade. The current market of GPS trackers has tremendously grown due to an arise in the need of these devices in almost all industries ranging from small start-ups to giant corporates. As per the global market survey, the GPS tracker devices have witnessed a revenue of USD 1.28 billion till the last 2016 and is expected to hit a higher rate of about USD 3.81 billion by the end of 2025. 12.9% is said to be the calculated average Compound Annual Growth Rate of the revenue.

Factors Influencing the rise

Logistics & shipping

Recent years, there is an ascend in the mode of transport used for the commercial activities and ecommerce. Fleet management as a result is critical and hence GPS trackers come into picture to provide better solution. From exporting, until the time of importing the goods on delivery, every movement is recorded. GPS devices, also cut costs and improve operational efficiency.

Safety Concern

As these tracking devices are devised for ensuring safety in the first line, the demand rises in manufacturing it. Especially for corporates who have employees traveling in rotational shifts, safe ride is expected.

Cost effective

First, one has to decide whether company wants to buy or lease the devices as leasing might help in reduction of investment. On the other hand, features and cost are inversely proportional to each other. Better the features more the cost.

Return on Investment

Imparting GPS tracking devices in the business yields ROI due to:

·        Proven customer satisfaction resulting in customer loyalty & huge profit gain.

·        Perfect planning on maintenance scheduling with data analytics.

·        On road driver safety assurance which cuts down costs on wastage.

·        Drivers’ entry on timesheets.

·        Optimization of driver schedules.

Also, other benefits are increasing operational efficiency and business productivity, lowering operational costs and manual monitoring.

How has the growth been visualized?

The current decade we are in (2015-2025), has witnessed a drastic upliftment in the revenue turn of the GPS tracking devices. Region wise, the United States of America, especially North America seems to stand first, followed by Europe. The last in the list is the Asia Pacific (APAC) region, which less uses this device and hence is targeted as the scope of development in the usage of GPS trackers by 2025. 

Future of GPS tracking devices in Market

Future enhancements would be inclusive of:

·        Increase in location accuracy (in cms)

·        Huge scalability

·        Micro size trackers with still powerful features

Conclusion

Be it in the past, present or the future, GPS has its own style of holding up to the market and has become irreplaceable, irrespective of the time. The tracking devices with GPS are certainly to draw a huge income to the world trade by 2025.