GPS Tracking Device Market Overview
The GPS Tracking Device market is expected to grow rapidly by registering a CAGR rate of 11.96% from 2019 to 2026. The GPS Tracking Device market size is predicted to reach $3,396.20 billion by the end of 2026. GPS tracker is a device used to find out the present location of a moving vehicle, or people mostly use it to know the exact location in real-time. This device also provides an accurate route to the desired location, and rennet time the use of GPS tracker has increased. The GPS tracker is also used in mobile devices and satellite systems to track the user’s location. The encouraging progress in GPS technology has helped the democratization of technology with a universal acceptance. They also help law enforcement agencies monitor vehicles and give information to third parties like insurance as required
GPS tracking devices are smaller, and they are expected to become even smaller shortly. Some advanced GPS device can also give crucial information related to vehicles engine, temperature and other. Additionally, these devices monitor a vehicle from a remote location, provide real-time information to various sectors, and help them with their business operation. Also, integrating GPS with different techniques will drive the adoption of GPS tracking devices, boosting the GPS Tracking Device market growth. The vehicle business is the biggest purchaser of GPS trackers, and they will continue to propel the GPS Tracking Device industry.
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Which segment will provide the most chance for GPS Tracking Device Market growth Analysis till 2027?
The global Industry segmented into GPS Tracking Device Market Size, type, component, voltage, application and region. By type the segment is further classified into skid mounted and mobile GPS Tracking Device. By component, the segment is further classified into switchgear, bus bar, HVAC systems, transformer, frequency drives, monitoring and control systems and others. By voltage, the segment, is further classified into low voltage and medium voltage GPS Tracking Device. GPS Tracking Device are used in various industries such as oil and gas, mining, transportation, and power utilities.
Which Top Market Participants are Consider for the highest GPS Tracking Device market share?
Verizon Wireless (U.S), Concox Information Technology Co., Ltd. (China), Calamp Corp. (US), Orbocomm Inc. (US), Sierra Wireless Inc. (Canada), Atrack Technology Inc. (Taiwan), Tomtom International Bv ( Neitherland), Spy tech, Inc. (U.S), Queclink Wireless Solutions Co. Ltd. (China), Laipac Technology, Inc. (Canada), are the renowned companies operating in the GPS tracking devices industry.
Based on region, the GPS Tracking Device market is segmented into North America, Asia Pacific, Europe, and the rest of the world. The European region dominates the GPS Tracking Device market by holding the largest share due to the growing needs of GPS tracking devices. However, the Asia Pacific region is growing by registering a high CAGR rate due to many manufacturing facilities and increasing the sale of commercial vehicles for logistic and transportation purposes. North America is also generating maximum GPS tracking devices and contributing highly to increasing GPS Tracking Device market size.
GPS Tracking Device Market By Geography
GPS Tracking Device Market Covid 19 Analysis
Due to a rise in phishing activities, COVID-19 has substantially increased the adoption of cloud infrastructure and services. In addition, COVID-19 has significantly increased the security budget, which has resulted in a large increase in cloud infrastructure and services. According to the findings of a study conducted by Microsoft and published in August 2020, 36% of the total 800 respondents said that the budget for cybersecurity had risen as a consequence of the pandemic outbreak. Additionally, 42 percent of those who answered the survey said that the company altered its personnel by adding more security experts.
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