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Written by Shalu Dhama » Updated on: November 19th, 2024
IMARC Group, a leading market research company, has recently releases report titled “Smart Tracker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” offers a comprehensive analysis of the industry, which comprises insights on the smart tracker market trends. The global market size reached US$ 550.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,344.8 Million by 2032, exhibiting a growth rate (CAGR) of 10.13% during 2024-2032.
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Factors Affecting the Growth of the Smart Tracker Industry:
Asset tracking solutions help businesses optimize their operations by providing real-time visibility into the location and status of assets. This is leading to enhanced efficiency in managing inventory, equipment, and resources, ultimately improving productivity. Effective asset tracking also reduces the risk of asset loss or theft, leading to cost savings for companies. It also minimizes the need for manual tracking and inventory checks, lowering labor costs. In addition, asset tracking systems enhance security by enabling organizations to monitor the whereabouts of valuable assets. This is crucial in preventing theft and unauthorized use, providing peace of mind to asset owners.
Technological innovations, such as advanced global positioning system (GPS) and global navigation satellite system (GNSS) technologies, are enhancing the accuracy of smart trackers. This allows for precise and real-time location tracking, making them more reliable for various applications. Advancements in miniaturization are leading to the development of smaller and more compact smart trackers. This not only improves their portability but also makes them suitable for a wider range of use cases, including wearables and Internet of Things (IoT) devices. Technological improvements in battery technology are also extending the battery life of smart trackers.
Enhanced connectivity, particularly through high-speed internet and 5G networks, enables real-time tracking of assets, vehicles, and people. This real-time data is invaluable for monitoring and responding to events as they happen. Faster and more stable connectivity leads to improved tracking accuracy. Smart trackers can provide precise location data, which is vital for applications like asset management, logistics, and personal safety. Enhanced connectivity also ensures seamless data transmission between smart trackers and centralized monitoring systems, enabling quick updates and reducing latency in data reporting.
Leading Companies Operating in the Global Smart Tracker Industry:
Smart Tracker Market Report Segmentation:
By Technology:
Bluetooth represented the largest segment due to its widespread adoption for applications like personal item tracking, proximity-based alerts, and ease of use with smartphones and other devices.
By Application:
On the basis of application, the market has been segregated into consumer products, pets, luggage, and others.
Regional Insights:
North America enjoys the leading position in the smart tracker market on account of the increasing demand for asset tracking solutions and a robust ecosystem of technology companies.
Global Smart Tracker Market Trends:
The integration of smart trackers with the Internet of Things (IoT) is allowing for seamless connectivity, data sharing, and automation across various industries. Smart trackers are finding applications in the healthcare sector for patient monitoring, medication adherence, and asset tracking. In addition, the rising utilization of wearable devices for tracking physical activity, location-based safety alerts, and health monitoring is impelling the market growth.
The growing demand for smart trackers in logistics and supply chain management to optimize operations, track packages, and ensure timely deliveries is offering lucrative growth opportunities to industry investors.
Other Key Points Covered in the Report:
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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