Unlimited Future Of GPS

Introduction

In a world where technology is evolving every day, we need to keep ourselves updated and keep a track of what’s happening around us. Out of all the technologies and management that have grown tremendously, Vehicle Industry is one of the most popular among all in terms of technological impact.

And it is because of this tremendous growth that we bring to you a look in to what the GPS tracking system was, how far it has come and its future growth opportunities.

Requisite of GPS Tracking System

If we take a look at the scenario on a global level, as of now, there are more than 1.015 billion cars currently in use on earth and about 1,65,000 cars are produced every day. Now a point to be noted is that this was just about cars. And we certainly know more other vehicles apart from cars are used on earth. This makes a GPS tracker system a massive need in future market.

The growing need for GPS tracker system is not just based on the number of vehicles used and produced on the earth. Add to that many of the industries will make a huge contribution towards the growing need of GPS tracker system. All form of industrial sector will require shipping services at one point or other in a day to day business. Because of this need from the industrial sector Truck GPS comes in. Shipment tracking by obtaining the truck GPS location is pivotal in successful delivery plans.

Future Market Trend for GPS Tracking system

The GPS tracking Device Market is expected to cross 75 million shipments by 2023 and expected to grow in revenue term at Compound Annual Growth Rate (CAGR) of 12.91% by 2023. The growth of this market is propelled by various factors such as increasing commercial vehicle sales, various government mandates such as Electronic logging device (ELD), affordable price and vehicle theft protection.

The transportation and logistics industry accounted for the largest share of GPS tracking device market. The said industry is expected to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period.

Moreover, according to International Organisation of Motor Vehicle Manufacturers (OCIA), sales of commercial vehicles are on the uptrend and may drive the GPS tracking device market.

Market Dynamics for GPS System

GPS (Global Positioning System) tracking devices are available in sizes that are smaller than a smartphone and are expected to become even smaller in the future market. With recent technological advancements, it is possible to develop thumbnail-sized GPS receivers and tiny batteries, which makes GPS tracking unit a long lasting application.

The inbuilt non-rechargeable batteries in GPS tracker have an average lifespan 3-4 years, which will help in smooth operations. Enterprises or individual using GPS tracking devices will experience a high return on investment (ROI), with a reduced payback period. Advance GPS tracker provides various valuable information related to vehicle engine diagnosis, temperature control and others.

“High Return on Investment and low Payback period ensure more Growth Opportunities in the Future GPS device market”

Opportunities (Advancement in the Software)

The software that has been integrated with the GPS tracker has undergone rapid development. Real time data of specific location can be provided to various industries with the help of software. Improved mapping capabilities combined with the ability to integrate with the resources such as Google and predictive diagnosis can be possible with the help of software.

Nowadays, with the help of many sophisticated software, the user can track the multiple devices on a single screen. With the help of this sophisticated software’s, it is also possible to detect quality of roads.

Thus, with the advancement, it is expected to have a more accurate and scalable GPS tracking software in the future. This advancement in the software will create more growth opportunities for GPS tracking companies.

Future Market Share

The growth of GPS tracking device market is driven by the growth of commercial fleet management and declining prices of GPS trackers. Advance tracker is professionally installed in the commercial vehicles to provide engine diagnosis data and vehicle performance-related information in addition to the basic function. The information related to engine diagnosis can further be utilised to measure the performance of the vehicle in the near-real time. Thus, this will likely to lead the adoption of advance GPS.

The GPS Tracking Device Market to grow from USD 1.3 billion to USD 2.9 billion by 2023 at a CAGR of 12.9%. Advance tracker is expected to grow at the highest CAGR in the future.

“Advance GPS Tracker holds largest market share in the overall GPS tracking device market in the future”

Restraints to the Future Growth

• Despite the huge benefits associated with the adoption of GPS tracking devices, the impact of non-standard products and environmental factors leads to poor user experience acts as a restraint to the growth of the GPS tracking device market in the future.
• Few vendors deliver low-cost GPS tracking devices in the market to gain competitive advantage. These devices may lead to poor user experience because of poor GPS tracking device quality, which has low performance GPS receiver antenna and poor position algorithm; and may hamper the performance of GPS tracking devices.
• A GPS tracking unit in commercial vehicles requires a direct line of sight between the receiver and satellite. Thus, if an object lies within the direct path, it can deviate the GPS signal and result in a poor signal. Several environment factors, such as dense trees, steep hillsides, tall buildings, or even heavy cloud cover, can weaken GPS signal and might give delayed results due to these geographical limitations.

“Impact of Non-standard Products and Environmental factors acts a restraints to the future growth of the GPS Tracking Device Market”

Challenges

Smartphone plays an important role in day to day life. Technological revolution helps manufacturers introduce a variety of smartphones at lower prices. Advancements in technology and different software applications allow smartphone users to access GPS signals to track vehicles, etc.

These software applications are easy to install, provide user-friendly GUI, and are affordable. Thus, the adoption of smartphones as tracking devices is increasing rapidly. Many cab service providers, such as Uber Technologies Inc. (US), and transportation companies use smartphones as tracking devices for their vehicles.

Conclusion

The future of GPS appears to be virtually unlimited; technological fantasies abound. The system provides a novel, unique, and instantly available address for every square yard on the surface of the planet–a new international standard for locations and distances. Due to this advancement in the technology, there will be a tremendous growth opportunities for the GPS Tracking Companies in the future. Every resource will be tracked and monitored for effective utilisation. Inefficiencies will be weeded out, logistics will be worked out in newer ways and consumers will be centre of focus rather than the fleet itself.