Position tracking systems are rising in popularity and are being widely used across various industry verticals. Position tracking system detects the current position of an object or person with the help of special sensors or markers. The position tracking system market has seen exponential growth over the past years, and Market Research Future (MRFR) projects burgeoning growth over the forecast period 2017-2023. Tracking devices are no more an added advantage; rather it is more of a management tool which more and more industries are employing for business advantage. Numerous factors are fueling the growth of position tracking system market. Positive market outlook and high potential for growth of the position tracking market are the primary drivers. The cost of installing position tracking system has gone down in the last few years and have become affordable for most companies. The expenses were pushed down due to rising trend of adoption of position tracking systems across various industry verticals.
Government authorities have largely identified the benefits of position tracking system and a regulatory push for more tracking and traceability have supported the growth of the market. The need for ubiquitous connectivity, surging trend of deploying position tracking in fleet management, real-time bus, and car tracking, and vehicle tracking, increased use of position tracking systems in the marine industry, growing usage of internet and smartphones equipped with GPS are aiding the expansion of the market. A growing number of industries such as construction, mining, and the military have implemented position tracking system for enhancing productivity and performance. Furthermore, the rise in commercial vehicles which uses GPS and growth in the logistics industry is proving impetus to the market. Several barriers hinder the position tracking market. Data privacy concerns and lack of experts in the field are considered as the main factors which are impeding the market growth.
Position tracking system Market Segmentation
The global position tracking system market is segmented on the basis of the component, connectivity, technology, type, and application. However, the component segment is classified into hardware and software. The hardware segment is further classified into the display, sensors, battery, capacitors, resistors, and diodes. Increasing demand for various sensors across different automotive applications is boosting the growth of position tracking system market. Growing demand for improved communication technologies and increased safety are major factors driving the market growth.
Some of the prominent players in the global position tracking system market: GPATS (U.S.), Position Tracking Systems (U.S.), Kongsberg Maritime (Norway), Advanced Realtime Tracking (Germany), Inmotio (Amsterdam), Rilapp Technologies (India), Trinetra Technologies (India), Axestrack (U.S.), and Cisco Ssytems, Inc (U.S.) (among others.
Market Research Analysis
North America is estimated to account for the largest share of the market, whereas Europe market is projected to grow at the fastest rate during the forecast period. The market in North America is witnessing a rapid growth due to technological advancements and increasing demand for outdoor as well as indoor position tracking system across different industry verticals in this region. The U.S. holds the majority of market share both in terms of revenue as well as owing to the extensive use of global positioning systems across different applications.
Position Tracking System Market is estimated to grow at Regional CAGR, Position Tracking System…
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