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.
The global position tracking system market by geography is segmented into North America, Europe, Asia Pacific, and Rest of the World. The North America market is expected to witness a significant growth and hold the largest share of the global market during the forecast period. The U.S and Canada are anticipated to drive the growth of the position tracking system market in North America region owing to the presence of a large number of established key players such as GPATS and Position Tracking Systems in this region. Due to the sustainable and well-established economies in the region, the market is likely to show immense growth in the coming future.
Additionally, North America also has a well-established infrastructure, which allows a higher penetration of devices and ultimately provides better connectivity. The growth of the market is also attributed to increasing focus on business organizations towards maintaining security and growing adoption of global positioning services by the automotive sector. In the global position tracking system market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to increasing implementation of global positioning systems and internet tracking in order to ensure better connectivity and improved safety across different countries in the region.
The global position tracking system market is highly competitive with the presence of few well-established players. Some of the contenders include GPATS (U.S.), Cisco Systems, Inc. (U.S.), Kongsberg Maritime (Norway), Position Tracking Systems (U.S.), Axestrack (U.S.), Advanced Real-time Tracking (Germany), Rilapp Technologies (India), Trinetra Technologies (India), and Inmotio (Amsterdam) among others. Numerous competitive players are aiming at consolidating their market position by implementing various strategies such as mergers, acquisitions, product launches.
- In May 2018, Analytical Graphics Inc. announced the establishment of the first ever commercial deep space radar tracking system. The tracking system has been developed in partnership with a Canadian company, Thoth Technology and the system is capable of tracking objects up to 50,000 kilometers and can track objects in geostationary orbit and beyond.
Position Tracking System Market is estimated to grow at Regional CAGR, Position Tracking System…
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