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A latest report titled, “Global Smart Tracker Market Insights, Forecast to 2027” has been added to the Machinery & Equipment archive of market research studies. The report includes detailed analysis of the Smart Tracker market and the ongoing advancements taking place in the particular market. In 2019, the market size for Smart Tracker was US$ 396.94 Mn and it is anticipated to attain US$ 1099.33 million by 2027 end, exhibiting a CAGR of 13.3% from 2020 to 2027.
A number of items go missing every year and people spend a lot of time in searching for their lost stuff. Emergence of smart tracking devices have made it easy for the people to find misplaced items, locate their family member, and safeguard their belongings. Tile, Locca, Hum, Click ‘n Dig, TrackR, and Whistle are some of the popular tracking gadgets at present.
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Proliferation of Advanced Technologies to Aid Market Growth
Demand for innovative and advanced tracking devices is on the rise, thereby urging manufacturers to diversify their portfolio. Proliferation of advanced technologies such as Bluetooth, GPS, and RF has offered huge growth opportunities for the Smart Tracker market. Nevertheless, cost constraints may hamper the Smart Tracker market growth to an extent.
Bluetooth Trackers to Gain Traction in the Near Future
The report has scrutinized the key type segments of Smart Tracker including Bluetooth, GPS, and other. Bluetooth tracking gadgets are gaining immense recognition on account of their ability to connect different devices. Bluetooth trackers are usually small and don’t require any installation. On the other hand, GPS trackers are heavier and they need more space to accommodate the technology deployed to operate. Based on the application, the Smart Tracker market is segmented into pets, personal items, and others.
North America Likely to be in the Lead in the Forthcoming Years
Early adoption of advanced technology will give North America an upper hand over other regions. Plus, the pet population is high in the US, which is eventually inducing the demand for Smart Trackers among the pet parents. Manufacturers are anticipated to drive their focus on Canada as the region has huge potential for the Smart Tracker market.
Key Players to Launch Novel Tracking Devices in Coming Future
For instance, later in 2019, one of the key companies, Pebblebee launched a new and improved tracking device called, Finder 2.0 with rechargeable battery. Other major strategic tactics deployed by the key companies to stay competitive in the market include mergers and acquisitions, collaborations, extensive research and development, and innovations.
Wistiki, Linquet, Protag, Pixie, Lugloc, Link AKC, Tile, TrackR, Chipolo, Findster, Lapa Studio, Kaltiot, Slightech, Beijing Zizai Technology, Ace Sensor, Pebblebee, Petsimpl, and PitPatPet are some of the major players operating in the market.
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