The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Position Tracking System Market Share. The growth sectors of the Position Tracking System Market Share are identified with precision for a better growth perspective.
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 has been segmented based on component, connectivity, technology, type, and application. By component, the market has been segmented into hardware and software. The hardware sub-segment has been further segmented into display, sensors, battery, capacitors, resistors, and diodes. By connectivity, the market has been segmented into wired and wireless. By technology, the market has been segmented into RFID, GIS, internet tracking, GPS, WLAN, and others. By type, the market has been segmented into indoor tracking and outdoor tracking. By application, the market has been segmented into fleet analytics, vehicle tracking, maritime, telemetric, and industrial.
The key markets of the global position tracking system include North America, Asia-Pacific, North America, Europe and rest of the world. North America leads the market for position tracking and is estimated to remain dominant during the forecast period. U.S. and Canada are the principal contributors to the North American market. The growth can be attributed to technology advancements and increased adoption of position tracking systems across various industry verticals in the region. Europe and Asia-Pacific follow North America closely. However, Asia-Pacific market for position tracking is expected to consolidate its position in the market and grow at a rapid rate.
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.
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