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The smart tracker market size is forecast to increase by USD 572.8 million, at a CAGR of 9.75% between 2023 and 2028. The growth of the market depends on several factors, including the rising pet population, and the growing markets in emerging countries. This adoption is mainly driven by the availability of smart trackers at affordable prices, making them accessible to a wider range of customers. The low prices have made it easier for individuals to invest in these devices, leading to an increase in demand for smart trackers. However, the growth of the smart tracker market may be hindered by certain factors, such as poor battery backup and limited functionality. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018-2022.
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The market encompasses sensor technologies integrated into devices such as smartphones and wearable technology for logistics, supply chain management, health and fitness, and pet care industries. Bluetooth, GPS, and Ultra-Wideband (UWB) technologies are integral to these trackers, enabling real-time location monitoring and IoT connectivity. Smart trackers are increasingly adopted for personal use, including tracking purses, wallets, keys, bags, and even pets. The integration of cellular and Bluetooth connectivity enhances the functionality of these devices, allowing for long-range tracking and notifications. Cutting-edge technologies like ThinkRace Technology further expand the capabilities of smart trackers, offering advanced features such as real-time performance tracking in the fitness industry. The market is expected to grow significantly due to the increasing demand for enhanced security, convenience, and health monitoring solutions. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The low prices will drive the adoption of smart trackers, thereby driving market growth. They are tiny gadgets that are attached to or placed inside important items like clothing or shoes or valuables. The simplicity of the design and the small size of these devices reduce the manufacturing cost of the product significantly. This allows device manufacturers to price their offerings at a reasonable rate.
Their relatively inexpensive nature and the ease with which they can find small but valuable items that often get misplaced make this a much-needed gadget with significant potential. The easy functionality of the device will ensure rapid adoption once the product is marketed properly. However, this does not apply to some of the pet trackers that work on cellular network technology, as these are much more expensive than the normal smart trackers that work on Bluetooth technology. Such factors will increase the market growth during the forecast period. In addition to the expected demand for fitness devices, the adoption of Bluetooth technology in fitness trackers is revolutionizing monitoring technologies for tracking fitness activities.
Rugged smart trackers will fuel the market growth. The smart tracker is a device that can be carried around by the owner most of the time. This creates the need for a durable device that can withstand wear and tear that can take place during daily use. As these devices are designed to be used with almost everything, they must be built to be a lot tougher and stronger than typical consumer-grade electronics.
Manufacturers are now focusing on making their offerings more durable and rugged. For instance, Tile's latest offering, the Pro Series, has improved waterproofing features and is certified with an IP68 rating. This improves the durability of the device significantly if it falls into the water. Technavio believes that such durability features will match customer requirements, driving the adoption worldwide, which, in turn, will foster the growth of the market during the forecast period. Additionally, the integration of Tracking as a Service (TaaS) enhances the functionality of rugged devices like Tile's Pro Series by providing advanced tracking capabilities. TaaS leverages cloud computing and IoT connectivity to offer real-time location monitoring, asset management, and analytics. This combination of durability and tracking capabilities meets diverse customer needs across industries, from personal use to commercial applications, driving global adoption and market expansion in the coming years.
Poor battery backup and limited functionality are major challenges to the market growth. The biggest issue with smart trackers is the poor battery life of the devices and the limited functionality that they offer. The features offered by a device influence the buying decision for almost any product in the market. Most tracking devices still offer just Bluetooth connectivity to track products, making the device not so attractive for many end-users.
Even though it is handy to have a Bluetooth button, manufacturers are marketing the device's ability to control presentation slides as a major feature; this only goes on to show its limited functionality. This is because this feature of smart trackers is nowhere close to the power of the best wireless presenters available in the market. This feature also consumes a significant amount of battery charge, further depleting the already poor battery life. This is a major challenge for manufacturers, which they must overcome to add more value to the product as it already suffers from a scarcity of features. Such challenges might hinder the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the consumer products segment will be significant during the forecast period. The market for Smart Trackers, leveraging Sensor Technologies and IoT, is experiencing significant growth. These devices, compatible with Smartphones and Wearable Technology, offer real-time monitoring of misplaced items such as purses, wallets, keys, bags, and even pets. In logistics and supply chain management, these cutting-edge devices enhance efficiency and productivity. The fitness industry also benefits from Smart Trackers, with activity trackers featuring colored displays, heart rate monitors, and sleep pattern analysis. Bluetooth and GPS technologies enable precise location tracking, while UWB technology offers even more accurate real-time monitoring.
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The consumer products segment showed a gradual increase in the market share of USD 333.80 million in 2018. Cellular technology integration ensures a wider reach and enhanced security features. The younger generation, embracing regular workouts and sedentary lifestyles, is driving the adoption of these devices. Cycling activities and smartwatches are also popular applications for Bluetooth trackers. Smart Trackers are not just limited to personal belongings; they are also used for securing valuable items and ensuring the safety of pets. The integration of these devices with smartphones and wearable technology offers convenience and peace of mind. The market for Smart Trackers is expected to grow further as more people adopt these devices for their daily lives. Such factors will increase the market growth during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America, primarily driven by the US, is experiencing significant growth in the adoption of advanced technologies such as USB technology, Bluetooth 5, and Mappls Gadgets. These innovations have led to the increasing popularity of various smart devices, including vehicle GPS trackers, dash cameras, in-dash navigation systems, and smart helmet kits.
Additionally, manufacturers are capitalizing on this trend by expanding their market reach through partnerships with leading retailers such as Apple Store, Amazon, AT&T, Best Buy, Sprint, T-Mobile, Target, and Verizon. To enhance product visibility and awareness, they are also exploring opportunities in non-traditional retail channels, like luggage stores, offering combo deals. The cellular segment of the market is expected to dominate, providing benefits such as supply chain visibility, route planning, and power saving mode. Fitbands are another emerging category, offering features beyond fitness tracking, such as GPS location and call notifications. Network infrastructure advancements continue to facilitate seamless connectivity and data transfer, further fueling the market's expansion.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The market is a significant and growing sector in the technology industry. This market encompasses various devices and solutions designed to monitor and locate assets, individuals, or objects in real-time. Technologies such as GPS, cellular, Wi-Fi, and Bluetooth are integral to the functioning of these trackers. Smart Trackers cater to diverse applications, including personal safety, asset management, fleet management, and pet tracking. The market is driven by factors like increasing demand for real-time location data, growing awareness about personal safety, and the need for efficient asset management. The market is witnessing rapid growth driven by the integration of wearable technology into everyday items like purses and wallets. With a focus on personal and asset security, these devices utilize cutting edge features such as GPS technology and smartphone integration to track items and provide real-time updates within the Internet of Things (IoT) ecosystem.
Moreover, the integration of advanced features like geofencing, two-way communication, and real-time alerts is further fueling the market growth. The market is expected to witness substantial growth in the coming years due to the increasing adoption of IoT and the rising demand for smart solutions. Smart Trackers play a crucial role in various sectors, including healthcare, logistics, transportation, and education. The technology is also gaining popularity in the consumer market due to the availability of affordable and feature-rich devices. In conclusion, the market is a dynamic and evolving sector, driven by technological advancements and growing demand for real-time location data and efficient asset management solutions. Additionally, they cater to fitness enthusiasts with features like pedometers and monitoring of sleep patterns, while also finding applications in the logistics and transportation sector with smart tags and trackers offering enhanced security and efficiency.
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Market Scope |
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Report Coverage |
Details |
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Page number |
164 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.75% |
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Market growth 2024-2028 |
USD 572.8 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
8.65 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 35% |
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Key countries |
US, Germany, Japan, China, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Adero Inc., Beijing Zizai Technology Co. Ltd., Chipolo doo, Elios Inc., Findster Technologies SA, Innova Technology LLC, Kaltio Technologies Oy, Lugloc Inc., Mars Inc., PB Inc., Pitpatpet Ltd., Qorvo Inc., Samsung Electronics Co. Ltd., Smart Tracking Technologies LLC, Tago LLC, Tile Inc., Traxbean Technology Ltd. Co., Wistiki SAS, and XY The Persistent Co. |
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Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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