The global position tracking system market is projected to witness a rapid growth during the forecast period owing to increasing emergence of cloud-based technologies and increasing adoption of artificial intelligence.
Moreover, increasing demand for position tracking system solutions across various industry verticals such as retail, manufacturing, healthcare, energy and utilities, government and others is responsible for driving the growth of position tracking system market.
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 segmental study of the position tracking system market is segmented on the basis of connectivity, technology, type, component, and application. Based on the component, the position tracking system market is divided into hardware and software. The hardware segment is additionally segmented into the sensors, display, battery, resistors, capacitors, and diodes. Based on the connectivity, the position tracking system market is segmented into wired and wireless. On the basis of technology, the position tracking system market is segmented into GIS, RFID, GPS, internet tracking, WLAN, and others. The type basis of segmenting the position tracking system market is segmented into outdoor tracking and indoor tracking. The application basis of segmenting the position tracking system market is segmented into vehicle tracking, fleet analytics, telemetric, maritime, and industrial. Based on the regions, the position tracking system market comprises of Asia Pacific, North America, Europe, and rest of the regions.
Detailed Regional Analysis
The regional scrutiny of the position tracking system market includes regions such as Asia Pacific, North America, Europe, and the rest of the regions. It has been noted that the North American regional market is likely to be responsible for the prime share of the market, at the same time, the Asia Pacific is likely to develop at the fastest rate for the duration of the forecast period. The development of the market in the North American region is ascribed to the technical advancements and amplified implementation of outdoor as well as indoor position tracking system applications through an assortment of industry verticals. The U.S. controls the bulk of the market portion both in terms of revenue as well as due to the widespread utilization of the global positioning systems across dissimilar applications.
The scope of development of the market shows a high growth potential that the market can achieve in the coming years. The strategic allocation and positioning of assets are expected to aid each competitor in the mart with their growth goals. The inducement of positive regulations introduced by the governments of several countries is estimated to enhance the profits that can be gained by the market. The availability of suitable means to build robust distribution channels is estimated to characterize the future expansion of the market in the forecast period. The stability of the economic state is expected to further lend to the favorable development in the global market strength. The improvement in research and development facilities and equipment is further projected to influence the growth of the market in the forecast period. The need to prepare for contingencies such as natural disasters, pandemics, and international trade wars is expected to allow the market a better capability to deal with the challenges.
The central players in the position tracking system market are Position Tracking Systems (U.S.), Advanced Realtime Tracking (Germany), Axestrack (U.S.), Trinetra Technologies (India), Inmotio (Amsterdam), Kongsberg Maritime (Norway), Rilapp Technologies (India), GPATS (U.S.), and Cisco Ssytems, Inc (U.S.) to name a few.
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