Smart tracker market size will reach USD 1,655 million by
TOKYO, July 14 2022 (GLOBE NEWSWIRE) — The Global smart tracker market Size valued at USD 583 million in 2021 and expected to reach a market size of USD 1,655 million by 2030; with a CAGR of 12.6%.
Globally, rising security concerns among women have driven the smart tracker market revenue. The safety of women is the most worrying issue, as crimes against women are increasing all over the world. Statistics confirm this, because the crime rate against women is alarming. Considering this, a number of safety apps for women are developed and released in countries that have high crime rates. As a result, the Indian government and major software companies have developed several apps focusing on women’s safety. The main feature of these apps included a smart tracker, thus fueling the industry demand. Some of the best apps are Namola App, Grannus, SHEROES, CitizenCOp, etc.
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Impact of COVID-19 on Global Smart Tracker Market Value
The global market faced some challenges as a result of the COVID-19 pandemic in 2020. The pandemic disrupted the global smart tracker supply chain. As a result, the smart tracker market declined slightly in 2020. As the number of COVID-19 cases around the world increased significantly during the first half of 2020, various vendors closed their retail stores and turned to online retail channels. Manufacturers of smart trackers around the world have started promoting their products through online portals or through direct marketing. These vendor strategies have helped them survive in the competitive smart tracker market and build customer loyalty to specific brands.
|Market||smart tracker market|
|Market size 2021||$583 million|
|Market Forecast 2030||$1,655 million|
|CAGR from 2022 to 2030||12.6%|
|Analysis period||2018 – 2030|
|Forecast data||2022 – 2030|
|Segments Covered||By technology, by application and by geography|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||Chipolo doo, Kaltio Technologies Oy, PB Inc., Innova Technology LLC, LugLoc, Mars Inc., Qorvo Inc., Tile Inc., Samsung Electronics Co. Ltd. and TrackR Inc.|
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
|Scope of customization||10 a.m. free customization and expert advice|
Growth aspects of the Global Smart Tracker Market
According to our analysis of the smart tracker industry, the growing number of smartphone owners will support the growth of the market. This will mainly be done by owners of high-end smartphones such as the iPhone and Samsung. To prevent iPhones from being stolen and misplaced, in April 2021 Apple launched AirTag – an accessory that works with Apple’s Find My app to help a user track and find the things that are important to them. AirTag, whether attached to keys, purses, backpacks or other items, connects to the vast global Find My network and can assist in the recovery of a misplaced item, while keeping the Private and anonymous location information through end-to-end encryption. .
However, lack of standardization and major connectivity issues will hamper the market growth. For example, the downside of Bluetooth trackers is that they are short range, so they can only track something that is nearby. Moreover, there are hundreds and thousands of smart tracker apps present on open platforms. However, these apps are unreliable and have connectivity issues. Additionally, threat from cyber criminals such as data and privacy theft could also hamper the growth of the smart tracker market.
The increasing incidence of lost or forgotten items is mainly fueling the smart tracker industry
It is estimated that 19% of objects are lost in public transport worldwide. Each year, 80 million pieces of baggage are lost at airports around the world. Every 53 seconds a laptop is stolen. More than half (56%) of laptop owners accidentally leave their laptop every month. Every year, 70 million Smartphones are lost, of which only 7% are recovered. Each year, 4.3% of corporate cell phones are lost or stolen. Data breaches account for 80% of the expense of losing a laptop. 52% of devices are stolen at work and 24% are stolen during conferences. Millions of products are lost or stolen each year in the United States. The average person lost nine items a day, according to the survey. This equates to nearly 3,300 articles per year. 12,000 laptops are lost every week at US airports.
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Growing Adoption of Pet Trackers Creates an Opportunity for the Industry
Pet trackers are generally divided into two types: GPS trackers which use mobile networks and radio frequency trackers which do not require any additional signals or networks. Most pet trackers are simply attached to the pet’s collar, but others can be the entire collar. The number of lost animals is increasing year by year. According to ASPCA lost pet statistics, there are 78.2 million dogs and 86.4 million cats in the United States. According to the statistics above, the number of lost pets that end up in foster homes each year ranges between 5 and 7 million! Pet trackers are primarily intended to help us monitor location by using a tracking transmitter on the pet and a receiver for the owner.
Smart tracker market segmentation
The global market has been divided into three sections: technology, application, and region. Technology segment is further divided into Bluetooth, Cellular, GPS and Others. According to our analysis of the smart tracker industry, the Bluetooth segment will hold a major market share during the forecast period from 2022 to 2030.
Additionally, the applications considered in this report include consumer products, pets, and luggage. Among them, the consumer products segment attained a considerable market share in 2021 and is expected to continue its trend in the coming years. However, smart pet trackers will witness an impressive growth rate throughout the predicted period of 2022 to 2030.
Smart Tracker Market Regional Outlook
North America, Asia-Pacific, Europe, Latin America, Middle East and Africa are the regional classification of the global smart tracker market. North America accounted for the maximum market share in the regional scenario due to early adoption of technologies and increasing number of lost and misplaced items in the region. In addition, high purchasing power and increased consumer awareness of these devices are also supporting the smart tracker market share in North America.
However, the Asia-Pacific smart tracker market is expected to witness the fastest growth from 2022 to 2030. The increasing number of smartphones, tablets and laptops, increasing adoption of Internet of Things (IoT) and increasing female safety are some of the factors driving the APAC market.
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Smart Trackers Market Players
Some of the major smart tracker companies covered in the industry include Chipolo doo, Kaltio Technologies Oy, PB Inc., Innova Technology LLC, LugLoc, Mars Inc., Qorvo Inc., Tile Inc., Samsung Electronics Co. Ltd. and TrackR Inc.
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