LONDON--(BUSINESS WIRE)--The global smart tracker market is expected to grow at a CAGR of more than 9% from 2017-2021, according to a new market research report by Technavio.
Global smart tracker market segmentation by application and technology
Technavio's report on the global smart tracker market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by application, which includes luggage, pets, and consumer products as the three major segments. As projected in 2016, over 52% of the market share originated from consumer products.
Based on technology, the global smart tracker market has been segmented into GPS, Bluetooth, and cellular technology. As of 2016, over 58% of the market share came from Bluetooth technology.
"Bluetooth is the most popular technology used by smart trackers. This is largely due to the use of these devices to find lost or missing items within a range or area. This segment is expected to retain the major market share throughout the forecast period due to the large variety of items it can be used to track including trackers for pets and luggage," says Chetan Mohan, a lead analyst at Technavio for computing devices research.
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Smart tracker market: competitive vendor landscape
The global smart tracker market is in the nascent phase of development with both penetration and adoption yet to gain significant momentum. The market is highly fragmented with each vendor looking to offer basic features. Most the vendors have just launched products and are still vying for customer acceptance. Therefore, there are no market leaders, however, Technavio believes that competition will intensify significantly during the forecast period as all vendors strive to gain a competitive advantage in the market.
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Other topics covered in the report:
Market drivers:
- Low price will drive adoption
- Rising pet population
Market challenges:
- Poor battery backup and limited functionality
- Low penetration and awareness of smart trackers
Market trends:
- Rugged smart tracker
- Luggage integrated with tracker
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