The market for GPS tracking devices will reach over $3.5 billion in 2019, says a new report from ABI Research.
The market will be driven by demand from verticals like Health, commercial/enterprise, wearables, and iBeacons, the agency said in the report, “Personal Location Device and Application Markets.”
Despite having huge potential, the GPS personal tracking market faced huge barriers around awareness and RoI, expensive devices, cellular subscriptions, indoor location and severe regionalization and fragmentation. These hurdles prevented the market from scaling to lower costs and creating the revenue to support marketing/advertising campaigns.
Thanks to the growth potential, the market for GPS tracking devices continues to draw investment and interest.
The market saw the entry of a number of startups like estimate and hereO, buoyed by wearables and iBeacons in the last one year.
Meanwhile enterprise/commercial GPS companies like Quattro Wireless and Masternaut are moving into areas such as mobile workforce management and lone worker applications, while the connected home market will evolve to support personal protection across children, pets, cars, and the like.