HOW WILL THE GPS MARKET BEHAVE THIS YEAR? A FORECAST.
Every year, more industries realize the unparalleled performance and precision of GPS. Experts predict that the global GPS tracking device market will reach $4.93 billion by 2028 — up from $1.78 billion in 2020. But what's fuelling this growth? And more specifically, how will the GPS market behave in the next 12 months? Learn LAS's predictions for the GPS market below.
GPS TRENDS IN 2022
Before making predictions for the GPS market for 2023, it's wise to look back at GPS-related developments from last year.
INCREASED TRUCK SALES
One of the possible drivers for GPS tracker sales in 2022 was increased consumer spending on trucks. Growing economic activity after the pandemic and recovery in trade and global production lead to a higher demand for these commercial vehicles — a trend that will likely continue despite a possible recession in the near future.
Trucking companies have multiple uses for GPS trackers, like the ones manufactured by LandAirSea. These devices protect valuables assets like trucks, trailers, and large vans by generating real-time intelligence about vehicle locations. Trucking companies receive notifications when a truck leaves its geofence — a pre-determined virtual geographical area on a map — which suggests someone has stolen a vehicle. A company can then track the location of the stolen truck and pass this information to law enforcement.
Companies can also monitor trucker performance and discover how long it takes employees or contractors to reach their destination and whether they make any stops along the way. By analyzing performance, companies can improve workflows and identify truckers who are not doing their jobs properly. They can even identify dangerous driving behaviors that could lead to fines, accidents, and higher insurance costs.
With increased truck sales in 2022, it's safe to assume the forecast for GPS trackers will be strong this year. LAS predicts trucking companies will fuel more growth in the GPS tracking device market in 2023.
The digital map market increased in value in 2022 due to a demand for location-based services for advertising and marketing. GPS is a critical component of location-based marketing, allowing companies to send content to customers when they pass a particular location. For example, a retailer can send a discount code via a push notification on a customer's smartphone when entering one of their physical stores.
Location-based marketing provided enormous opportunities for companies in 2022 — a trend that will continue this year. This marketing method allows companies to generate insights into customer behavior based on location, improve the user experience, and drive revenue. These benefits are all possible thanks, in part, to GPS.
GPS DRONE USAGE
More people invested in GPS drones in 2022, and LAS predicts this trend will continue in 2023. These aircraft have a GPS module that tells owners their position relative to satellites orbiting the earth. When receiving information from satellites, drones can execute functions such as autonomous flight and positioning, making them valuable equipment for various use cases.
Here are some new predictions for the GPS market that you need to know about.
PREDICTIONS FOR THE GPS MARKET: THE ECONOMY WILL FUEL GPS TRACKER USAGE
As inflation spirals, many businesses will automate processes to save money. GPS trackers are one of the technologies that can increase cost savings by fulfilling the duties of paid employees. Big box retailers, for example, can invest in tracking products to identify theft instead of using security staff. By attaching a tracker to a high-value store item, retailers can receive notifications when that asset leaves its vicinity. Then, they can monitor it as it moves from one location to the next. Providing this information to insurance companies lets retailers recover the costs associated with theft.
GPS trackers not only satisfy many of the job requirements of paid security staff but will save companies money during the current economic crisis. Many businesses will be unable to replace expensive equipment if they experience financial difficulties in 2023, making GPS trackers a wise investment. These products can monitor high-value items like golf carts and food trucks and help businesses recover assets in the event of theft. LAS devices, for example, easily attach to valuable items with the provided cables or industrial-strength magnets and allow organizations to track the location of assets through a mobile app.
THE RISE OF SMART CITIES
With more cities becoming "smart" in 2022, GPS technologies will evolve this year to meet the demands of urban planners. Smart cities demand precise location data to improve the lives of residents, and GPS can fulfill this requirement in multiple ways. Geolocation services, for example, provide insights into road analysis, helping improve traffic flow and reduce congestion. Road sensors and cameras that integrate GPS allow city officials to gather data in real time.
Another one of the predictions for the GPS market in 2023 is that GPS technologies will facilitate the success of autonomous vehicles. Self-driving cars with sensors learn the best routes to take around a smart city and reduce transportation time. While this seems like a trend for 20 years in the future, many cities have already implemented autonomous vehicles and will continue to invest in GPS to make vehicles more efficient.
MORE INFERIOR GPS PRODUCTS
Not all predictions in the GPS market are positive ones. Like in previous years, LAS predicts that a surplus of low-quality GPS trackers will hit the market and sell at a low price point in 2023. While companies in various industries might be tempted to invest in these products, they will likely be disappointed.
Because the GPS tracking device market is booming, it's easy to see why manufacturers want a slice of the pie. However, many consumers will end up with inferior products that provide inaccurate location insights and poor performance. LAS is already aware of many products, often sold on Amazon, with weak GPS signals that can't generate the intelligence users require.
While GPS trackers from reputable companies come at a premium, these products have stronger and longer-lasting batteries, advanced tracking features, and utilize the latest tracking technologies like 4G LTE and satellite.
GPS TRACKER GROWTH IN MORE REGIONS
The adoption of GPS trackers around the world has grown substantially in recent years, with new markets providing key opportunities for device manufacturers. While trackers have predominantly experienced growth in North America and Europe, experts predict this technology will become more popular in the rest of the world, including Asia-Pacific and LAMEA countries.
GPS tracking devices rely on satellites that orbit the earth, while triangulation makes it easy to pinpoint a product's exact location anywhere in the world. With this technology already in place, new markets can access the same GPS insights as other regions.
INTEGRATION WITH EMERGING TECHNOLOGIES
Another one of the predictions for the GPS market is that GPS technology will further integrate with other technologies in 2023 and beyond. There's a lot of buzz about how the Internet of Things (IoT) can enhance the accuracy of geospatial services like real-time maps, which might advance GPS trackers in the years ahead. IoT devices have embedded sensors that collect and exchange data with other IoT devices. Integrating this technology into GPS trackers can improve the user experience and provide industries with additional insights when tracking assets.
Another one of the predictions for the GPS market to watch out for in 2023 is the integration of GPS and virtual reality (VR). Perhaps one day soon, users of GPS trackers will be able to view 3D maps through a VR device. This immersive experience could transform the GPS tracking device market.
HIGHER SMARTPHONE USAGE
As the world's population grows, the number of smartphones will also increase, influencing predictions for the GPS market. Experts expect there will be 6.8 billion global smartphone users in 2023 — a 4.2% jump from last year. That also means there will be 3.2 billion more smartphone users than in 2016. With this growth comes new opportunities for GPS. As the majority of modern smartphones have GPS chips, more people will access location-based services from their devices than ever before.
The increased number of smartphone users worldwide also presents lucrative opportunities for GPS tracking device manufacturers. By syncing tracking products with smartphones, users can monitor assets on their devices wherever they are on the planet. For example, someone can receive notifications if their vehicle leaves their property while on vacation.
HOW LAS CAN HELP WITH YOUR GPS NEEDS
LAS has manufactured GPS tracking devices since 1994 and serves industries such as law enforcement, government agencies, big box retailers, and the military. The company's range of surveillance products can help you track the most valuable assets in your organization and improve employee performance. Using these trackers is simple. Just attach your new device to a vehicle or other high-value item with the provided cables or magnets.
Here are some LAS products you should know about:
LANDAIRSEA 54 WITH SHARESPOT
LandAirSea 54 is a waterproof and dustproof GPS tracker with a ShareSpot feature that shares the location of your valuable items with anyone you like, including team members, customers, law enforcement, and insurance companies. You can track location information on your desktop or smartphone and receive speed alerts, geofence alerts, and other notifications.
The LandAirSea Sync attaches directly to the OBD II port in your vehicle, meaning you don't need to charge or buy batteries. That could save you money in the long run. This product also generates speed alerts, geofence alerts, and arrival and departure notifications. Use it to keep your vehicles safe or monitor drivers' performance.
The LandAirSea Overdrive comes with a battery that lasts up to four times longer than the LandAirSea Sync, making it a valuable addition to your surveillance stack. It attaches to vehicles and high-value items with the provided magnets and includes geofence alerts, battery alerts, and a dark mode.
If you are unsure about the right GPS tracking device for your organization, contact the LAS team for more information.
Other benefits of using LAS for surveillance in 2023 include:
PREDICTIONS FOR THE GPS MARKET: FINAL WORD
2023 will be another exciting year for GPS and, more specifically, the forecast for GPS trackers will remain strong. As GPS usage increases and this technology integrates with innovations, LAS predicts more demand for tracking products from multiple industries.