Smart Tracker Market to Surpass USD 161.68 Billion by 2030 Driven by Rising Consumer Demand for Smart Tracking Solutions | Research By SNS Insider
Based on SNS Insider’s research, the smart tracker market is poised for continued growth due to a combination of factors, including rising consumer demand, expanding applications across industries, IoT integration, technological advancements, enhanced battery efficiency, and a heightened focus on security and safety.
Pune, Nov. 06, 2023 (GLOBE NEWSWIRE) — The SNS Insider report states that the Smart Tracker Market was worth USD 44.5 billion in 2022 and is projected to reach USD 161.68 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 17.5% during the forecast period spanning from 2023 to 2030.
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A smart tracker, also known as a tracking device or GPS tracker, is a compact electronic device designed to determine and track its precise location. These devices utilize global positioning system (GPS) technology, cellular networks, and sometimes even Bluetooth to provide real-time or near-real-time tracking information. Smart trackers come in various forms, from small, portable tags to wearable devices and even applications on smartphones.
One of the primary drivers of growth in the smart tracker market is the growing demand among consumers for advanced tracking solutions. With the increasing prevalence of thefts and losses of valuable items, such as smartphones, wallets, and keys, consumers are turning to smart trackers to help locate and protect their possessions. This surge in demand for personal tracking devices has led to a significant increase in market growth. The Internet of Things (IoT) has played a crucial role in the proliferation of smart trackers. These devices are increasingly becoming a part of the IoT ecosystem, allowing seamless connectivity and data sharing. Smart trackers can now communicate with other IoT devices, further enhancing their utility and expanding their market reach. Continual advancements in technology have led to the development of more sophisticated and feature-rich smart trackers. These devices now offer real-time tracking, longer battery life, and improved accuracy.
Smart Tracker Market Overview & Scope:
|Market Size in 2022||USD 44.5 billion|
|Market Size by 2030||USD 161.68 billion|
|CAGR||CAGR of 17.5% over 2023-2030|
|Key Segments||By Type (Smart Watches, Smart Bands, Smart Clothing, Others)
By Distribution channel (Online, Offline)
By Application (Heart Rate Tracking, Sleep Monitoring, Glucose Monitoring, Sports, Running Tracking, Cycling Tracking, Others)
|Key Market Players||Samsung Electronics Co. Ltd., Apple, Inc., Fitbit, Inc., Garmin Ltd., Innova Technology LLC (Protag), Ambiotex GmbH, Fossil Group, Inc., Huawei Technologies Co. Ltd., Tile Inc., Chipolo DOO, Kaltiol Technologies and other players|
|20% free customization scope (equivalent to 50 analyst working hours)||If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization.|
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Key Takeaway from Smart Tracker Market Study
- The market is currently undergoing a significant transformation, with the smartwatch segment poised to dominate in the coming years. Smart trackers, including fitness bands, smartwatches, and other wearable devices, have gained immense popularity due to their multifunctionality, real-time data tracking, and integration with smartphones.
- The segment of heart rate tracking is poised to dominate the smart tracker market. These innovative devices have transformed the way we monitor and manage our health and fitness. Heart rate tracking technology has gained significant momentum, owing to its potential to provide valuable insights into our well-being.
- Pod Group, a subsidiary of Giesecke+Devrient (G+D), has made a significant stride in the logistics industry by introducing a cutting-edge tracking device cleverly disguised as a Smart Label. The innovative technology embedded within this paper-thin tracking device offers a practical solution for businesses and logistics companies.
- Masimo, a prominent player in the wearable technology sector, has unveiled its latest creation: the Masimo FreedomTM smartwatch. Unlike many of its counterparts, this smartwatch offers unparalleled accuracy and continuous health tracking, making it an ideal companion for individuals who prioritize their well-being.
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Market Dynamics Analysis
The smart tracker market is currently experiencing dynamic shifts driven by a combination of several factors. On the driver’s side, the growing consumer demand for advanced tracking solutions to monitor personal belongings, pets, and even loved ones is a significant force propelling market growth. Additionally, the increasing adoption of these devices by businesses and logistics companies to optimize supply chain management and asset tracking contributes to the upward trajectory of the market. However, despite these drivers, the market faces notable restraints and challenges. Concerns over privacy and data security have emerged as a substantial restraint, as users worry about the potential misuse of location and personal information collected by these devices. In terms of threats, the market is vulnerable to technological obsolescence, as rapid advancements may make existing smart trackers obsolete. Moreover, regulatory changes and legal issues regarding data privacy could pose threats to the industry, leading to increased scrutiny and potential limitations on the data these devices can collect.
Key Regional Developments
North America has been a significant market for smart trackers, driven by consumer demand for fitness and health tracking devices. The presence of prominent companies in this region, such as Fitbit and Apple, has further boosted the smart tracker market. The recession has impacted consumer spending, potentially slowing the adoption of smart trackers in North America. European markets have also seen substantial growth in the smart tracker segment, with a focus on health and wellness. Economic challenges associated with the recession have raised concerns about consumer disposable income and the willingness to invest in non-essential gadgets like smart trackers.
Impact of Recession
The recession has disrupted global supply chains, causing delays in manufacturing and increasing production costs, which might lead to higher prices for smart trackers. Some smaller players in the smart tracker market may face challenges and may need to merge or exit the market due to financial constraints. Market leaders in the smart tracker industry may focus on innovation and adapt their product offerings to cater to changing consumer preferences and economic constraints.
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Table of Content
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 Impact of Russia-Ukraine war
4.2 Impact of Ongoing Recession
4.2.2 Impact on major economies
126.96.36.199 United Kingdom
188.8.131.52 South Korea
184.108.40.206 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Tracker Market Segmentation, By Type
8.1 Smart Watches
8.2 Smart Bands
8.3 Smart Clothing
9. Smart Tracker Market Segmentation, By Distribution channel
10. Smart Tracker Market Segmentation, By Application
10.1 Heart Rate Tracking
10.2 Sleep Monitoring
10.3 Glucose Monitoring
10.5 Running Tracking
10.6 Cycling Tracking
11. Regional Analysis
11.2 North America
11.3.1 Eastern Europe
220.127.116.11 Rest of Eastern Europe
11.3.2 Western Europe
18.104.22.168 Rest of Western Europe
11.4.8 South Korea
11.4.12 Rest of Asia-Pacific
11.5 Middle East & Africa
11.5.1 Middle East
22.214.171.124 Saudi Arabia
126.96.36.199 Rest of Middle East
188.8.131.52 South Africa
184.108.40.206 Rest of Africa
11.6 Latin America
11.6.8 Rest of Latin America
12.1 Apple, Inc.
12.1.1 Company Overview
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Fitbit, Inc.
12.3 Garmin Ltd.
12.4 Ambiotex GmbH
12.5 Samsung Electronics Co. Ltd.
12.6 Fossil Group, Inc.
12.7 Huawei Technologies Co. Ltd.
12.8 Tile Inc.
12.9 Samsung Electronics Co. Ltd
12.10 Chipolo DOO
12.11 Innova Technology LLC (Protag)
12.12 Kaltiol Technologies
13. Competitive Landscape
13.1 Competitive Bench marking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
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