Personal Tracking Set To Be Next Billion Dollar GPS Market
Personal tracking is becoming an ever increasing focus of GPS manufacturers that are looking at alternative uses for GPS technology to maintain this growth.
According to a recent report by ABI, a compound annual growth rate of 40% is forecast for the use of GPS as personal tracking devices and applications over the coming years, with the market expected to be worth more than $1 billion (approximately £633 million) in just five years time.
The use of personal tracking devices has numerous applications in the modern world, with markets expected to be particularly strong within the health and fitness sectors, as well as for the elderly or lone workers.
The new focus could also be put to use with the tracking of luggage or even pets – helping to give consumers greater control and security over various aspects of their lives.
According to a senior analyst, Patrick Connolly, the use of these devices and systems is already partly underway as we witness “the first signs of leading consumer electronic companies entering the market.”
Examples of these companies include major players in the GPS and personal technology world such as Qualcomm, Apple, Garmin and Cobra.
Those who have already entered this field of development have reported numerous successes recently; with one family locator application, Life360, receiving ten million downloads already.
The overall opinion is that the use of personal tracking devices will become an integral part of the overall health and security markets, with the use of smartphones and other personal electronics prompting the growth.