Smart Tracker Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Smart Tracker Market Analysis
The smart tracker market was valued at USD 543.7 billion in the previous year. It is expected to record a CAGR of 12.8% during the forecast period, reaching USD 1,119.99 billion by the next five years. With the growing penetration of smartphones, the user base and demand for these devices have increased exponentially. According to the data published by Ericsson, the subscriptions associated with smartphones accounted for about 70% of all mobile phone subscriptions at the end of 2019, reaching 5.5 billion at the end of the year, and it is expected to reach 7.5 billion in 2025.
- Owing to the proliferation of smart devices, the demand for trackers capable of connecting to smartphones for tracking various day-to-day life items is increasing. In recent years, consumer awareness of such trackers has increased significantly, owing to different emerging vendors' efforts to commercialize the product and reduce its cost. Such devices are prone to reduce the time and effort spent on finding the missing items and reduce the anxiety associated with losing an item.
- TV remotes, phones, car keys, glasses, shoes, and wallets/purses were among the most commonly misplaced or lost items. According to a study by Pixie, nearly a quarter of Americans mentioned misplacing their house or car keys twice a week and other things regularly due to being late for work or school. The study also found that consumers spend about 2.5 days a year looking for lost items, spending about USD 2.7 billion a year replacing misplaced possessions. The millennials are among the most common generation that misplaces objects, such as TV remotes, keys, shoes, wallets/purses, glasses, and phones.
- The growing consumer awareness of the product and vendors increasing the range of the products are positively influencing the demand. For instance, Tile increased the range of its Mate product from 150 feet to 200 feet and offered Mate Pro, which has an extended range of 400 feet. Bluetooth-based trackers are expected to gain traction under smart home solutions as these have a shorter range that can offer to find the products lost in the home, building, or other premises.
- The smart tracker is a smart wearable that offers a variety of options for COVID-19 tracking and tracing, as well as giving actionable information and increasing patient safety. The system allows for real-time alerts, monitoring, and incident reporting, which is essential for COVID-19 patient monitoring, position tracking, and tracing using Geo-fencing. With a focus on protecting workplace safety during the COVID-19 pandemic, enterprises may use the smart tracking solution to transform them into more productive and efficient environments.
- Smart tracker vendors increasingly offer intuitive features; one such innovative feature is virtual assistant support. Consumers can find their items by asking their virtual assistants, such as Alexa or Google Home. This feature is expected to further augment the demand for trackers over the coming years.
Smart Tracker Market Trends
Cellular Technology to Dominate Market
- The smart device industry is growing exponentially, with developers and designers embedding different sensors, processors, and memories in small-size electronic devices. Sensors are added to enhance these devices' usability and improve the quality of experience through data collection and analysis. Smart trackers play a vital role in IoE. They are equipped with multi-communication interfaces, such as cellular communications.
- As homes become increasingly computerized, an embedded cellular connection is being used to deliver software updates to smart homes' connected devices.
- Recently, Google has purchased gesture-recognition software developer Flutter, smart meter developer Nest Labs, and robotics specialist Boston Dynamics. In contrast, Apple released the HomeKit developer framework for creating different iOS apps to communicate with and control the related accessories in a user's smart home.
- With significant market traction in the studied market, several market incumbents offer cellular-based smart tracker systems to cater to the surging demand. Several market incumbents offer smart trackers, such as the Nutale Focus Smart Tracker (USD 25) and Samsung's SmartThings Item Tracker (USD 100), which use cellular connectivity to locate items.
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Asia-Pacific is Expected to Witness Significant Growth
- China is at the forefront when it comes to the adoption of the latest technological innovation. The increasing adoption of AI technology leads to a rise in the demand for the country's smart tracker market. The State Council of China recently detailed its strategy to become the leading AI superpower by 2030 by building a USD 150-billion national AI industry.
- Due to the increasing demand, several regional players offer smart device trackers to capitalize on the market opportunity. For instance, Shenzhen Wonlex Technology Co. Ltd provides Wonlex mini tracker S01 with a built-in battery 350mAh, further incorporating GPS tracking.
- In countries like Japan, growth in the market is attributed to factors such as a significantly growing IoT market, cost reduction measures enabled by home automation systems, several manufacturers expanding their product portfolios, and the importance of home monitoring and tracking from a remote location.
- In the region, other countries like South Korea, Singapore, Australia, India, and Malaysia also have a high potential for gaining a considerable share in the smart tracker market.
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Smart Tracker Industry Overview
The smart tracker market is highly fragmented and home to numerous vendors that cater to the demand. However, few prominent vendors, such as Tile, Samsung, and Chipolo, command higher consumer awareness of their product offerings. The companies entered strategic partnerships in order to increase their market share.
- March 2023: The Masimo FreedomTM smartwatch is the latest addition to Masimo's wearable product line. The Masimo Freedom smartwatch, designed to revolutionize the wearable technology industry, provides personal health and privacy through accurate and continuous health tracking and a novel hardware feature designed to reduce radiation and protect privacy.
- January 2023: Pod Group, a Giesecke+Devrient (G+D) company, announced the launch of a paper-thin tracking device in the form of a Smart Label, which will revolutionize the logistics industry by allowing tracking small and lightweight items that were previously impossible to track using traditional tracking devices. The Smart Label communicates with a centralized dashboard via the low-power cellular 5G connectivity standard (LTE CAT-M), allowing logistics companies to track valuable goods as small and light as an envelope containing essential documents or as large as a full-sized oil painting.
Smart Tracker Market Leaders
Samsung Electronics Co. Ltd
Innova Technology LLC (Protag)
*Disclaimer: Major Players sorted in no particular order
Smart Tracker Market News
- January 2023: Samsung introduced the Exynos Connect U100 chip, similar to Apple's U1 chip for UWB capabilities. The new Samsung chip combines radio frequency, flash memory, a baseband, and power management technology onto a single chip, making it suitable for compact devices such as the Galaxy SmartTag+'s next generation. The chip also includes an onboard scrambled timestamp sequence (STS) function, a physical cryptographic technique allowing device-level data packet timestamp encryption.
- February 2023: MapmyIndia, an Indian digital mapping and geospatial company, released Mappls Gadgets for cars and bikes. The gadgets are designed to make driving more enjoyable and safer. The new products include vehicle GPS trackers, a dash camera, an in-dash navigation system, and smart helmet kits. While the dash camera and in-dash navigation system are designed for cars, motorcycle owners can also use the GPS tracker and smart helmet kits.
- May 2022: At the Intersolar Europe Exhibition in Munich, TrinaTracker, one of the prominent providers of tracker solutions, launched SuperTrack, an advanced smart control system, and displayed the Vanguard 1P tracker. In comparison to traditional tracking algorithms, SuperTrack's Smart Tracking algorithm boosts energy production by 3-8%. In order to increase energy output, particularly in times of overcast weather, extremely diffuse irradiance, and complicated, uneven terrains, SuperTrack intelligent tracking combines Smart Tracking (STA) and Smart Backtracking (SBA) algorithms.
Smart Tracker Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitute Products
4.3 Market Drivers
4.3.1 Growing Penetration of Smartphones Enabling Tracking and Monitoring
4.4 Market Restraints
4.4.1 Lack of Standards and Connectivity Issues
5. MARKET SEGMENTATION
5.2.1 North America
5.2.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 Tile Inc.
6.1.2 Samsung Electronics Co. Ltd
6.1.3 Chipolo DOO
6.1.4 Innova Technology LLC
6.1.5 Kaltio Technologies
6.1.6 Pebblebee (PB Inc.)
6.1.7 Qorvo Inc.
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
Smart Tracker Market Research FAQs
What is the current Smart Tracker Market size?
The Smart Tracker Market is projected to register a CAGR of 12.8% during the forecast period (2023-2028).
Who are the key players in Smart Tracker Market?
Tile Inc., Samsung Electronics Co. Ltd, Chipolo DOO, Innova Technology LLC (Protag) and KaltioT Technologies are the major companies operating in the Smart Tracker Market.
Which is the fastest growing region in Smart Tracker Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Smart Tracker Market?
In 2023, the North America accounts for the largest market share in the Smart Tracker Market.
Smart Tracker Industry Report
Statistics for the 2023 Smart Tracker market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Smart Tracker analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.