Market Size of Smart Tracker Industry
|Study Period||2018 - 2028|
|Market Size (2023)||USD 0.61 Trillion|
|Market Size (2028)||USD 1.12 Trillion|
|CAGR (2023 - 2028)||12.80 %|
|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 size is expected to grow from USD 0.61 trillion in 2023 to USD 1.12 trillion by 2028, at a CAGR of 12.80% during the forecast period (2023-2028).
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.