Position tracking system Market Projected to Hit USD 102.28 Billion at a 13.90% CAGR by 2030

 The position tracking system market is used to track the live location of the person or any object as the system consists of many newer technology and sensors which helps in the tracking of the person. Several sectors could use position tracking for security and tracking purposes. The sensor present in the system provides the real-time location of the person, which is a huge improvement in the technology sector. Location detection is essential in today's world with the growing crimes and threats to life. The use of position tracking in different gadgets like mobile phones, laptops, watches is enhancing the growth of the position tracking system market. Several organizations are interested in using the position tracking system to increase the security system of the market, which is expected to improve the growth of the market in the forecast period. The demand for an indoor position tracking system would enhance the market's growth. The Position Tracking System Market at a Compound Annual Growth Rate (CAGR) of 13.90% during the forecast period from 2022-2030.

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The position tracking system market was negatively affected by the pandemic. Due to the fear of the spread of the disease, the movement of the people was restricted, which decreased the use of the position tracking system market. The use of tracking systems in various devices and increased demand for the tracking system in marine and vehicles will drive the market in the forecast period. The high cost of the system is a huge restrain for the growth of the position tracking system market. The increased use of app-based systems for transportation is an excellent opportunity for the market's growth. The availability of cheap products could also be a challenge for the market in the forecast period.

Market segmentation

The global position tracking market has been segmented by component, connectivity, technology, type, and application. The market is further divided into software and hardware based on the segment component. Based on the connectivity, it is divided into wired and wireless. The position tracking system market is infuriated into RFID, GPS, WLAN, and GIS-based on the technology.  Based on the type segment, it is divided into indoor and outdoor. The application segment is segmented into maritime, industrial, and telemetric. Every segment is expected to enhance the market's growth in the forecast period.

Regional analysis

Position tracking system market is spread in North America, Europe, Asia Pacific, and other regions. US and Canada consist of developed infrastructure and several market players, which will propel the market growth in the North American region in the forecast period. The rising demand for improved security systems in the countries like France, Germany, Italy, etc., is enhancing the market's growth in Europe. Like India, China is developing; the Asia Pacific region shows a rapid growth rate. The market will experience growth in the Asia Pacific region in the forecast period. Other regions like the middle east and Africa showcase steady growth rates.

Industry news

Volvo car UK offers new Vodafone automotive VTS S5 tracking devices for all Volvo models, and the device uses pinpoint GPS  tracking to provide 24*7 monitoring of vehicle location.

Key Vendors-  Inmotio (Amsterdam) Rilapp Technologies (India) Trinetra Technologies (India) Axestrack (U.S.) are a few of the notable market names.

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