London, UK: GPS personal tracking devices and applications market will be of USD one billion in 2017. It will grow with a CAGR 40 percent, claimed ABI Research’s new report, Personal Location Devices and Applications Market.
Senior analyst Patrick Connolly said, “The hardware market remained below 100,000 units in 2011. However, it is forecast to reach 2.5 million units in 2017, with significant growth in elderly, health, and lone worker markets. Dedicated devices can offer significant benefits, with insurance and liability increasingly encouraging the use of approved equipment.”
“We are also seeing the first signs of leading CE companies entering the market, such as Qualcomm, Apple (via PocketFinder), Garmin, Cobra, etc. and there will also be significant partnerships and acquisitions in this space as new entrants looks to add tracking to their portfolio,” added Connolly. Other markets include family, personal items (e.g. luggage), and pet and offender tracking.
There is an addressable market of over 120 million people across these markets alone, with over two million US elderly using non-GPS Personal Emergency Response Systems (PERS). However, awareness, battery life, economic conditions, and high subscription fees remain significant barriers. There is also a fear that smartphone applications will cannibalise the market.
The application market is already booming, with Life360 reaching 10 million downloads for its family locator application. Long term, these solutions will become part of much bigger security and health markets, growing to over 200 million downloads in 2017, as well as the majority of total tracking market revenue.
Source: ABI Research