Smart Tracker Market - Growth, Trends, Forecasts (2020 - 2025)

NEW YORK, Nov. 3, 2020 /PRNewswire/ -- The global smart tracker market (henceforth referred to as the market studied) was valued at USD 413.14 million in 2019, and it is expected to reach USD 807.66 million by 2025, registering a CAGR of 12.4%, during the period of 2019-2025. With the growing penetration of smartphones, the userbase and demand for these devices increase exponentially. According to the data published by Ericsson, the subscriptions associated with smartphones accounted for about 70% of all the 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.



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- 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, the consumer awareness for such trackers has increased significantly, owing to various emerging vendor's efforts in commercializing the product and reducing the cost. Such devices are prone to reduce the time and efforts spent on finding the missing items and reduce anxiety associated with losing an item.
- TV remotes, phones, car keys, glasses, shoes, and wallets/purses were amongst the most commonly misplaced or lost items. According to a study conducted by Pixie, nearly a quarter of the Americans mentioned misplacing their house or car keys twice a week and also misplaced items on a regular basis due to them being late for work or school. The study also found that the consumers spend about 2.5 days a year looking for lost items, and consumers spent about USD 2.7 billion a year in replacing misplaced possessions. The millennials were among the most common generation that tends to misplace an item, such as TV remote, keys, shoes, wallets/purses, glasses, and phones.
- With 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 also offered Mate Pro, which has an extended range of 400 feet. Bluetooth based trackers are expected to gain traction under the smart home solutions as these have a shorter range which can offer to find the products lost in the home, building, or other premises.
- Smart tracker vendors in the market are increasingly offering intuitive features as part of their offerings; one such innovative feature is virtual assistant support. Consumers can find their items by just asking their virtual assistants, such as Alexa or Google Home. This feature is expected further to augment the demand for trackers over the coming years.

Key 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.
- Moreover, as homes become increasingly computerized, an embedded cellular connection is being used to deliver software updates to the connected devices in smart homes using Over The Air (OTA) methods.
- In the recent past, Google 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 that can communicate with and control the connected accessories in a user's smart home.
- With significant market traction in the studied market, several market incumbents are offering cellular-based smart tracker systems to cater to the surging demand. Several market incumbents are offering 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.

Asia Pacific is Expected to Witness the 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 in the future.
- Owing to the increasing demand, several regional players are offering smart device trackers to capitalize on the market opportunity. For instance, Shenzhen Wonlex Technology Co. Ltd offers Wonlex mini tracker S01 with a built-in battery 350mAh, and it further incorporates GPS tracking.
- Also, in countries like Japan, growth in the studied 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 growing importance of home monitoring and tracking from a remote location.?
- Other countries like South Korea, Singapore, Australia, India, Malaysia, etc. in the region also have high potential scope for gaining a considerable share in the smart tracker market.?

Competitive Landscape
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, Chipolo, and others, command higher consumer awareness of their product offering. The companies enter into strategic partnerships in order to increase their market share.

- May 2020- Tile Inc. announced collaborations with OEMs, such as intel, to introduce tracking systems in upcoming intel's personal computers and laptops, to make it easier to locate the electronic devices if lost or misplaced at home, work, or in public.
- May 2020- Chipolo Doo introduced a smart tracking sensor to help employees of various organizations to keep a track on the number of people they come in contact everyday in the fight against COVID-19. The sensor collects information only when a person is infected and helps other employees of the organization to maintain social distancing and discover high risk locations.

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