According to ABI Research, GPS tracking devices, including wearables and iBeacons, will generate more than $3.5 billion by 2019.
Although the market has struggled to reach its full potential in the past largely due to high prices, subscription requirements, and the inability to track indoors, the boom of wearable GPS tracking devices designed for children, the elderly, and pets has provided a huge boost to the market. Growing use among companies for employee and fleet management has also contributed to the increase in sales.
According to ABI Research Senior Analyst, Patrick Connolly, “The potential of this market continues to draw investment and interest. Over the last 12 months, there has been a host of companies entering this space. As well as a steady stream of start-ups like estimate and hereO, buoyed by wearables and iBeacons, enterprise/commercial GPS companies like Quattro Wireless and Masternaut are moving into areas such as mobile workforce management and lone worker applications, while the connected home market will evolve to support personal protection across children, pets, [and] cars.”