Chipolo doo, Innova Technology LLC, Kaltio Technologies Oy, LugLoc, Mars Inc., to Emerge as Key Smart Tracker Market Players - A Technavio Exclusive Report

Rise in pet population and Integration of Luggage with Smart Tracker to Influence Market Growth Positively.

• Smart trackers are increasingly being used for keeping a check on pets. There has been a surge in the pet population across emerging and advanced economies across the globe. Thus, with the rising population of pets, the demand for smart tracker is also likely to surge in the forthcoming years.
• There has been a surge in the integration of trackers with luggage or suitcases. Companies in the smart tracker market are focusing on deploying technologies such as IoT technology with suitcases to enhance the user experience while traveling. Bluesmart is one such innovative suitcase that is smartphone app-enabled and can be locked, unlocked, and weighed in real-time. It also has a built-in battery to charge smartphones, laptops, and other devices.

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Poor Battery Backup and Limited Functionality Likely to Hamper Market Growth.

• The biggest issue with smart trackers is the poor battery life of the devices and the limited functionality they offer. Most tracking devices still offer just Bluetooth connectivity to track products, making the device not so attractive for the end-users.     
• In addition, most tracking devices still offer just Bluetooth connectivity to track products, making the device not so attractive for the end-users. In addition, low penetration and awareness of smart trackers among consumers is also expected to restrict the market growth during the upcoming years.

Bluetooth Technology Segment held the Largest Smart Tracker Market Share in 2020.

• Based on technology, the smart tracker market is segmented into Bluetooth, Cellular technology, and GPS. In 2020, the Bluetooth technology segment held the largest share mainly due to the use of these devices to find lost or missing items within a range or area.
• The use of this technology is likely to decline as buildings or structures interfere with Bluetooth signals, thus, minimizing its strength and limiting the range.
• The cellular technology segment is likely to hold the second-largest smart tracker market share throughout the forecast period. Cellular-based smart trackers are usually integrated with SIM cards and antennas to capture the network signal, thus, making them a viable choice for deployment in smart trackers.

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North America Emerges as the fastest growing regional segment.

• Based on geography, the smart tracker market is segmented into North America, Europe, APAC, South America, and MEA. In 2020, North America became the largest revenue-generating region of smart tracker market due to the highest demand for smart trackers stemming from the US
• By 2025, North America will account for a contribution of 36% in the overall market growth owing to the early adoption of new inventions and technologies coupled with the presence of a large number of leading retail brands including Apple Store, Amazon, AT&T, Best Buy, Sprint, T-Mobile, Target, and Verizon.
• Smart tracker manufacturers in the US are not only making their products available through retail outlets but also expanding their presence in the online marketplace. They are engaging in selling their products through online portals or direct email marketing.

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Prominent Player Analysis

• The smart tracker market is fragmented and the vendors are deploying growth strategies such as increasing investments in R&D to compete in the market. Vendors in the market are focusing on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
• The smart tracker market report offers information on several market players, including Chipolo doo, Innova Technology LLC, Kaltio Technologies Oy, LugLoc, Mars Inc., PB Inc., Qorvo Inc., Samsung Electronics Co. Ltd., Tile Inc., and TrackR Inc. among others.
• The competition among market players is likely to intensify during the forecast period due to the investments by vendors for R&D while also innovating and launching new products. The market growth potential has further paved the way for many innovative start-ups to reach out to a wider target audience and generate successful ROIs.

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