The GPS tracker market is worth nearly $3 billion
"Officially the top business idea for 2020"
Yup, you read that right: the GPS tracker market is estimated to be worth nearly $3 billion by 2023. At least, that’s what the research company Markstandmarkets says – in less than five years, the GPS tracker market will be worth $2.89 billion.
Market Research Future claims the GPS market will be worth a lower amount – $2.53 billion by 2023 – but it still predicts that it will have an exceptional 11% CAGR (compounded annual growth rate) until then.
As you can see, the GPS tracker market is already a booming business, and it’s still in the early stages. Getting into this industry now is certain to pay off huge in just a few years, as you would be one of the forerunners of a profitable market.
Let’s look at some important areas in this growing industry.
The GPS tracking audience
The GPS tracker business provides tracking capabilities for consumers, businesses, and government organizations.
Market Research Future lists the following common end-users:
Consumers and small businesses usually want to have GPS trackers that are affordable and secure, while large businesses, corporations and governmental institutions are more willing to pay a premium for better features.
For all audiences, it’s important that there’s not only great GPS hardware, but also pretty good software that offers both great features and is straightforward to use.
How to get started now
Having covered the basics of the GPS market and what the main audiences are, let’s go over what you need to do to get started now.
First, you decide which audience or audiences are the best for your business. After that you can choose the hardware: the GPS trackers that you’ll be selling. Make sure to provide a wide range of quality devices with varying prices – from Chinese or European suppliers.
With that done, you’ll need to make sure you have a good software partner to help you create a good experience for your customers. After all, your software gives your customers the important information of the movement and position of their assets, and it’s the only thing they’re really interacting with.
Luckily, you don’t have to go at it alone or develop your own software and apps – which can cost up to $1 million if you do it from scratch. Use a white label solution, like GPSWOX, that will allow you to get full software branding – including your branded login page, software design, and even mobile apps – starting from just $99/month. (You can see just how easy but powerful the software is by watching the video manual here.)
Your next steps
If you’re looking for a dependable market with guaranteed year-over-year growth, you’ve found it.
If you’re looking for a business that is easy to set up, has low competition and high ROI, and a large amount of niches to specialize in, you’ve found it.
If you’re looking for a way to gain financial freedom, set your own schedule and help people solve problems, you’ve found it.
Now the only question is: what are you going to do about it?