Tracker Market Undergoing Transition

Tracker Market Undergoing Transition

Nvidia

According to ABI Research conducted in 2014 concerning personal location devices and applications, the GPS personal tracking market is projected to break $3.5 billion by 2019. In 2017, the market is expected to grow with a CAGR of 40%, and break $1 billion as well. According to this report, the most devices grow mainly within elderly, health, and lone worker markets. However, the report concludes that other interests such as pets, children, and personal assets garner interest and investment as well.

Yet, in a recent interview this past May 2016, Patrick Connolly of ABI Research announced an updated report claiming that the market for personal tracking devices are undergoing a significant transition period, and many companies are experiencing difficulties in finding mass-market adoption. According to this new report, the devices are put at about $2 billion by 2021. While Connolly believes there is huge opportunity within the market, he states that correct distribution, pricing, and legislation has not been decided upon for mass adoption. Many fear that companies will then lower prices to drive market share, since the market remains low volume-high margin.

According to another report, the Internet of Things (IoT) chip market is estimated to grow from $4.58 billion in 2015 to $10.78 billion by 2022. Growing interest in connected devices is apparent. The addressable market for MYNT is growing, and by 2020, there is expected to be over 34 billion connected devices. The market seems to have broad opportunity for emerging technologies and companies, yet there are two main competitors for Sightech within the personal tracker market.

Trackr

In 2014, TrackR was named #155 on the Inc. 500 List of Fastest Growing Companies in the US, and again was featured on the list after launching Wallet, sticker, and Bravo products with 2,541% growth and a total revenue of $2.7 million in 2014.

This past May, Amazon announced it is ready to invest between $250,000 - $500,000 in Trackr, the bluetooth tracking device and MYNT’s main competitor. Amazon plans to enhance the capabilities of its cloud-based home system Alexa, which controls other home devices such as the Amazon Echo. The Trackr Bravo, a coin-sized chip that claims to be the thinnest tracking device, works similarly as MYNT, in that it alerts a user’s app of tagged items’ location. It is priced at 29.99 USD. The device would most likely gain voice capability, and the partnership with Amazon would be advantageous for both companies. In 2015, the company raised almost $8 million to expand.

Tile

Tile tracker and app are priced at 25 USD, according to their website. The CEO often refers to his product as the “poor man’s GPS,” and encourages the networking/social impact of the Tile–– the more that people download the Tile app, the more people can locate lost items as one giant search party. Additionally, the Tile is attractive to many enterprises in that it does not store or transmit any personal data. In 2014, the company pushed to for Android support. According to the company, the Tile is tracking people in over 200 countries.

According to reports this June, Tile has further raised $18 million with Bessemer Venture Partners, with participation from existing investors GGV Capital, Khosla Ventures, Tandem, and Chinese tech giant Tencent. The bluetooth smart tracker raised $13 million in 2014 and $2.6 million in crowd funding. According to the CEO of Tile, the product will be receiving new designs soon, and the company plans to gain more exposure with third-party retail outlets. Similarly, Tile will open its smart technology platform to other companies so they can “embed their own wares.”

  • Personal Tracking To Be The Next Billion Dollar GPS Market". Abiresearch.com. N. p., 2016. Web. 29 June 2016
  • The Future And Evolution Of GPS And Personal Tracking Devices -- "The Market Is Undergoing A Significant Transition Period," Says ABI Research".Marketwire. N. p., 2016. Web. 29 June 2016.
  • Sawers, Paul. "Tile Raises $18 Million To Push Its Bluetooth Tracker To More Forgetful People Globally". VentureBeat. N. p., 2016. Web. 29 June 2016.
  • Hobey, Erin. "Bluetooth Trackr Raises $8.7M, Foundry Group Leads Round - Crowdfund Insider". Crowdfund Insider. N. p., 2015. Web. 29 June 2016.
  • Markets, Research. "Research And Markets - Amazon To Invest In Bluetooth Company Trackr". Prnewswire.com. N. p., 2016. Web. 29 June 2016.
  • Tile - Never Lose Your Keys, Wallet Or Anything Again". Thetileapp.com. N. p., 2016. Web. 29 June 2016.
  • Higginbotham, Stacey. "Gigaom | Lost And Found Tracker Tile Gains $13M And Plans Android Support". Gigaom.com. N. p., 2014. Web. 29 June 2016.
  • Kolodny, Lora. "Tile Raises $18 Million To Make Personal Belongings Easy To Find". TechCrunch. N. p., 2016. Web. 29 June 2016.
  • Kolodny, Lora. "Tile Raises $18 Million To Make Personal Belongings Easy To Find". TechCrunch. N. p., 2016. Web. 29 June 2016.
  • Sawers, Paul. "Tile Raises $18 Million To Push Its Bluetooth Tracker To More Forgetful People Globally". VentureBeat. N. p., 2016. Web. 29 June 2016.

2016-06-25 | Slightech