In a time when most companies manage remote or field-based employees, the adoption of GPS (Global Positioning System) tracker has surged. This technology is widely embraced by businesses for diverse purposes, such as monitoring mileage (39%), streamlining routes for optimization (29%), and enhancing job safety (33%). Additional applications of GPS tracking include:
- Coordinating employee tasks according to geographical locations.
- Enhancing operational efficiency.
- Facilitating appointment scheduling.
- Establishing defined areas of coverage.
Over the last ten years, the GPS tracking industry has experienced rapid growth. Consequently, the market size for GPS tracking devices is projected to reach an estimated USD 3.38 billion by 2025, displaying a Compound Annual Growth Rate (CAGR) of 11.58% over the forecast period.
Key factors behind this market expansion include increased demand for sophisticated GPS tracking solutions
- Widespread use of real-time GPS tracking in sectors like fleet management, transportation, and logistics
- Development in GPS software abilities such as integration time tracking
- Integrations into emerging technologies like machine learning, artificial intelligence (AI), and the Internet of Things (IoT).
Which Industries Are Benefiting The Most From GPS Tracking?
Transportation & Logistics Industry
The transportation and logistics sector heavily relies on GPS fleet tracking for real-time tracking of vehicles such as trucks, trains, buses, and taxis. Fleet management and route optimization are essential aspects facilitated by geo-trackers for vehicles.
With efficient employee GPS tracking apps, businesses can maintain connectivity with their field personnel, keeping customers informed about estimated arrival times and potential delays.
As 31% of GPS tracking users reported a positive ROI within the first 6 months, according to the 2023 Fleet Technology Trends Report, fleet tracking software is showing its worth. Additional market research indicates a notable increase in the adoption of telematics, with approximately 86% of fleets utilizing this technology—a significant rise from 48% two years ago and 82% in 2018.
The outcomes of employing GPS tracking are promising, as revealed by the same survey. Through the use of GPS fleet tracking software, 42% reported a decrease in safety incidents.
Additionally, 62% achieved a positive return on investment, and 55% observed a reduction in fuel costs attributed to telematic software. This is particularly significant, given that fuel stands as a major expense for 32% of fleets.
GPS tracking in the construction industry serves multiple purposes, including monitoring employee attendance, tracking equipment, and overseeing the overall progress of projects.
On construction sites, valuable assets like trucks, power tools, and essential equipment are susceptible to theft. Recent surveys indicate a 35% increase in construction-related crime over the past year, averaging around 13 incidents per day. The financial toll of stolen tools and equipment reached USD 8.4 million last year.
These numbers emphasize the significance of GPS tracking. This technology captures crucial data, including employee location, usage, engine hours, idle time, and on-site job durations.
Integrating GPS and asset tracking apps with telematic data systems streamlines fleet management, offering a comprehensive view of routing, inspection, dispatch, and maintenance. This empowers employers with enhanced insights into their fleet’s status and performance. This integration leads to increased efficiency, minimizing unplanned downtime for asset servicing.
Location-based vehicle tracking systems also contribute to ensuring drivers transporting loads from one location to another adhere to safe routes and avoid unnecessary idling. Approximately 39% of drivers admit to idling for three to four hours daily, with an additional 14% idling for over four hours. The implementation of GPS tracking software mitigates wasted time and ensures compliance with safety regulations.
The home healthcare sector extensively utilizes GPS tracking. Particularly in cases of blood deliveries, medicine distribution, routine mobile health check-ups, etc.
GPS fleet tracking ensures the smooth execution of these operations within specified timeframes. It enables home healthcare workers to have real-time visibility into the locations of their patients and how much distance they need to travel. Additionally, these tools generate detailed reports on location data for mileage reimbursement, and overtime compensation, and track downtime patterns to avoid discrepancies.
Beyond tracking mobile healthcare personnel, GPS trackers play a crucial role in preventing the theft of medical supplies and equipment. Medical supplies theft accounts for over 40% of incidents, with the median value of pharmaceutical theft exceeding $100,000 even for smaller-scale thefts.
By installing GPS trackers on vehicles, organizations can monitor drivers’ progress and the status of their shipments. Anti-theft GPS tracking serves as a deterrent. In case of theft, GPS tracking equipment provides valuable information that increases the chances of recovery.
The use of GPS tracking technology is transforming industries across the board. From construction sites to the healthcare sector, businesses are leveraging GPS solutions to enhance operational efficiency, ensure security, and streamline processes.
In construction, GPS tracking not only safeguards valuable equipment but also contributes to comprehensive fleet management. Similarly, in the healthcare industry, GPS enables real-time monitoring of mobile healthcare personnel, preventing theft and optimizing logistics.
These applications underscore the versatility and indispensability of GPS tracking in the contemporary business landscape. As industries evolve, the integration of GPS technology becomes increasingly crucial.
For companies aspiring to stay ahead of the competition and scale their operations to new heights, GPS tracking is not just a convenience but a strategic necessity. The ability to monitor assets, personnel, and operations in real-time offers a competitive edge, fostering informed decision-making and proactive management. Embracing GPS tracking is the need of the hour for organizations committed to achieving efficiency, security, and success in an ever-advancing business environment.