Vehicle Tracking Industry – The Road To Recovery
The business benefits of vehicle tracking systems have become widely recognised
. Information, relayed in real-time, on the activities of a company's vehicle fleet opens up a wealth of data on journey times, driving speeds and fuel consumption that all add up to a more efficient, leaner and safer operation.
And the success of one of the fastest growing technology sectors is not surprising given the unremitting pressures on businesses to reduce costs and improve performance.
We shouldn't forget however, that it is still a relatively young industry. GPS Global Positioning Systems were originally developed for surveillance purposes by the US military. Access for civilian use followed, which represented a massive step forward from the very basic car tracking equipment available from the early 1970s.
It has only been in the last decade that technological innovation has allowed the power of the internet to be harnessed, enabling a fixed price GPRS vehicle tracking system to be offered to businesses. It's proliferation over recent years, however, has been dramatic.
The downturn to the global economy has, of course, had an impact on the international vehicle tracking industry, alongside almost every other business sector. Big players battled desperately to glean financial investment while others built on foundations of sand went into administration leaving business customers high and dry.
The patient is now showing signs of recovery however, and although the health of the world markets remain fragile, there is every reason to harbor a real sense of optimism. Confidence is returning.
From the onset of the economic downturn, companies were forced to review their business strategies and strive to become more efficient and take steps to control costs.
There was a clear reticence, however, to dip into the coffers, even if it meant investing in technologies that would help them to boost productivity. Attitudes have begun to change as businesses recognise that only by taking decisive measures to optimise their operations can they impact their bottom line. The considerable returns on investment that can be realised by investing in vehicle tracking systems, for example, have become too compelling to ignore.
The telematics market in the UK has been one of the hardest hit over the last 18 months but we are starting to see movement in sectors that have traditionally been slow adopters noticeably the larger fleet operators and sales fleet companies. This has been supported by new technological advancements, albeit from a limited number of suppliers.
Proliferation of vehicle tracking across the rest of Europe has been understandably sluggish, but to a less pronounced degree. The markets across mainland European countries are less mature than that of the UK and we always expected sustained growth in those regions with sizeable transport hubs. We've made significant inroads in recent months into the likes of Italy and Denmark, for example this continues.
Across the Atlantic, the market potential within the US is vast. Vehicle tracking is similarly at an early stage of its evolution across its 50 states and the industry was never going to grind to a standstill in the face of waning business spend. Historically there are always investors in new technologies, irrespective of the financial climate. From our perspective currently selling into 30 US states and continuing to channel investment into R&D at its research centre in Silicon Valley the outlook is an encouraging one given the prevailing economic environment. With corporate America beginning to post strong results once more, we can look forward to even higher levels of growth in the coming months.
In the countries of Central and South America, where industrial and services sectors have been tied closely to the US, the force of the economic crisis has not gone unnoticed. Mobile networks are developing apace however and nowhere is this better illustrated than in Mexico where tracking providers and business users are set to exploit the new found infrastructures with a vengeance.
While few regions of the world have completely defied the global downturn, Australia has managed to successfully dodge recession. With Australian growth forecasts of 3.5 percent for next year, according to the International Monetary Fund, there is no reason why this trend won't continue.
So the outlook for the industry remains strong with exciting predictions from industry soothsayers for the yet untapped markets of the Indian subcontinent and the Far East.
In recent times the market has become increasingly price sensitive as the misconception that all vehicle tracking systems offer similar benefits has gathered momentum. Tighter business models will increasingly necessitate greater technological scrutiny, however how does a system's features match company requirements for example, how much money has been invested in its architecture, how resilient is it, is the provider able to bespoke reports, does the system protect driver privacy when vehicles are driven for personal use in a way that satisfies both the European Human Rights Act and business requirements?
Providers that have slashed their R&D budgets are sure to be left trailing in the wake of those that are shaping the future of the industry and developing smarter fleet management solutions to boost business productivity at the touch of a button.
Vehicle Tracking Industry The Road To Recovery
By: Navman Wireless
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