How Are Modern Digital Technologies Expanding the Scope of the Stolen Vehicle Tracking Systems Industry?

Highlights:

• Introduction
• Role of stolen vehicle tracking systems
• Deployment of IoT, AI, and ML
• Ingenious product launches in the sector

Car theft is common in almost all urban cities and metropolitan towns in developed and developing countries. As per a study conducted by Acko Digital Insurance, in 2023, vehicle thefts in India grew by 2.5 times as compared to 2022.  In 2023, over 1 million vehicles were stolen in the U.S., marking a significant 25% increase compared to the last few years, according to the National Highway Traffic Safety Administration. The main issue with vehicle theft is that it becomes nearly impossible for the local police to retrieve all the stolen automobiles due to a lack of manpower. Thus, solid technological backing which helps authorities to trace these stolen cars becomes necessary. The development of stolen vehicle tracking systems has, thus, been a result of the growing number of automobile thefts and the low rate of retrieval.

Increasing preference for stolen vehicle tracking systems helping the industry flourish

As mentioned earlier, the growing menace of car theft has been a major factor behind the rise in the stolen vehicle tracking systems industry. Typically, these systems have a GPS device to receive signals from the satellite for monitoring the vehicle's movement. Furthermore, the communication module used in the gadget aids in transmitting the signal, while the software platform helps in handling all the major functions of sharing location data, establishing geofences, receiving alerts, etc.

The most obvious benefit of installing these systems is that it assists in expedited recovery of cars. As per a study done by the National Motor Vehicle Theft Reduction Council, less than 35% of the automobiles that are stolen are retrieved within one day. The use of tracking devices enables local police to improve the reclamation rate significantly. Another important factor behind the growing popularity of these gadgets is a reduction in vehicle theft which helps bring down the costs associated with insurance premiums.

Innovations in digital technologies creating new investment opportunities

Navigation and remote monitoring using GPS devices are the core elements of stolen vehicle tracking solutions. In the recent past, GPS technology has become much more sophisticated and accurate. Modern gadgets use the data provided by satellites to offer real-time location of the vehicle. Furthermore, these high-tech systems trace vehicles even in areas such as underground tunnels, remote and hilly forests, and dense urban areas where traditionally it was quite difficult to locate them.

Along with this, the emergence of the Internet of Things technology has increased the quality of vehicle tracking solutions. IoT-enabled devices are now being fitted into these systems to aid local police personnel in efficiently tracing the car in real-time and monitoring its movement remotely. Furthermore, smartphone applications and web platforms have been designed which allow the vehicle owner to locate the automobile directly from these software programs. Thus, the use of IoT helps in designing stolen vehicle tracking systems with a multi-layered security approach. At the same time, the deployment of AI and machine learning to locate stolen vehicles is another important trend witnessed in the industry. AI-based tools and ML algorithms are used to analyze the historical data of car usage and behavioral patterns of the car user to detect suspicious activity.

Netstar and Nissan leading the way with ingenious product launches

Recently, several technology corporations and automobile companies have launched innovative solutions to gain a competitive edge in the industry. For instance, in February 2024, Nissan, a Japanese car manufacturer, unveiled a stolen vehicle tracking function in its NissanConnect Services app in the UK. The service will be provided to users through a subscription-based model in partnership with Vodafone Automotive. The system helps track stolen cars by collaborating with law enforcement agencies and offers a coordinated approach to facilitate their recovery. The application has been made available for Nissan ARIYA, Nissan X-Trail, and Nissan Qashqai.

In September 2024, Netstar, a security solutions provider, announced the launch of the latest-generation stolen vehicle recovery (SVR) device, viz., STARTag. The novel gadget can be accessed through the MyNetstar App, thus helping the user track and access location data easily. The application also aids in monitoring the battery levels to reduce the chances of unit power failure. Such product launches are expected to create several new investment opportunities in the sector in the coming period.

In conclusion, the increasing risk of automobile theft has increased the popularity of stolen vehicle tracking systems. Additionally, the advent of emerging technologies such as IoT, machine learning, and AI have transformed the industry.

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