The global Geofencing Market Size will touch USD 2,387 million at a 27% CAGR in the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. Geofencing, put simply, is a location-based application that uses GPS technologies and RFID to develop virtual geographic boundaries.
Various factors are fuelling the global geofencing market demand. As per the recent MRFR market estimates, such factors include the increasing need for location based applications among consumers, increase in the use of spatial data and analytical tools, ease of integration and deployment of geofencing solutions, the penetration of new technologies, and the rise in the use of spatial data and analytical tools. The additional factors adding market growth include the growth of competitive intelligence, rise in business intelligence, the need to track the marketing activities of competitors, increasing technological advances to maintain the security and safety majors for the organization, demand for geofencing marketing, increasing use during COVID-19 pandemic, and growing application in certain sectors like child location service, telematics, and human resources.
On the contrary, privacy and legal concerns, increasing awareness about safety and security among customers, high deployment cost, lack of knowledge, battery draining issues, and technological concerns related to devising monitoring may impede the global geofencing market growth over the forecast period.
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The leading players profiled in the global geofencing market report include Swirl Networks Inc. (U.S.), Localytics (U.S.), GPSWOX, Ltd. (U.S.), Geomoby (Australia), Bluedot Innovation (U.S.), Esri (U.S.), Simpli.Fi Holdings Inc. (U.S.), Pulsate (U.S.), Thumbvista (U.S.), and Apple, INC. (U.S.), among others. The other players include SuccorfishM2M (U.K.), Visioglobe (France), Raveon Technologies (U.S.), Plot Projects (Netherlands), Urban Airship (US), Nisos Technologies (U.S.), MobiOcean (India), Maven Systems (India), LocationSmart (U.S.), InVisage (U.S.), Factual (U.S.), DreamOrbit (India), Mapcite (U.K.),and Mobinius Technologies (India), among others.
The MRFR report throws light on an inclusive segmental analysis of the global geofencing market based on vertical, organization size, deployment, device type, and component.
By component, the global geofencing market is segmented to services and solution. The services segment is again segmented into API management and testing services, consulting and advisory services, support and integration services, and deployment and integration services. Of these, the API management and testing services segment will lead the market over the forecast period.
By type, the global geofencing market is segmented into mobile geofencing and fixed geofencing. Of these, the fixed geofencing will dominate the market over the forecast period.
By organization size, the global geofencing market is segmented into large enterprises and SMEs. Of these, the large enterprise will have the lions share in the market over the forecast period.
By vertical, the global geofencing market is segmented into government, media and entertainment, transportation, retail, manufacturing, healthcare, BFSI, and others. Of these, the transportation segment will spearhead the market over the forecast period.
Geographically, the global geofencing market is bifurcated into Europe, North America, the Asia Pacific, and Rest of the World (RoW). Of these, North America will head the market over the forecast period. Technological advances, increasing need for location based applications, rise in the use of spatial data and analytical tools, the presence of a large number of established key players such as Apple, the presence of a well-established infrastructure that allows higher penetration of devices, increasing adoption of smartphones, and growing popularity of social media platforms are adding to the global geofencing market growth in the region.
In the Asia Pacific region, the global geofencing market is predicted to have admirable growth over the forecast period. Increased smart city projects, growing government initiatives in India, South Korea, China, and Japan, and increasing awareness regarding the benefits of location-based services to increase the efficiency of fleet management systems and marketing campaigns are adding to the global geofencing market growth in the region.
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