The technology research report “Geofencing Market Size By Type (Fixed, Mobile), By Component (Product [Asset Monitoring and Management, Fleet Management, Workforce Management, Promotion & Advertising, Competitor Tracking Solutions, Drone Management Solutions], Service [API Management, Managed Services, Consulting, Training and Maintenance Services]), By Technology (GPS, RFID, Wi-Fi, Cellular Network), By Application (Transportation & Logistics, Retail, Automotive, BFSI, Public Sector, Hospitality, Media & Entertainment), By Deployment Model (On-premise, Cloud), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, China, Japan, Australia & New Zealand (ANZ), South Korea, India, Singapore, Malaysia, Brazil, Mexico, Argentina, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2017 - 2024” by Global Market Insights, Inc. says Geofencing Market set to exceed USD 1.7 billion by 2024; driven by growing penetration of mobile devices.
The geofencing market growth is attributed to the popularity of mobility trend leading to extensive proliferation of mobile devices such as smartphones and tablets, along with rising demand for proximity marketing solutions. The utility of mobile devices is widening as they are consolidating their role as central medium to reach an ever-expanding portfolio of applications and services. GPS-based location services are provided as a default feature in most of these mobile devices. Marketers are leveraging such capabilities of these devices to determine the location of their existing and prospective customers to offer real-time marketing messages to them.
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With the growing popularity of AR and beacon technologies, geofencing is being integrated with them to effectively improve proximity marketing campaigns. These technologies are also being leveraged to improve gaming experience of gamers by integrating location-based capabilities with app-based games for mobile devices. Also, modernization efforts to improve the capability and performance of existing GPS infrastructure are also expected to boost the adoption of geofencing solutions over the forecast timeline.
Mobile geofencing market is expected to exhibit promising growth over the forecasted timeline as it can vary the boundaries of the perimeter based on a situation determined by a combination of data streams. Such solutions can automatically define areas based on population density and personalize ads. Hence, message relevancy can be highly enhanced and engagement can be driven to specific business locations.
The product market held a significant geofencing market share of over 80% in 2016 owing to extensive deployment of geofencing systems by enterprises operating in retail, logistics, and automotive sectors. Within the product market, promotion and advertising solutions will exhibit fastest growth between 2017 and 2024 as businesses are increasingly realizing the potential of the technology to improve location-based marketing efforts and in turn, enhance their promotion and marketing ROI.
Service market will gain significant momentum over the forecasted timeline owing to the huge demand for specialized services to operate, maintain and manage the geofencing infrastructure deployed at the customers’ end. Managed services segment will exhibit lucrative growth with the highest CAGR over 35% during the forecast period. This geofencing market growth can be attributed to the growing adoption of cloud computing for deploying geofencing applications.
GPS market will witness positive growth over the timeline owing to considerable ongoing advancement in the technology through replacement of the legacy ground-based systems and GPS satellites with newer ones. With large scale adoption of GPS tracking systems for fleet management applications in the logistics industry, the geofencing market size is expected to steadily increase between 2017 and 2024.
The transportation and logistics segment held a major share of the geofencing market in 2016 due to the excellent utility of geofencing systems in effortlessly managing large vehicle fleets in diverse geographic regions. With better accuracy, operational efficiency and supply chain visibility, logistics companies can hugely benefit from the technology to facilitate last-mile delivery. The retail market will demonstrate fastest growth during the forecast period owing to rapid adoption of geofencing systems by retailers to strengthen their location-based proximity marketing activities. As the technology allows them to track their competitors and devise effective promotional campaigns in response, retailers are deploying event-specific geofences for effective customer retention as well as acquisition.
Cloud-based geofencing solutions will experience significant adoption over the forecasted timeline due to rapidly growing popularity of cloud computing. As cloud-based applications offer enhanced flexibility and scalability to deploy geofencing application, cloud geofencing market will exhibit fastest growth between 2017 and 2024.
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North America will hold a majority share in the geofencing market by 2024 due to the presence of robust communication and internet infrastructure in the region. As the U.S. government is heavily investing in the GPS modernization project, the performance of satellite-based communication and location systems in the region is expected to improve significantly over the forecasted timeline. The APAC region will grow the fastest due to increase in the use of location analytics in countries such as India, Japan, China, and ANZ.
The key players operating in the geofencing market are PlotProjects, Apple, Thumbvista, Esri, Bluedot innovation, Swirl Networks, Embitel, Simplifi.fi, Mapcite, UpSnap, Google, Gimbal, Placecast, DreamOrbit, GeoMoby, Localytics, Pulsate, Radar Labs, and Urban Airship. These players are focusing on consistent product development and innovation. By enabling better connectivity, increased accuracy and seamless integration, they are emphasizing on extending their solutions to diverse industries such as public sector, hospitality and media and entertainment.
Geofencing market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD million from 2015 to 2024, for the following segments:
Geofencing Market, By Type
Fixed
Mobile
Geofencing Market, By Component
Product
Asset Monitoring and management
Fleet management
Workforce management
Promotion and advertising
Competitor tracking
Drone management
Service
API management services
Managed services
Consulting, training and maintenance services
Geofencing Market, By Technology
GPS
RFID
Wi-Fi
Cellular Network
Geofencing Market, By Application
Transportation and logistics
Retail
Automotive
BFSI
Public sector
Hospitality
Media and entertainment
Geofencing Market, By Deployment Model
On-premise
Cloud
The above information has been provided for the following regions and countries:
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Netherlands
APAC
China
Japan
ANZ
South Korea
India
Singapore
Malaysia
LAMEA
Brazil
Mexico
Argentina
GCC
South Africa
Browse key industry insights spread across 450 pages with 1364 market data tables & 15 figures & charts from the report, “Geofencing Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/geofencing-market
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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