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According to Global Market Insights, Geofencing Market size is projected to be over USD 1,700 million by 2024 growing at a rate of over 29% during the forecast period. Geofencing technology changed the face of location-based marketing and fleet management by enabling the organizations to decide the boundary for offering products and services. The technology can be integrated with beacons to improve the effectiveness of location-based services as well as used independently. With advancements in technology, the market is anticipated to grow impressively during the forecast period.The increasing demand for Location-based Services (LBS) and high penetration of mobile devices are estimated to assist the growth of the geofencing market. The demand for LBS increased over the last five years due to its applications in real-time navigation and proximity tracking for collecting the market data. The awareness about the advantages of location-based monitoring and management of mobile devices among enterprises is fostering the demand for geofencing solutions.
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The increasing use of geofencing in the supply chain and the rising demand from the retail industry for LBS promotion and marketing are also accelerating the market growth. Furthermore, with the increasing popularity of Augmented Reality (AR) and beacons, geofencing technology is being combined with them to efficiently perform marketing campaigns. These technologies are used to leverage the gaming experience of users by integrating LBS capabilities with mobile applications. Moreover, the efforts to enhance ability and performance of existing GPS infrastructure are also anticipated to foster the geofencing market growth.
The product segment led the geofencing market in 2016 with 84.5% share due to its increasing use by various sectors such as retail, logistics, transportation, automotive, and public sector. The companies are expanding the analytics functional capabilities by integrating the technology with similar LBSs. The promotion & advertising solution is estimated to grow faster during the timeline due to its importance in an increasing marketing ROI. Geofencing aids in targeting customers with real-time promotional activities and messages.
The geofencing market in service market is expected to grow significantly over the period due to the rising demand for specialized services to operate and manage the infrastructure at the user’s end. API management accounted for the largest market share of about 46% in 2016 due to the large-scale implementation of the technology over the last five years. However, with the growing use of cloud and advancement in the technology, the managed service is estimated to witness a huge growth of approximately 50% CAGR over the timeline.
The retail market will witness the fastest growth due to the rising use of geofencing by retailers to improve the location-based proximity marketing and promotional activities. The technology enables enterprises to track the competitors and create effective promotional campaigns accordingly to increase the customer base. The on-premise model held the largest market share of about 73% in 2016 due to large-scale implementation of integrated geofencing system with on-premise business systems. However, with the growing popularity of cloud computing, the cloud-based geofencing market are estimated to witness a faster growth over the period. Cloud-based geofencing offers more flexibility and scalability to the users to undertake different proximity-based marketing activities.
North America dominated the geofencing market with more than 50% share in 2016 due to the presence of extensive GPS infrastructure and a high penetration rate of smartphones and internet. Furthermore, the presence of robust communication and internet infrastructure attributes to the market growth. Most of the retailers are adopting proximity marketing strategies using LBS to compete with the online retailers. Furthermore, as the U.S. government is investing in the GPS infrastructure development project, the demand for the technology is estimated to increase rapidly over the forecast period. The Asia Pacific region is estimated to grow faster during the period due to the rising awareness about the benefits of LBS to increase the effectiveness of marketing campaigns, fleet management systems, and promotional activities. Moreover, an increased use of location analytics in the economies including India, Japan, and China will also fuel the geofencing market growth in the region.
Some of the key players in geofencing market are Apple, Esri, Google, Pulsate, PlotProjects, Thumbvista, Gimbal, Placecast, Swirl Networks, Embitel, Simplifi.fi, Urban Airship, Mapcite, UpSnap, GeoMoby, Localytics, Radar Labs, Bluedot Innovation, and DreamOrbit. The players are focusing on R&D and new product development initiatives. By allowing better network connectivity, increased accuracy, and seamless integration, the vendors are extending solutions to different industries such as asset tracking, public sector, workforce management, hospitality, fleet management, media, and entertainment.
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Table of Contents (ToC) of the report:
Chapter 4. Competitive Landscape, 2016
4.1. Introduction
4.2. Competitive analysis of market players
4.3. Apple
4.4. Google
4.4.1. Bluedot Innovation
4.4.2. Thumbvista
4.4.3. Embitel
4.4.4. Simpli.fi
4.4.5. Mapcite
4.4.6. Swirl
4.4.7. GeoMoby
Chapter 5. Geofencing Market, By Type
5.1. Geofencing market share by Type, 2016 & 2024
5.2. Fixed geofencing
5.2.1. Fixed geofencing market, by region, 2015-2024
5.3. Mobile geofencing
5.3.1. Mobile geofencing market, by region, 2015-2024
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/geofencing-market
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