Geofencing is a technology that creates a virtual demarcation or boundary by the use of global positioning system, or radio frequency chips. The geofencing helps in creating an alert system with the help of customized software, whenever someone or something enters the virtual boundary. Geofencing has benefitted many enterprises by increasing their interactions with customers, and also maintaining the productivity of the employees. It is used as one of the essential marketing tool.
The lucrative nature of geofencing market can be estimated from this fact that almost tech giants like, Apple, Google, Bludot are competing with each other to invest in geofencing. Market Research Future (MRFR) has published and released a research report about the global geofencing market that envisions massive enlargement for this market with 27% CAGR during the forecast period between 2017 and 2023. In terms of cash, the market is expected to be worth US $ 2,387 mn by the end of the forecast period.
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Major Key Players
- Apple, INC. (U.S.),
- Thumbvista (U.S.),
- Pulsate (U.S.),
- Simpli.Fi Holdings Inc. (U.S.),
- Esri (U.S.),
- Bluedot Innovation (U.S.),
- Geomoby (Australia),
- GPSWOX, Ltd. (U.S.),
- Localytics (U.S.),
- Swirl Networks Inc. (U.S.)
Also, Mobinius Technologies (India), Mapcite (U.K.), DreamOrbit (India), Factual (U.S.), InVisage (U.S.), LocationSmart (U.S.), Maven Systems (India), MobiOcean (India), Nisos Technologies (U.S.), Urban Airship (US), Plot Projects (Netherlands), Raveon Technologies (U.S.), Visioglobe (France) and SuccorfishM2M (U.K.) are few other major players in the geofencing market. These companies have not been profiled in our study, but it can be taken up as a part of customization, as per client requirements.
According to Market Research Future Analysis, Geofencing Market has been valued at approx. USD 2,387 Million by the end of forecast period with 27% of CAGR during forecast period 2017 to 2023
The regional segmentation of the global geofencing market segments the market into continent-based regional markets known as North America, Europe, Asia Pacific, and the rest of the world (RoW). North America is the largest market among all regional markets. The growth in this region is dominated by the United States of America (USA) and Canada, with Mexico being a significant revenue generator. The primary factors driving the market growth in this region include the increasing demand for analytical tools & spatial data in this region. Other factors include a well-established infrastructure which allows implementation of advanced technologies, increasing popularity, and rise in the adoption of business intelligence.
Europe is the second largest regional market because, after North America, Europe is the most technologically advanced region. The most important country-specific markets in Europe are France, Germany, Italy, and the United Kingdom (UK). The Asia Pacific is the third largest regional market, and during the forecast period, it can expect a bright future due to the growth of various smart cities in countries like China and India. Other important country-specific markets in this region are Japan and South Korea, followed by the rest of the Asia Pacific region.
On the basis of component, the market is segmented into solution, and services. The services is further sub-segmented into integration & deployment services, support & maintenance service, consulting service.
On the basis of geofencing type, the market is segmented into fixed geofencing and mobile geofencing.
On the basis of organization size, the market is segmented into SME’s and large enterprises.
On the basis of vertical, the market is segmented into BFSI, healthcare, manufacturing, retail, transportation, media & entertainment, government, and others
On the basis of region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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- Technology Investors
- Research/Consultancy Firms
- Original equipment manufacturers (OEMs)
- Government Bodies
- IT & Telecommunication Companies
- Geofencing solution providers
- Geofencing service providers
- System integrators
- Managed service providers
- Middleware companies
- Wireless Infrastructure Providers and Service Providers
LIST OF TABLES
TABLE 1 GEOFENCING MARKET, BY COMPONENT
TABLE 2 GEOFENCING MARKET, BY GEOFENCING TYPE
TABLE 3 GEOFENCING MARKET, BY ORGANIZATION SIZE
TABLE 4 GEOFENCING MARKET, BY VERTICAL
TABLE 5 GEOFENCING MARKET, BY REGIONS
TABLE 6 NORTH AMERICA GEOFENCING MARKET, BY COMPONENT
LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 GEOFENCING MARKET, BY COMPONENT (%)
FIGURE 3 GEOFENCING MARKET, BY GEOFENCING TYPE (%)
FIGURE 4 GEOFENCING MARKET, BY ORGANIZATION SIZE (%)
FIGURE 5 GEOFENCING MARKET, BY VERTICAL (%)
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