The Global Geofencing Market was valued USD 683.2 MN (by revenue) in 2018 and is anticipated to reach USD 2,748.3 MN by 2025 with a CAGR of 22% during 2019 - 2025. The market study presented by Value Market Research evaluates the different facets of geofencing market quantitatively as well as qualitatively. The market is expecting high CAGR in the next six years. The study foresees market size, growth trends, and leading players’ market share as well as the competitive landscape. The growing demand across telematics, child location, automotive, marketing strategy and other location-based application is expected to stoke the market growth.
The report also identifies rising adoption of the technology across logistics and transportation coupled with the growing demand from the retail industry for proximity-based promotion and marketing application is also expected to accelerate the market growth over the forecasted timeline. Also, increasing adoption of cloud computing service along with the growing application of GPS technology is expected to play a very important role in the expansion of industry growth.
The report "Global Geofencing Market Report By Service (Deployment And Integration, Support And Maintenance, Consulting And Advisory, And API Management And Testing), Product (Fixed Geofencing And Mobile Geofencing), Application (BFSI, Healthcare, Retail And Hospitality, Industrial Manufacturing, Media & Entertainment, Transportation And Logistics, Government And Defense, And Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation, and Forecast, 2018-2025" uncovers evolving market trend of the industry along with in-depth study of important market aspects including market segmentation, drivers, restraints, challenges, opportunity, and competitive landscape.
A geofence is a virtual perimeter that can be created around a desired location or land. This can be done to any physical location such as a house, school, or store or it can be dynamically generated with a radius around specific latitudinal and longitudinal points. Geofencing technology has numerous application that can be used for marketing and security purpose. In the area of security, the owner can create a geofence around their house to get notify when their family member arrives home. In the case of the automotive industry, geofencing technology is used to send an alert if a vehicle is stolen. Whereas in the area of marketing businesses make use of geofencing with creative marketing methods and location-based advertisements and potential customers who are within the vicinity of a particular area can receive ads or coupons directly to their mobile device. Geofencing is also used to study customer behavior in marketing analytics.
Market segmentation includes service, product, application, and regions. Service segments include deployment and integration, support and maintenance, consulting and advisory, and API management and testing. API management service held the highest share in the market since it enables efficient management of the geofencing solution. Also, owing to the rapid advancement along with the rising adoption of cloud computing across various sectors is further expected to propel the segment growth. Product segment consists of fixed geofencing and mobile geofencing. Fixed geofencing held the major share in the overall market owing to the rising implementation of static geofences for various application such as advertisements, recreational activities, and asset monitoring. Application segment cover BFSI, healthcare, retail and hospitality, industrial manufacturing, media & entertainment, transportation and logistics, government and defense, and others. Transportation and logistics segment hold the highest share in the geofencing market since it offers real-time coordination, higher security, and improved planning of carrier movement and deliveries in the overall supply chain process. Geographically, the market has been segmented across the top five regions namely North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The Report Segments Global Geofencing Market -
Players Profiled In The Report:
Apple, ESRI, Geomoby, Simpli.Fi, Thumbvista, and others
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