Rising adoption of wireless technologies such as GPS and location-based services is one of the factors driving the market growth. Gaining popularity of smart phones, tablets, and other mobile devices is also contributing the market growth. Geofencing offers real-time tracking and navigation of the predefined location, has expanded its application across various end-use industries. Moreover, the use of geofencing to enhance regional sales, provide personalization to customers and increase analytics & tools for metric analysis has generated its demand for mobile marketing.
API MANAGEMENT AND TESTING DOMINATED THE SEGMENT
In 2022, API Management and Testing emerged as the leading segment by accounting major market share. API offers application access management, device data communication, and security services that are driving the segment's growth. In addition to this, it provides both automated and manual mobile application testing to commercial customers, for testing native and hybrid mobile applications, which is another factor pushing the segment growth.
FIXED GEOFENCING ACCOUNTED FOR MAJOR MARKET SHARE
By product, fixed geofencing led the segment and grabbed the market share in 2022. Expanding application areas of static geofencing such as advertisement, asset management, recreational services, and others are driving the segment growth.
TRANSPORTATION AND LOGISTICS EMERGED AS THE LEADING APPLICATION
On the basis of application, transportation, and logistics dominated the segment in 2022. The growing adoption of geofencing for managing a large-scale fleet across various geographies is driving segment growth. In transportation and logistics, geofencing is rapidly adopted owing to excellent real-time coordination, higher security, and better planning of carrier movement and deliveries are again pushing the market growth.
NORTH AMERICA DOMINATED THE REGIONAL MARKET
Geographically, North America led the market in 2018. Excellent technological infrastructure with the growing adoption of smartphones, tablets, and other smart mobile devices are driving regional market growth. An increase in spending on R&D activities leading to the development of new location-based technologies is further propelling the market growth in North America.
PROMINENT PLAYERS OF THE MARKET
The geofencing market is booming due to the presence of players like Apple, ESRI, Geomoby, Simpli.Fi, Thumbvista, and many others.
As per this study, the Global Geofencing Market was valued USD 2.29 BN (by revenue) in 2022 and is anticipated to reach USD 16.92 BN by 2030 with a CAGR of 28.4%.
Geofencing can be referred to the virtual fencing that is created around the desired boundary locations of a land. Geofencing primarily composed of the software programs which are executed via using the gathering data from the GPS (Global Positioning Systems) or the RFID (Radio Frequency Identification). This data includes the location details as per the geographic parameters of the person's mobile.
Market Dynamics
The rising demand for location-based services (LBS) along with the rising penetration of mobile devices is expected to facilitate the growth of the geofencing market over the forecasted timeline. Rising demand for LBS for real-time, location-based navigation and tracking and for gathering market intelligence is again expected to fuel the market growth. Growing awareness about the benefits of location-based monitoring and management of mobile resources for increasing process and workforce productivity across the organization will definitely stimulate the market growth. Further, rising adoption of the technology across the transport and logistics sector coupled with the increasing demand from the retail industry for proximity-based promotion and marketing will also augment the geofencing market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of geofencing.
Market Segmentation
The broad geofencing market has been sub-grouped into service, product, and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Component
By Service
By Geofencing Type
By Organization Size
By Vertical
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for geofencing in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Geofencing Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the Geofencing market include Apple (US), Bluedot Innovation (US), DreamOrbit (India), Embitel (India), Esri (US), Factual (US), GeoMoby (Australia), GPSWOX (UK), InVisage (US), Localytics (US), LocationSmart (US), MAPCITE (UK), Maven Systems (India), Mobinius Technologies (India), MobiOcean (India), Nisos Technologies (US), Plot Projects (NetherlAnds), Pulsate (US), Raveon Technologies (US), Simpli.fi (US), SuccorfishM2M (UK), Swirl Networks (US), Thumbvista (US), Urban Airship (US), And Visioglobe (France). An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
1 . PREFACE
1.1. Report Description
1.1.1. Objective
1.1.2. Target Audience
1.1.3. Unique Selling Proposition (USP) & offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Market Research Process
1.3.2. Market Research Methodology
2 . EXECUTIVE SUMMARY
2.1. Highlights of Market
2.2. Global Market Snapshot
3 . GEOFENCING – INDUSTRY ANALYSIS
3.1. Introduction - Market Dynamics
3.2. Market Drivers
3.3. Market Restraints
3.4. Opportunities
3.5. Industry Trends
3.6. Porter’s Five Force Analysis
3.7. Market Attractiveness Analysis
3.7.1 Market Attractiveness Analysis By Component
3.7.2 Market Attractiveness Analysis By Service
3.7.3 Market Attractiveness Analysis By Geofencing Type
3.7.4 Market Attractiveness Analysis By Organization Size
3.7.5 Market Attractiveness Analysis By Vertical
3.7.6 Market Attractiveness Analysis By Region
4 . VALUE CHAIN ANALYSIS
4.1. Value Chain Analysis
4.2. Raw Material Analysis
4.2.1. List of Raw Materials
4.2.2. Raw Material Manufactures List
4.2.3. Price Trend of Key Raw Materials
4.3. List of Potential Buyers
4.4. Marketing Channel
4.4.1. Direct Marketing
4.4.2. Indirect Marketing
4.4.3. Marketing Channel Development Trend
5 . GLOBAL GEOFENCING MARKET ANALYSIS BY COMPONENT
5.1 Overview by Component
5.2 Historical and Forecast Data
5.3 Analysis by Component
5.4 Solution Historic and Forecast Sales by Regions
5.5 Services Historic and Forecast Sales by Regions
6 . GLOBAL GEOFENCING MARKET ANALYSIS BY SERVICE
6.1 Overview by Service
6.2 Historical and Forecast Data
6.3 Analysis by Service
6.4 Deployment And Integration Services Historic and Forecast Sales by Regions
6.5 Support And Maintenance Services Historic and Forecast Sales by Regions
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