Market Research Future (MRFR), in its current “Geofencing Market” report, reveals that the geofencing market is expected to capitalize on different opportunities across the evaluation period of 2017 and 2023. As per MRFR insights, the worldwide market of geofencing is likely to strike a lucrative CAGR of 27% across the review period. The geofencing market is likely to be valued at USD 2,387 Mn by the end of the review period.
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Ease of integration of geofencing solutions is identified as a major booster for the growth of the geofencing market. The surging demand for geofencing solutions across wealthy verticals, such as transportation and logistics, is expected to spur the market growth across the assessment period. The increase in requirement for location-based applications and growing utility of spatial data and analytical tools are additional causes that can prompt the geofencing market growth. In addition, growing mobility trends among companies are also generating scope for the geofencing market to surge.
Detailed Regional Study
Regionally, the geofencing market is studied for North America, Asia Pacific, Europe, and the Rest of the world (RoW). The geofencing market in North America is likely to surge at a high pace. The increase in use of GPS and advancements in GPS technologies is likely to be the major booster for the geofencing market in North America. The United States is expected to win high profits for the regional market due to the presence of robust technical infrastructure that aids in the expansion of product portfolio. After US. Canada and Mexico is expected to act as a significant revenue generator for the market. In Europe, the increase in the demand for spatial data and analytical tools across different verticals is expected to propel the regional market in the years of evaluation. Well-established infrastructure, surge in business intelligence adoption, and growing popularity of geofencing services are additional factors that are likely to boost the market growth in Europe. The presence of numerous geofencing service provider is also expected to boost the regional geofencing market growth. In Asia Pacific, the geofencing market is expected to hold a bright future. This is due to the development of smart cities in economies, such as China and India.
Market Segmental Outline
The global market of geofencing is segmented by organization size, services, solution, type, and vertical. By size of organization, the market has been sectioned into large enterprises and small & medium enterprises (SMEs). By service, Geo-fencing Market is segmented into consulting & advisory services, application programming interface (API) management & testing services, support & integration services, and deployment & integration services. By type, the market is split into mobile geofencing and fixed geofencing. By vertical, the market is segmented into BFSI, healthcare, government, media & entertainment, manufacturing, transportation, retail, and others. Dynamics of the transportation segment is anticipated to dictate the progress of the global geofencing market during the forecast span. Considering the government segment, this vertical includes geofencing solutions for military vehicle management, law enforcement, and others. Hence, the government segment is likely to gain traction for the market. the BFSI segment is expected to experience high pace of growth.
MRFR profiled key players of the global geofencing market. They are; Bluedot Innovation (USA), Apple, INC. (USA), Geomoby (Australia), Esri (USA), Localytics (USA), GPSWOX, Ltd. (USA), Simpli.Fi Holdings Inc. (USA), Pulsate (USA), Thumbvista (USA), Swirl Networks Inc. (USA), Factual (USA), DreamOrbit (India), LocationSmart (USA), InVisage (USA), Maven Systems (India), Mapcite (UK), MobiOcean (India), Mobinius Technologies (India), Plot Projects (Netherlands), Nisos Technologies (USA), Raveon Technologies (USA), Urban Airship (USA), SuccorfishM2M (UK), and Visioglobe (France).
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