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.
The key drivers of the global geofencing market include ease of integration and deployment of geofencing solutions, increasing demand for geofencing solutions across various industry verticals, increasing demand for location-based applications among consumers, and rise in the use of spatial data & analytical tools.
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The global geofencing market has been segmented on the basis of organization size, solution, services, type, vertical, and lastly, region. On the basis of organization size, this market has been segmented into small & medium enterprises (SMEs) and large enterprises. The service-based segmentation segments the market into application programming interface (API) management & testing services, consulting & advisory services, deployment & integration services, and support & integration services. By type, the market has been segmented into fixed geofencing and mobile geofencing.
Based on the vertical, the market has been segmented into Banking, Financial Services and Insurance (BFSI), government, healthcare, manufacturing, media & entertainment, retail, transportation, and others. Out of all these segments, transportation sub-segment is expected to hold the largest market during the forecast period. Government sub-segment is expected to hold the second largest market share during the forecast period. According to the report, Government vertical applications of geofencing solutions include law enforcement, military vehicle management, and others. The report also expects BFSI sub-segment to witness significant growth rate.
The regional segmentation of Geo-fencing 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.
The key players in the global geofencing market Apple, INC. (USA), Bluedot Innovation (USA), Esri (USA), Geomoby (Australia), GPSWOX, Ltd. (USA), Localytics (USA), Pulsate (USA), Simpli.Fi Holdings Inc. (USA), Swirl Networks Inc. (USA), and Thumbvista (USA).
There are some companies that have not been profiled in the report, but they can be included as a part of customization, as per the client requirements. Such companies are DreamOrbit (India), Factual (USA), InVisage (USA), LocationSmart (USA), Mapcite (UK), Maven Systems (India), Mobinius Technologies (India), MobiOcean (India), Nisos Technologies (USA), Plot Projects (Netherlands), Raveon Technologies (USA), SuccorfishM2M (UK), Urban Airship (USA), and Visioglobe (France).
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