The geofencing market is gaining traction, due to the widespread adoption of mobile phones and the increase in internet penetration across various geographies. Penetration of latest technologies, rise in the use of spatial data, increasing applications in numerous industry verticals, and higher adoption of location-based applications among consumers are some of the other factors contributing to the growth of the overall geofencing market. MarketsandMarkets forecasts the global geofencing market size to grow from USD 542.7 Million in 2017 to USD 1,825.3 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 27.5%.
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North America is expected to have the largest market share and dominate the geofencing market during the forecast period. The region has the presence of major sustainable and well-established economies who invest substantially in Research and Development (R&D) activities, thereby contributing to the development of new location-based technologies. These technologies complement the growth of the geofencing market.
The region comprises countries such as the US and Canada, which are witnessing the significant adoption of geofencing solutions. Growing trends such as Know Your Customer (KYC), the rise in the use of smartphones, and the increase in the use of social media platforms have resulted in the tremendous growth of technology adoption in this region. Various government initiatives, such as smart city projects and telematics programs, are also favoring the implementation of geofencing solutions in this region.
The major vendors in the geofencing market include Simpli.fi (US), Embitel (India), Thumbvista (US), Pulsate(US), Mobinius Technologies (India), Esri (US), Bluedot Innovation (US), GeoMoby (Australia), GPSWOX (UK), Apple (US), Localytics (US), Swirl Networks (US), DreamOrbit (India), Factual (US), InVisage (US), LocationSmart (US), MAPCITE (UK), Maven Systems (India), MobiOcean (India), Nisos Technologies (US), Urban Airship (US), plot projects (Netherlands), Raveon Technologies(US), and SuccorfishM2M (UK).
Apple is another established vendor in the geofencing market. The company has a strong geographic presence worldwide, including the regions of North America, Asia Pacific (APAC), Middle East and Africa (MEA), Europe, and Latin America. The company’s business strategy includes building and expanding its retail and online stores, and third-party distribution network to effectively reach out to more customers and provide them high-quality sales and post-sales support experience.
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