The popularity of location-based services is motivating the development of geofencing services globally. Reports that evaluate the information and communication technology industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The market is on the path to capture USD 2,387 Million in income while progressing at 27% CAGR in the forecast period by 2023.
The escalating use of spatial data is expected to steer the geofencing market on an upward growth curve. The improvement in deployment and integration of geofencing services is expected to spur the market growth in the coming years. Moreover, the surge in location-based applications is expected to create favorable prospects for expansion in the approaching forecast period.
The segmental analysis of the geofencing market has been carried out on the basis of solution, organization size, services, vertical, type, and region. Based on organization size, the geofencing market has been segmented into large enterprises and small & medium enterprises. Based on service, the geofencing market is segmented into consulting & advisory services, deployment & integration services, application programming interface (API) management & testing services, and support & integration services. Based on the type, the geofencing market has been segmented into mobile geofencing and fixed geofencing. The vertical based segmentation of the geofencing market has been segmented into banking, financial services and insurance (BFSI), healthcare, government, manufacturing, retail, media & entertainment, transportation, and others. The regions included in the analysis are as Asia Pacific, North America, Europe and Rest of the World.
Detailed Regional Analysis
The regional examination of Global Geofencing Market covers regions such as Asia Pacific, North America, Europe and the rest of the world. As per the analysis, it has been perceived that the North American region is projected to account for the principal share of the market, while the Asia Pacific region is anticipated to flourish at the fastest rate through the forecast period. The key growth in the geofencing market in the North American region is accredited to the technical advancements, growing demand for business intelligence and analytical tools along with an upsurge in demand for spatial data in that region.
The competency of the market is bolstered by the reconditioned nature of the assets existing in the market. The commitment to dealing with the obstacles in the market by the competitors has considerably improved in recent times. Furthermore, the improvement in the economic environment is expected to boost growth in the market. A fortified growth stride is detected in the market owing to the helpful effect applied both internally and externally by significant driving factors. The development of the product portfolio motivates the elasticity of demand in the market. The budget elements in the expenses of the competitors in the market are becoming more dynamic. The operating environment in the market is leading to industrious growth in the market. Moreover, the growing business needs in the market are creating a favorable backdrop for change. The factors for change are encouraging the development of the market.
The renowned competitors in the geofencing market are Thumbvista (U.S.), Pulsate (U.S.), Simpli.Fi Holdings Inc. (U.S.), Esri (U.S.), Bluedot Innovation (U.S.), Geomoby (Australia), Apple, INC. (U.S.), GPSWOX, Ltd. (U.S.), Localytics (U.S.), Mobinius Technologies (India), Mapcite (U.K.), DreamOrbit (India), Factual (U.S.), InVisage (U.S.), Swirl Networks Inc. (U.S.), Urban Airship (US), LocationSmart (U.S.), MobiOcean (India), Nisos Technologies (U.S.), Plot Projects (Netherlands), Raveon Technologies (U.S.), Maven Systems (India), Visioglobe (France) and SuccorfishM2M (U.K.) and others.
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