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(Wireless-NewsWire.Com, February 08, 2018 )
Geofencing Market is set to exceed USD 1.7 billion by 2024. The Geofencing Market growth is attributed to the popularity of mobility trend leading to extensive proliferation of mobile devices such as smartphones and tablets, along with rising demand for proximity marketing solutions. The utility of mobile devices is widening as they are consolidating their role as central medium to reach an ever-expanding portfolio of applications and services. GPS-based location services are provided as a default feature in most of these mobile devices. Marketers are leveraging such capabilities of these devices to determine the location of their existing and prospective customers to offer real-time marketing messages to them.
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With the growing popularity of AR and beacon technologies, geofencing is being integrated with them to effectively improve proximity marketing campaigns. These technologies are also being leveraged to improve gaming experience of gamers by integrating location-based capabilities with app-based games for mobile devices. Also, modernization efforts to improve the capability and performance of existing GPS infrastructure are also expected to boost the adoption of geofencing solutions over the forecast timeline.
Mobile Geofencing Market is expected to exhibit promising growth over the forecasted timeline as it can vary the boundaries of the perimeter based on a situation determined by a combination of data streams. Such solutions can automatically define areas based on population density and personalize ads. Hence, message relevancy can be highly enhanced and engagement can be driven to specific business locations.
The product market held a significant geofencing market share of over 80% in 2016 owing to extensive deployment of geofencing systems by enterprises operating in retail, logistics, and automotive sectors. Within the product market, promotion and advertising solutions will exhibit fastest growth between 2017 and 2024 as businesses are increasingly realizing the potential of the technology to improve location-based marketing efforts and in turn, enhance their promotion and marketing ROI.
GPS market will witness positive growth over the timeline owing to considerable ongoing advancement in the technology through replacement of the legacy ground-based systems and GPS satellites with newer ones. With large scale adoption of GPS tracking systems for fleet management applications in the logistics industry, the geofencing market is expected to steadily increase between 2017 and 2024.
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Cloud-based geofencing solutions will experience significant adoption over the forecasted timeline due to rapidly growing popularity of cloud computing. As cloud-based applications offer enhanced flexibility and scalability to deploy geofencing application, cloud geofencing market will exhibit fastest growth between 2017 and 2024.
North America will hold a majority share in the geofencing market by 2024 due to the presence of robust communication and internet infrastructure in the region. As the U.S. government is heavily investing in the GPS modernization project, the performance of satellite-based communication and location systems in the region is expected to improve significantly over the forecasted timeline. The APAC region will grow the fastest due to increase in the use of location analytics in countries such as India, Japan, China, and ANZ.
The key players operating in the geofencing market are PlotProjects, Apple, Thumbvista, Esri, Bluedot innovation, Swirl Networks, Embitel, Simplifi.fi, Mapcite, UpSnap, Google, Gimbal, Placecast, DreamOrbit, GeoMoby, Localytics, Pulsate, Radar Labs, and Urban Airship. These players are focusing on consistent product development and innovation. By enabling better connectivity, increased accuracy and seamless integration, they are emphasizing on extending their solutions to diverse industries such as public sector, hospitality and media and entertainment.
Geofencing market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD million from 2015 to 2024, for the following segments:
Geofencing Market, By Type:
Fixed, Mobile
Geofencing Market, By Component:
Product:
Asset Monitoring and management, Fleet management, Workforce management, Promotion and advertising, Competitor tracking, Drone management
Service:
API management services, Managed services, Consulting, training and maintenance services.
Geofencing Market, By Technology:
GPS, RFID, Wi-Fi, Cellular Network.
Geofencing Market, By Application:
Transportation and logistics, Retail, Automotive, BFSI, Public sector, Hospitality, Media and entertainment.
Geofencing Market, By Deployment Model:
On-premise, Cloud.
The above information is provided on a regional basis for the following:
North America, U.S., Canada, Europe, Germany, UK, France, Spain, Italy, Russia, Asia Pacific, China, India, Japan, South Korea, Australia, Latin America, Brazil, Mexico, Argentina, Middle East and Africa, South Africa, Saudi Arabia.
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Related Report:
United States Geofencing Market Report 2017
In this report, the United States Geofencing market is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022.https://www.marketstudyreport.com/reports/united-states-geofencing-market-report-2017/?utm_source=RR-PSR
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