Global Geofencing Market Trends and Forecasts by Key Players: Apple, Google, Thumbvista, Esri, Urban Airship, Bluedot innovation, Gimbal, Embitel, Placecast, Simplifi.fi, Swirl Networks, Radar Labs, UpSnap, GeoMoby

Market Overview: -

With evolving emphasis on location-based marketing in retail space, geofencing market has indeed gained a widespread recognition in the mainstream tech cosmos. Over the recent years, it has been observed that the share battle between online and offline business platforms is intensifying. As a result, bricks and mortar giants have been increasingly looking for ways to implement e-commerce alternatives, the fundamental factor that has impelled geofencing industry share. Quite comprehensible from the terminology, geofencing is a service that, via an app utilizes RFID or GPS technology to increase the virtual boundary around a particular geographic location.

Geofencing market is projected to surpass USD 1.7 billion by 2024. The technology combines the awareness of user’s current location with that of their proximity to a location of interest. The market is witnessing rapid growth due to increasing global penetration of mobile devices and favorable growth of location-based services implementation. As businesses are increasingly realizing the benefits of location-based monitoring and management of mobile resources for increasing workforce and process productivity, the market is expected to exhibit robust growth over the forecasted timeline. Moreover, increasing awareness regarding competitive intelligence and growing popularity of proximity marketing are also projected to propel the market growth between 2017 and 2024.

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Top Key Players: -

Some of the key players in the geofencing market are Apple, Google, Thumbvista, Esri, Urban Airship, Bluedot innovation, Gimbal, Embitel, Placecast, Simplifi.fi, Swirl Networks, Radar Labs, UpSnap, GeoMoby, PlotProjects, Localytics, Pulsate, Mapcite, and DreamOrbit.

Market share calculation in this report is not done based on companies covered in it. The calculation of geofencing market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

Regional Segmentations: -

North America is expected to dominate the geofencing market throughout the forecast timeline due to the availability of an extensive and robust GPS infrastructure and high awareness regarding location-based analytics. As U.S. based retailers are increasingly deploying proximity marketing campaigns to target prospective customers and retain their loyal ones, the market will experience consistent traction between 2017 and 2024.

Asia Pacific geofencing market is projected to witness fastest growth between 2017 and 2024 due to growing inclination towards geofencing technology in the logistics and retail sectors in countries such as India, China and Australia.

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Partial Chapter of the Table of Content

Chapter 1. Methodology & Scope
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope, definition and research parameters
1.2. Data Sources
1.2.1. Primary
1.2.2. Secondary
Chapter 2. Executive Summary
2.1. Geofencing industry 360º synopsis, 2015 - 2024
2.1.1. Region trends
2.1.2. Geofencing Type trends
2.1.3. Component trends
2.1.4. Technology trends
2.1.5. Application trends
2.1.6. Deployment Model trends
Chapter 3. Geofencing Industry Insights
3.1. Introduction
3.2. Benefits of geofencing technology
3.2.1. Improved productivity
3.2.2. Resource tracking
3.2.3. Monitoring and managing workforce remotely
3.2.4. Geo-Retargeting
3.2.5. Increased ROI
3.3. Evolution of geofencing technology
3.3.1. Geofencing vs beacons
3.4. Industry segmentation
3.5. Industry landscape, 2015 - 2024
3.6. Industry ecosystem analysis
3.7. Geofencing architecture analysis
3.8. Regulatory landscape
3.9. Technology & innovation landscape
3.9.1. Combining geofencing and beacons
3.9.2. Augmented reality and geofencing
3.9.3. GPS Modernization
3.10. Geofencing industry impact forces
3.10.1. Growth drivers
3.10.1.1. Growing penetration of mobile devices
3.10.1.2. Regulatory compliance
3.10.1.3. Demand for location-based services (LBS)
3.10.1.4. Growing awareness regarding competitive intelligence
3.10.2. Industry pitfalls & challenges
3.10.2.1. Concerns regarding data security and privacy
3.10.2.2. Signal accuracy, integration and availability issues
3.10.2.3. Legal and regulatory issues
3.11. Industry news
3.12. Porter's analysis
3.13. PESTEL analysis

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American Eagle, one of the renowned clothing and accessories retailers, in the year before last, launched a groundbreaking reward scheme for its customers to encourage purchase. Reportedly, the U.S. headquartered company has utilized geofencing technology to create this app, which in a way is pushing consumers to add more items in their shopping carts to see what they can receive in return.

Since the strategy compels the users to at least consider the items that might be otherwise left on the rail, the probability of more purchases undoubtedly increases. This absolutely innovative strategy applied by the American retail giant grabbed the headlines back then and has been stamped as a benchmark in geofencing market growth.

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