Global Geofencing Market By 2024 Key Players: Apple, Google, Thumbvista, Esri, Urban Airship, Bluedot innovation, Gimbal, Embitel, Placecast, Simplifi.fi, Swirl Networks, Radar Labs, UpSnap, GeoMoby, PlotProjects, Localytics, Pulsate, Mapcite

Market Overview: -

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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The growing adoption of geo-conquesting marketing campaigns is also driving the growth of market in automotive and retail sector. By setting up geofences in the proximity of competitors business establishments, enterprises are targeting potential customers in the perimeter by offering lucrative offers on their products. As more and more brick-and-mortar retail businesses are implementing proximity-based marketing campaigns, the applications of geofencing-based marketing solutions are poised to increase rapidly over the forecast period.

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.

By procuring a database of potential recruits, companies set up geofences in areas where these coveted recruits live or work. When a person with relevant credentials enters such a geofence, an ad inviting to apply for the available position is pushed on his/her mobile phone. As the technology matures further, more innovative applications of geofencing are expected to evolve 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.

Geofencing Market was estimated at over USD 200 million in 2016, and to exceed USD 1700 million by 2024 with a CAGR of over 28% from 2017 to 2024.

Industry Growth drivers -

•Growing penetration of mobile devices
• Regulatory compliance
• Demand for location-based services (LBS)
• Growing awareness regarding competitive intelligence

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 size is expected to steadily increase between 2017 and 2024.

Geofencing market is witnessing traction also due to rising adoption of the technology in transport and logistics sector. As geofencing offers an efficient solution to manage large fleets across diverse geographic areas, it becomes manageable to track and monitor the location and movement of individual vehicles.
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.

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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.

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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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 and Factual.

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.

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