Global Geofencing Market By 2024 Type, Service and Top Key Players: Apple, Google, Esri, Urban Airship, Placecast, Localytics, etc.

According to a new research report by Global Market Insights, Inc., 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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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 competitor’s 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.

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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.

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.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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