Geofencing Market 2020 Trends With Top Players Localytics, Urban Airship, Esri, Google, Apple, Bluedot, Embitel Technologies, Swirl Networks, DreamOrbit, Placecast, Gimbal

Geofencing market share stands to gain much from security and defense applications. Numerous companies participating in the business space have been creating a whole hog to bring about significant advancements in the capabilities of this solution with enhanced integration and accuracy functionalities. In this regard, China has recently made it to the headlines with the announcement of its decision of integrating geo-fencing based facial recognition system for security and surveillance in Xinjiang.

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The conventional way of finding books in retail stores is being gradually transformed by the global geofencing market. Citing an instance to highlight the altering dynamics of buying a book, Foyles uses geofencing technique to enhance the overall in-store consumer experience. The London based flagship of a seven-strong bookstore chain records the details of consumers after they connect to the in-store Wi-fi. Subsequently, the sophisticated version of the technique retargets the customers at a later date and uses the data to send emails regarding book offers.

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 market 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.

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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