Geofencing Market to Cross USD 2,387 Million by 2023 Propelling at 27% CAGR

Global Geofencing Market, By Component (Solution, Services), By Geofencing Type (Fixed, Mobile), By Organization Size (SMEs, Large Enterprises), By Vertical (BFSI, Healthcare, Manufacturing, Retail, Media & Entertainment) - Forecast 2023

Market Research Analysis:
It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific market is projected to grow at the fastest rate during the forecast period. The major growth in geofencing market in North America is attributed to technological advancements and increasing demand for location based applications and rise in use of spatial data and analytical tools in that region.

Market Synopsis of Geofencing Market:
Market Scenario:
Major giants like Apple, Thumbvista, Pulsate, and Bluedot Innovation are investing into the geofencing market due to increasing demand for geofencing solutions across various industry verticals. Increasing demand for location based applications among consumers is one major factor driving the growth of geofencing market. Rise in the use of spatial data and analytical tools is another major factor fueling the growth of geofencing market. Ease of integration and deployment of geofencing solutions is driving the growth of geofencing market.

North America region holds the largest market share of global geofencing market followed by Europe and Asia Pacific regions. The growth is North America region is mainly dominated by U.S. and Canada and is attributed to the increasing demand for analytical tools and spatial data in the region. The region also has a well-established infrastructure which allows implementation of advanced technologies. Increasing popularity and rise in adoption of business intelligence is one major factor responsible for driving the growth of geofencing market.

Geofencing market has been segmented on the basis of component, device type, deployment, organization size and vertical. The vertical segment is further bifurcated into BFSI, healthcare, manufacturing, retail, transportation, media & entertainment, government and others. Out of which, transportation sub segment is expected to hold the largest market share whereas, government sub segment is expected to hold the second largest market share of the geofencing market during the forecast period. Government vertical applications of geofencing solutions include law enforcement, military vehicle management and others. BFSI sub segment is also expected to witness significant growth rate during the forecast period.

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Geofencing can help in increasing customer interactions, accountability and profits and employee productivity too. Geofencing is a very beneficial marketing tool and hence is gaining immense popularity.

The global geofencing market is expected to grow at approx. USD 2,387 Million by 2023, at 27% of CAGR between 2017 and 2023.

Key Players:

The prominent players in geofencing market are – Apple, INC. (U.S.), Thumbvista (U.S.), Pulsate (U.S.), Simpli.Fi Holdings Inc. (U.S.), Esri (U.S.), Bluedot Innovation (U.S.), Geomoby (Australia), GPSWOX, Ltd. (U.S.), Localytics (U.S.), Swirl Networks Inc. (U.S.) and others.

Also, Mobinius Technologies (India), Mapcite (U.K.), DreamOrbit (India), Factual (U.S.), InVisage (U.S.), LocationSmart (U.S.), Maven Systems (India), MobiOcean (India), Nisos Technologies (U.S.), Urban Airship (US), Plot Projects (Netherlands), Raveon Technologies (U.S.), Visioglobe (France) and SuccorfishM2M (U.K.) are few other major players in the geofencing market. These companies have not been profiled in our study, but it can be taken up as a part of customization, as per client requirements.

Segments:

The geofencing market has been segmented on the basis of component, geofencing type, organization size and vertical. The organization size segment is bifurcated into small and medium sized enterprises and larges enterprises. Out of which, the large enterprises segment holds the largest market share for device as a segment market whereas, small and medium enterprises segment is expected to witness significant growth during the forecast period. This is owing to the technological advancements and growing demand for wireless technology applications.

By Component
• Solution Services
• Deployment & Integration Services
• Support & Integration Services
• Consulting & Advisory Services
• API Management & Testing Services
By Geofencing Type
• Fixed Geofencing
• Mobile Geofencing
By Organization Size
• SMEs
• Large Enterprises
By Vertical
• BFSI
• Healthcare
• Manufacturing
• Retail
• Transportation
• Media & Entertainment
• Government
• Others

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Regional Analysis:
The regional analysis of geofencing market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in geofencing market in North America is attributed to technical advancements and increasing demand for business intelligence and analytical tool with a rise in demand for spatial data in that region.

Intended Audience
• Technology Investors
• Research/Consultancy Firms
• Original equipment manufacturers (OEMs)
• Government Bodies
• Consumers
• IT & Telecommunication Companies
• Geofencing solution providers
• Geofencing service providers
• System integrators
• Managed service providers
• Middleware companies
• Wireless Infrastructure Providers and Service Providers3

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