Geofencing Market to Witness Significant Growth in the Coming Years

Benefits of virtual perimeters that can trigger response when a mobile device enters the girded geographical area and send real-time messages automatically are being actively considered by end-users across the globe. Geofencing, the process for executing this, is emerging as an effective tool built on robust and advanced technologies such as GPS and RFID. According to Transparency Market Research’s latest report, the global geofencing market will continue to witness active participation of tech players who focusing on extending their capabilities in development of effective geofencing solutions. Companies such as Mapcite, Thumbvista, Simpli.Fi, Swirl Networks, Inc., Apple Inc., Bluedot Innovation, Localytics, Mobinius Technologies Pvt. Ltd., and GeoMoby have profiled in the report as key players in the global geofencing market.

While these companies strive to remain active through aggressive marketing strategies, product development and extension of development threshold, several of them are also expected to tap into the additional feature of geoconquesting, a marketing & advertising practice that uses geofencing tools to attract customers in the vicinity of the competition.

Apropos the key findings from the report, the global geofencing market is anticipated to soar robustly at a CAGR of 30.0%, and rake over US$ 2 billion in revenues by the end of the forecast period, 2017-2022. During this period, the demand for geofencing is anticipated to remain concentered in the North American region. While North America is anticipated to represent the largest market for geofencing, regions such as Europe and APEJ are also expected to showcase promising growth in terms of adoption.

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Benefits of virtual perimeters that can trigger response when a mobile device enters the girded geographical area and send real-time messages automatically are being actively considered by end-users across the globe. Geofencing, the process for executing this, is emerging as an effective tool built on robust and advanced technologies such as GPS and RFID. According to Transparency Market Research’s latest report, the global geofencing market will continue to witness active participation of tech players who focusing on extending their capabilities in development of effective geofencing solutions. Companies such as Mapcite,

Thumbvista, Simpli.Fi, Swirl Networks, Inc., Apple Inc., Bluedot Innovation, Localytics, Mobinius Technologies Pvt. Ltd., and GeoMoby have profiled in the report as key players in the global geofencing market. While these companies strive to remain active through aggressive marketing strategies, product development and extension of development threshold, several of them are also expected to tap into the additional feature of geoconquesting, a marketing & advertising practice that uses geofencing tools to attract customers in the vicinity of the competition.

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Apropos the key findings from the report, the global geofencing market is anticipated to soar robustly at a CAGR of 30.0%, and rake over US$ 2 billion in revenues by the end of the forecast period, 2017-2022. During this period, the demand for geofencing is anticipated to remain concentered in the North American region. While North America is anticipated to represent the largest market for geofencing, regions such as Europe and APEJ are also expected to showcase promising growth in terms of adoption.

End-use of Geofencing in Transportation & Logistics to remain Predominant

On the basis of end-use industries, geofencing continues to be predominantly used in transportation and logistics operations. Efficiency of real-time fleet tracking and fleet management operations are enhanced by incorporating geofencing software applications and RFID tags on trucks and containers. In 2017, close to half of the revenues procured in the global geofencing market are anticipated to arise from their end-use in the transportation & logistics industry. By the end of 2022, these revenues are expected to exceed US$ 1 billion. The report also projects promising end-use of geofencing in the retail industry, particularly owing to their impact in triggering customer engagement. On the other hand, aerospace & defense and healthcare industries are likely to showcase close-matched shares on global revenues over the forecast period.

Cellular Networks and Software Applications: Promising Segments

The report has further segmented the global geofencing market on the basis of network and components. Robust infrastructure facilitated by cellular networks is observed to drive their use in the global geofencing market through 2022. Unlike unlicensed low power technology networks, cellular networks are enabling effective execution of geofencing operations. By 2022, over US$ 1.5 billion worth of global revenues are likely to be amassed from executing geofencing operations through cellular networks.

Software applications are recognized as the top-selling geofencing components in the global market. Over the next five years, geofencing software applications will remain in great demand, as they will enable the access to this tool across all individual customers. By 2017-end, the global geofencing market is estimated to witness close to 60% revenue share from software applications components. RFID tags are also observed to incur surplus demand in the upcoming years. The report expects that between 2017 and 2022, RFID tags will create an absolute dollar opportunity of more than US$ 400 million.

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