MarketsandMarkets forecast “the geofencing market sizeis expected to grow from USD 542.7 million in 2017 to USD 1,825.3 million by2022, at a Compound Annual Growth Rate (CAGR) of 27.5%.” The major factorsdriving the growth of the geofencing market include penetration of the latesttechnologies, the rise in the use of spatial data, and growth of competitiveintelligence among the businesses.
Browse 62 Market Data Tables and 38 Figures spreadthrough 145 Pages and in-depth TOC on "Geofencing Market by Component (Solution and Services), Geofencing Type (Fixed andMobile), Organization Size, Vertical (Transportation & Logistics,Government & Defense, Retail, Healthcare & Life Sciences), and Region -Global Forecast to 2022"
Major Key Players
The major vendors in the geofencing market include Simpli.fi(US), Embitel (India), Thumbvista (US), Pulsate(US), Mobinius Technologies(India), Esri (US), Bluedot Innovation (US), GeoMoby (Australia), GPSWOX (UK),Apple (US), Localytics (US), Swirl Networks (US), DreamOrbit (India), Factual(US), InVisage (US), LocationSmart (US), MAPCITE (UK), Maven Systems (India),MobiOcean (India), Nisos Technologies (US), Urban Airship (US), plot projects(Netherlands), Raveon Technologies(US), and SuccorfishM2M (UK).
Geofencingis defined as the creation of a virtual boundary around a fixed or movingobject via which any device, individual, or asset can be tracked, monitored,and detected, in case the boundary is violated. Geofencing creates and tracksvirtual boundaries. It uses the Global Positioning System (GPS), RadioFrequency Identification (RFID), and Wi-Fi technologies along with dedicatedsoftware to track equipment and users. The geofencing software can send usersalerts and notifications, as per the user requirements.
Frequentincidents of national border intrusions, and the ease of integration anddeployment of geofencing solutions are creating several opportunities in thegeofencing market. The trending technologies, such as beacons, self-reportedpositioning, mobile messaging, and real-time location services, are alsodriving the growth of the global geofencing market.
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The mobile geofencing type isexpected to grow at the highest CAGR during the forecast period.
Mobilegeofencing is dynamic, and it moves with the user. It is built into the user’smobile device and uses cellular data and GPS. For instance, if a user ispassing by a parking space, he will receive push notifications about the paidparking space. Similarly, if the same user is traveling and a landslide occurs,he will receive push notifications about the landslide before entering thedanger zone. Due to the increase in the number of smartphone users and thegrowing penetration of the internet, the mobile geofencing segment is expectedto grow at a higher CAGR during the forecast period.
The Banking, Financial Services, andInsurance (BFSI) vertical is expected to be the fastest growing segment in thegeofencing market during the forecast period.
Due to theincrease in market competition, the BFSI vertical is expected to implementinnovative solutions to target relevant customers. The geofencing technologyenables the BFSI vertical to target customers in a sophisticated and an accuratemanner. The highly competitive BFSI industry majorly focuses on customersatisfaction. This requirement can be fulfilled by implementing geofencingsolutions and services. Moreover, geofencing is cost-effective and easy toimplement.
With thehelp of the geofencing technology, banks can locate eCommerce customers viatheir IP addresses and send contextually relevant content, such as specialcredit offers, merchant promotions, loyalty programs, and information aboutworking hours. The various applications of geofencing in the BFSI verticalinclude customer tracking and fraud prevention, and marketing and promotions.
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