Geofencing Market - Industry Growth Analysis & Forecast By 2024
Category: #business  By Rahul Varpe  Date: 2021-08-09
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Geofencing Market - Industry Growth Analysis & Forecast By 2024

Geofencing market is projected to surpass USD 1.7 billion by 2024. The technology combines the awareness of user's current location with that of their proximity to a location of interest. The market is witnessing rapid growth due to increasing global penetration of mobile devices and favorable growth of location-based services implementation. As businesses are increasingly realizing the benefits of location-based monitoring and management of mobile resources for increasing workforce and process productivity, the market is expected to exhibit robust growth over the forecasted timeline. Moreover, increasing awareness regarding competitive intelligence and growing popularity of proximity marketing are also projected to propel the market growth between 2017 and 2024.

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 competitors 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. The market is witnessing traction also due to rising adoption of the technology in transport and logistics sector. As geofencing offers an efficient solution to manage large fleets across diverse geographic areas, it becomes manageable to track and monitor the location and movement of individual vehicles.

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The Geofencing technology is witnessing consistent advancements in terms of upgradation and integration with other technologies such as beacons and augmented reality. As GPS is undergoing a technological transformation with acquisition of new satellites and emergence of latest standards, geofencing will evolve into a more sophisticated location-based service over the forecast period. An emerging application of geofencing is increasingly evident as a recruitment tool, where companies are leveraging the technology to target prospective employees. Companies are locating and attracting specialized talent using geofencing. 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.

North America is expected to dominate the geofencing market throughout the forecast timeline due to the availability of an extensive and robust GPS infrastructure and high awareness regarding location-based analytics. As U.S. based retailers are increasingly deploying proximity marketing campaigns to target prospective customers and retain their loyal ones, the market will experience consistent traction between 2017 and 2024. 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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The companies offering geofencing solutions are focusing on expanding their reach to a broader customer base to secure a competitive advantage in the rapidly evolving marketspace. For instance, in January 2018, Bluedot Innovation, one of the leading providers of geofencing solutions, launched Bluedot Location Marketing on Salesforce AppExchange, the world's largest marketplace for enterprise apps. With this launch, the company made its geofencing solution highly accessible to enterprise customers. Such initiatives are contributing to the expanding market share of these leading companies. 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.

Table of Contents

Chapter 1. Methodology & Scope

  • 1.1. Methodology
    • 1.1.1. Initial data exploration
    • 1.1.2. Statistical model and forecast
    • 1.1.3. Industry insights and validation
    • 1.1.4. Scope, definition and research parameters
  • 1.2. Data Sources
    • 1.2.1. Primary
    • 1.2.2. Secondary

Chapter 2. Executive Summary

  • 2.1. Geofencing industry 360º synopsis, 2015 - 2024
    • 2.1.1. Region trends
    • 2.1.2. Geofencing Type trends
    • 2.1.3. Component trends
    • 2.1.4. Technology trends
    • 2.1.5. Application trends
    • 2.1.6. Deployment Model trends

Chapter 3. Geofencing Industry Insights

  • 3.1. Introduction
  • 3.2. Benefits of geofencing technology
    • 3.2.1. Improved productivity
    • 3.2.2. Resource tracking
    • 3.2.3. Monitoring and managing workforce remotely
    • 3.2.4. Geo-Retargeting
    • 3.2.5. Increased ROI
  • 3.3. Evolution of geofencing technology
    • 3.3.1. Geofencing vs beacons
  • 3.4. Industry segmentation
  • 3.5. Industry landscape, 2015 - 2024
  • 3.6. Industry ecosystem analysis
  • 3.7. Geofencing architecture analysis
  • 3.8. Regulatory landscape
  • 3.9. Technology & innovation landscape
    • 3.9.1. Combining geofencing and beacons
    • 3.9.2. Augmented reality and geofencing
    • 3.9.3. GPS Modernization
  • 3.10. Geofencing industry impact forces
    • 3.10.1. Growth drivers
    • 3.10.1.1. Growing penetration of mobile devices
    • 3.10.1.2. Regulatory compliance
    • 3.10.1.3. Demand for location-based services (LBS)
    • 3.10.1.4. Growing awareness regarding competitive intelligence
    • 3.10.2. Industry pitfalls & challenges
    • 3.10.2.1. Concerns regarding data security and privacy
    • 3.10.2.2. Signal accuracy, integration and availability issues
    • 3.10.2.3. Legal and regulatory issues
  • 3.11. Industry news
  • 3.12. Porter's analysis
  • 3.13. PESTEL analysis

Chapter 4. Competitive Landscape, 2016

  • 4.1. Introduction
  • 4.2. Competitive analysis of market players
  • 4.3. Apple
  • 4.4. Google
    • 4.4.1. Bluedot Innovation
    • 4.4.2. Thumbvista
    • 4.4.3. Embitel
    • 4.4.4. Simpli.fi
    • 4.4.5. Mapcite
    • 4.4.6. Swirl
    • 4.4.7. GeoMoby

Chapter 5. Geofencing Market, By Type

  • 5.1. Geofencing market share by Type, 2016 & 2024
  • 5.2. Fixed geofencing
    • 5.2.1. Fixed geofencing market, by region, 2015-2024
  • 5.3. Mobile geofencing
    • 5.3.1. Mobile geofencing market, by region, 2015-2024
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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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