In this rapidly changing world of technology, geofencing market is projected to show major growth prospects during the forecast period. Major factor driving the geofencing market is the increasing adoption of location based application services. Rise in growth of competitive analysis is another major factor responsible for fueling the growth of geofencing market.
Geofencing market is estimated to exhibit high growth potential during the forecast period owing to rapid adoption of geofencing solutions and services. Major driving factor in the growth of geofencing market is the growing need for analytical tools and increasing need for spatial data. Increasing advancements in technology is another major factor responsible for the growth of geofencing market. Increasing awareness about safety and security is one major factor driving the growth of geofencing market.
Companies like Thumbvista, Pulsate, and Bluedot Innovation are among the key players in the geofencing market. Bluedot Innovation has announced location marketing with geofencing which helps in providing high accuracy location services. This is one major factor driving the growth of geofencing market. The company focusses on offering innovative solutions and keeps up with the fast pace of the technological advancements. Geofencing provides a track of competitors marketing activities too and rise in business intelligence are other major factors driving the growth of geofencing market.
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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.
The prominent players in the 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.
The global Geofencing Market is expected to grow at approx. USD 2,387 Million by 2023, at 27% of CAGR between 2017 and 2023.
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.
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- Technology Investors
- Research/Consultancy Firms
- Original equipment manufacturers (OEMs)
- Government Bodies
- IT & Telecommunication Companies
- Geofencing solution providers
- Geofencing service providers
- System integrators
- Managed service providers
- Middleware companies
- Wireless Infrastructure Providers and Service Providers
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