Multiple advanced satellites deployed around the globe have bolstered the global network for global positioning system (GPS). Through the use of robust GPS network, penetration of GPS-enabled devices, and by employing RFID technology, a new exercise of creating virtual geographic boundaries has emerged to be identified as geofencing. Geofencing software are enabling advertisers and marketing professionals target a specific customer base by triggering a response when the user’s mobile device arrives into or departs from a particular geographic area. According to Transparency Market Research’s latest study, the global market for geofencing is poised to expand at a stellar CAGR of 30.0% and generate revenues worth over US$ 2 billion by the end of 2022. The study has analyzed a range of entities encompassing theexpansion of global geofencing market for the forecast period, 2017-2022.
Moderate Penetration in Unlicensed Low Power Technology Networks
Considering the importance of strong networks in enabling the proper function of geofencing solutions, majority of end-users and software developer are focusing on cellular networks for deployment. Cellular networks has established framework, and are supported by regional governments. In the view that these networks are licensed, geofencing operations can be carried out effectively through the robust infrastructure provided by cellular networks. In 2017, over four-fifth of the revenues procured in the global geofencing market are anticipated to be accounted by the cellular networks. Meanwhile, unlicensed low power technology networks are failing to gain robust traction in the global geofencing market. By the end of 2022, revenues procured from geofencing operations executed through unlicensed low power technology networks are expected to surpass US$ 310 million, globally. During the forecast period, North America is anticipated to remain lucrative for use of unlicensed low power technology networks in execution of geofencing operations.
Transportation & Logistics to Register High End-Use
The report further projects that transportation & logistics will be observed as the largest end-user industry in the global geofencing market. Live tracking of fleet and other freight management operations are being improved by the use of geofencing software. Geofencing of destination zones are enabling logistics companies in getting real-time responses from truckers, which is further bolstering the product delivery mechanism. Nearly half of the global geofencing market is anticipated to incur revenues from the end-use in transportation & logistics industry by the end of 2017. The end-use of geofencing in healthcare and aerospace & defense industry is likely to remain steady and close-matched. Over the forecast period, the retail end-use of geofencing is also expected to gain traction in terms of revenue share.
Key Focus on Geofencing Software
Developers as well as end-users are primarily expending to buy effective geofencing software apps. By the end of 2022, the global sales of geofencing software applications are expected to bring in over US$ 1.1 billion in revenues. On the other hand, sales of smart sensors are anticipated to procure the lowest share on global revenues. RFID tags will also emerge as a key component being sold in the global geofencing market throughout the forecast period.
Geofencing Market: Companies to Watch
The study has profiled leading developers of geofencing software, products and solutions in the competition analysis on global geofencing market. GeoMoby, Mobinius Technologies Pvt. Ltd., Localytics, Bluedot Innovation, Apple Inc., Swirl Networks, Inc., Simpli.Fi, Thumbvista, and Mapcite are key companies anticipated to remain active in expansion of global geofencing market through 2022. Several market players are expected to also focus on development of applications on geoconquesting – an emerging advertising & marketing practice where customers are pulled away from the competitors by sending real-time messages to their locations.
Geofencing Market: Overview
Transparency Market Research has developed an exclusive market study on geofencing, analyzing the market from a global perspective and deriving forecast on its expansion for the assessment period, 2017-2022. Key players in the global geofencing market have been identified and profiled to create baseline for market size forecasting. By aggregating the revenues of these players for the past five years, the report offers a comprehensive analysis on the historical growth of the global geofencing market. In addition, notable developments undertaken by these players have also been studied to gauge their influence in the expansion of the global geofencing market for the immediate future.
Executive summary and overview are the initial sections in the report that offer summarizing outlook on the forecasted market size estimations across metrics such as compound annual growth rate (CAGR), Year-on-Year (Y-o-Y) growth rate, and absolute dollar opportunities. The executive summary highlights the regional market forecast, while the overview provides a standard introduction to the overall global geofencing market. The term “geofencing” has also been defined in the overview of the report.
The report has further provided exhaustive analysis on a slew of factors influencing the growth dynamics of the global geofencing market. Analysis on parameters such as internet user penetration, smartphone penetration, vendor list, and IoT spending has also been provided in the report. The report also delivers an intensity map that demarks the presence of key companies across multiple regions. These companies have been extensively profiled in the section dedicated to revealing the competition landscape in the global geofencing market. Current market standings and strategic undertakings of market players have been disclosed in this section.
Key sections in the report reveal the analysis and forecast of the global geofencing market across several segments. Primary segmentation of the global geofencing market includes the component, the type of network, end-use industry, and region.
On the basis of components, the global geofencing market is segmented into
- Software Application
- RFID Tag
- Smart Sensors
Network-based segmentation of the global geofencing market entails:
- Unlicensed Low Power Technology
Key end-use industries segmented in this report are:
- Transportation and Logistics
- Healthcare & Life Sciences
- Aerospace & Defense
The report has also analyzed the expansion of the global geofencing market across regions, namely:
- North America (US and Canada)
- Latin America (Brazil, Argentina, Mexico, etc.)
- Europe (Western European and Eastern European countries)
- APEJ (Asia-Pacific excluding Japan)
- MEA (Middle East & Africa)
Additional information on cross-segmental analysis and country-specific forecast have also been delivered in the report.
Transparency Market Research has employed a team of analysts, business consultants & subject matter experts in the development of this study on the global geofencing market. For delivering accurate forecasts, robust research methodology comprising of primary and secondary research approaches has been employed. To cater to the universal understanding, the report offers market size estimations in US dollars (US$). Moreover, tailor-made formulas and authorized interviews with company representatives have instrumented the reliability of this business document. Qualitative insights have been infused with quantitative market size forecasts to ensure that the key players in the global geofencing market can undertake informed decisions by availing the report and assessing the inferences provided within.