Published: Feb, 2018
The global geofencing market is seeing active participation of tech companies keen upon creating cutting-edge solutions to address different needs of end users. Some such keen players that have made a mark in the competitive landscape are Apple Inc., Thumbvista, Mapcite, Swirl Networks, Inc., Simpli.Fi, Localytics, Mobinius Technologies Pvt. Ltd., GeoMoby, and Bluedot Innovation.
Apart from product development and aggressive marketing strategies, such key players in the global market for geofencing are also going on to additional features such as geoconquesting – an upcoming advertising and marketing tactic in which consumers are poached from rivals by sending real-time messages on their locations.
The market for geofencing is expected to rise at a phenomenal 30.0% CAGR over the course of the forecast period from 2017 to 2022, finds a research study by Transparency Journal Research after thorough primary and secondary research. It also states that rising at this rate, the market will likely attain a value of US$2 billion by the end of the forecast period.
Networks deployed in geofencing can be broadly segmented into cellular and unlicensed low power technology. Of them, the cellular network is expected to majorly boost the global geofencing market through 2022. This is because, they are better at facilitating geofencing operations compared to low power technology networks. The TMR report predicts that the cellular networks will help pull in revenues to the tune of US$1.5 billion in the market by 2022.
Geography-wise again, North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa are to name the noteworthy segments in the market for geofencing. Among them, North America generates maximum demand due to swift development of various effective marketing strategies by concerned stakeholders.
Transportation and Logistics Industry Primary Growth Driver
At the forefront of driving demand in the global market for geofencing is the transportation and logistics industry. “Live tracking of fleet along with other freight management operations are being bettered using geofencing software and over the half the revenues in the market are being generated by the transportation and logistics sector,” prophesizes the lead analyst of the report. Apart from that, modern cab aggregating services and food delivery apps are also banking upon the technology big time. For example, geofences are a key component of Uber’s service – its app assigns rides to the drivers nearest to the on user’s location using the technology.
Rising Potential Applications Spells Opportunity for Market
Geofencing is also finding application in the healthcare, aerospace and defense, and retail sector. Retail behemoth Walmart banks upon geofencing to up sales by sending electronic coupons to users depending on their location inside their stores. Similarly, many other retailers are adopting it to send push notifications or SMSs to customers when they are in the vicinity to improve loyalty and materialize sales. Further, nursing homes can leverage it to track patients when they go for medical checkups.
With rising commercial and industrial applications of geofencing, along with potential complicated industrial usage, the sunrise sector is expected to grow speedily in the next couple of years.
This review is based on the findings of a TMR report, titled, “Geofencing Market (Network - Cellular and Unlicensed Low Power Technology; End-use Industry - Transportation, Retail, Healthcare & Lifesciences, Aerospace & Defense, and Others; Component - Software Application, RFID Tag, and Smart Sensors) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2022.”
- Potential application areas to make the market for geofencing expand at the fastest clip
- Transportation and logistics primary growth driver of market
The report segments the Global Geofencing Market into the following:
Global Geofencing Market, by Components
- Software Application
- RFID Tag
- Smart Sensors
Global Geofencing Market, by Network
- Unlicensed Low Power Technology
Global Geofencing Market, by End-use Sectors
- Transportation and Logistics
- Healthcare & Life Sciences
- Aerospace & Defense
Global Geofencing Market, by Region
- 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)
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