According to the new market research
report "Geofencing Market by Component (Solution and Services),
Geofencing Type (Fixed and Mobile), Organization Size, Vertical (Transportation
& Logistics, Government & Defense, Retail, Healthcare & Life
Sciences), and Region - Global Forecast to 2022", The global geofencing market size is expected to
grow from USD 542.7 Million in 2017 to USD 1,825.3 Million by 2022, at a
Compound Annual Growth Rate (CAGR) of 27.5%.
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The
major factors driving the growth of the geofencing market include technological
advancements in use of spatial data and increasing applications in numerous
industry verticals.
The deployment and integration services
segment is expected to have the largest market size in the geofencingmarket
during the forecast period.
Deployment
and integration are important stages in the implementation of the geofencing
technology for various industry verticals. Geofencing solutions can be
integrated with the existing systems, and the integration requires an exact
level of system integrators and system enablers. It is necessary for the
enterprises to create a safe environment for geofencing, as it is used for
tracking users and sending push notifications.
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The government and defense vertical is estimated to have the second
largest market size in 2017.
The government and defense vertical includes various
applications of the geofencing technology, such as marine defense, drone
management, airforce defense, military vehicle management, law enforcement, and
geographic event alerts. The governments of several countries are investing
significantly in location-based services, further boosting the growth of the
geofencing market. Geofencing solutions help in marine defense by creating
multiple geofences over the water bodies, thereby assisting in avoiding
malicious intrusions in the restricted areas. Additionally, geofencing helps
create virtual fences over the designated areas to keep the drones away. Drones
need a navigation system and an autopilot software to interact with the fences.
This autopilot software continually calculates the distance between the
destinations and also ensures the drones do not fly over any restricted zone.
North America is expected to have the largest market share in the
geofencing market during the forecast period.
North America is expected to have the largest market
share and dominate the geofencing market during the forecast period. The region
has the presence of major sustainable and well-established economies who invest
substantially in Research and Development (R&D) activities, thereby
contributing to the development of new location-based technologies. These technologies
complement the growth of the geofencing market.
The region comprises countries such as the US and
Canada, which are witnessing the significant adoption of geofencing solutions.
Growing trends such as Know Your Customer (KYC), the rise in the use of
smartphones, and the increase in the use of social media platforms have
resulted in the tremendous growth of technology adoption in this region.
Various government initiatives, such as smart city projects and telematics
programs, are also favoring the implementation of geofencing solutions in this
region.
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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).
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Research Insight: https://www.marketsandmarkets.com/ResearchInsight/geofencing-market.asp
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/geofencing-market.asp