Geofencing Market (by Component (Solutions and Services(Deployment and integration services, Support and maintenance services, Consulting and advisory services, API management and testing services))-by Type(Fixed Geofencing, Mobile Geofencing)-by Organization Size (Small and Medium-sized Enterprises (SMEs), Large enterprises)-by Vertical (Transportation and logistics, Retail, Healthcare and life sciences, Industrial manufacturing, Media and entertainment, Government and defense, Banking, Financial Services, and Insurance (BFSI), Others (agriculture, education, construction and engineering, and energy and utilities))–by Geography (North America, Europe, Asia Pacific, Middle East & Africa and Latin America)) is expected to reach US$ 1825.3 Mn by 2026 at a CAGR of 27.4%.
Geofencing technology is a location-based service in which an app or other software uses RFID, GPS, cellular data or Wi-Fi to trigger a pre-programmed action when a RFID tag or a mobile device enters or exits a virtual boundary set up around a geographical location. Geofencing software enables marketing professionals and advertisers to target a specific customer base by triggering a response when the user’s mobile device arrives into or departs from a particular geographic area.
The rise in the use of spatial data and analytical tools, penetration of new technologies, the growth of competitive intelligence and higher adoption of location-based applications among consumers are some of the major factors expected to drive the growth of the geofencing market. Furthermore, the rise in the need to track the competitors’ marketing activities and business intelligence (BI) are some of the other factors supporting the overall growth of the geofencing market.
Some of the major restraining factors such as the rise in awareness regarding safety and security among customers, legal, and privacy concerns are some of the restraining factors would hinder the growth of geofencing market.
Transportation and logistics vertical is expected to have the large market size during the 2018-2026
While using vertical segment, the transportation and logistics vertical is likely to have the largest market share during the forecast period, owing to various geofencing solutions such as speed limiting, asset monitoring, commercial transportation management, and fleet and freight management.
API management and testing services segment is expected to grow at a highest CAGR during 2018-2026
Component segment is classified into solution and services. The service segment is further classified into deployment and integration services, support and maintenance services, consulting and advisory services, API management and testing services. Among these, the API management and testing services segment is likely to reach at a highest CAGR during the forecast period, as the segment offers device data communication and interaction, application access management, and security services. Furthermore, production support, application operation, middleware product support and release and change support are also carried out by API management services. Application testing service providers offer manual and automated mobile application testing to the commercial customers, for testing both native and hybrid mobile applications. The service providers deliver mobile application testing services for user interface testing; core functionality testing; mobile applications testing in wireless disconnectivity, low connectivity, Wi-Fi, and 2G and 3G networks; mobile application backward compatibility testing; and memory and battery leakage testing.
North America is likely to have the large Geofencing Market size during 2018-2026
While using region segment, the geofencing market is classified into North America, APAC, Europe, Latin America and Middle East and Africa. Among these, North America is expected to have the larger Geofencing Market share during the forecast period. North America is advanced in terms of technology adoption and infrastructure. The region has the presence of well-established and major sustainable economies who invest substantially in Research and Development (R&D) activities, thereby contributing to the development of new location-based technologies. Owing to these technologies, the demand for the Geofencing Market will grow in future.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such as Apple Inc., Bluedot Innovation, DreamOrbit, Embitel, Esri, Factual Inc., GeoMoby, Gpswox.com, InVisage, Localytics, LocationSmart, MAPCITE, Maven Systems, Mobinius Technologies, MobiOcean Mobility Software Solutions, Nisos Technologies, Plot Projects, Pulsate, Raveon Technologies, Simpli.fi, SuccorfishM2M, Swirl Networks, Thumbvista, Urban Airship, Visioglobe.
Maximize market research, a geofencing market research firm with dedicated team of specialists and data has carried out extensive research about the graph database market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the geofencing market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain the geofencing market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on” Geofencing Market”