Geofencing is a technology that creates a virtual demarcation or boundary by the use of global positioning system, or radio frequency chips. The geofencing helps in creating an alert system with the help of customized software, whenever someone or something enters the virtual boundary. Geofencing has benefitted many enterprises by increasing their interactions with customers, and also maintaining the productivity of the employees. It is used as one of the essential marketing tool.
One of the major growth factor for geofencing market is increasing demand of geofencing solutions across different industries. Many of technological giants like Apple, Bluedot innovations and others are investing huge capital in the development of geofencing market, due to it varied applications in end-users. The other factors that contribute towards the growth of geofencing market is the growing demand of location based services, and rising use of spatial data and analytics tools.
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Major Key Players
Apple, INC. (U.S.),
Simpli.Fi Holdings Inc. (U.S.),
Bluedot Innovation (U.S.),
GPSWOX, Ltd. (U.S.),
Swirl Networks Inc. (U.S.)
Also, Mobinius Technologies (India), Mapcite (U.K.), DreamOrbit (India), Factual (U.S.), InVisage (U.S.), LocationSmart (U.S.), Maven Systems (India), MobiOcean (India), Nisos Technologies (U.S.), Urban Airship (US), Plot Projects (Netherlands), Raveon Technologies (U.S.), Visioglobe (France) and SuccorfishM2M (U.K.) are few other major players in the geofencing market. These companies have not been profiled in our study, but it can be taken up as a part of customization, as per client requirements.
According to Market Research Future Analysis, Geofencing Market has been valued at approx. USD 2,387 Million by the end of forecast period with 27% of CAGR during forecast period 2017 to 2023
March 2018, Mack Trucks Using Geofencing to Switch from Diesel to Electric. Trucks manufacturing company, Mack is installing an intelligent GPS that alerts the driver on mode of operation. The company is designing the system to let the driver know when to switch between hybrid mode and diesel mode. This helps in reducing fuel consumption and pollution. It is using geofencing and GPS technology to create geographical virtual boundary to exchange mode of operation.
March, 2018 – Lyft an on-demand transportation company has deployed geofencing to limit customer pick-up in San Francisco. This benefits Lyft by moving certain amount of pick-ups to Side Street for reducing congestion on the roads. Lyfts mission is to create safe and vibrant streets by integrating technology and infrastructure which benefits both enterprise and public.
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.
On the basis of component, the market is segmented into solution, and services. The services is further sub-segmented into integration & deployment services, support & maintenance service, consulting service.
On the basis of geofencing type, the market is segmented into fixed geofencing and mobile geofencing.
On the basis of organization size, the market is segmented into SME’s and large enterprises.
On the basis of vertical, the market is segmented into BFSI, healthcare, manufacturing, retail, transportation, media & entertainment, government, and others
On the basis of region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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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