Geofencing technology helps determine geographical boundaries with the help of GPS, Wi-Fi, and RFID and allows users to set up triggers based on location information. With technological advancements, geofencing is increasingly being implemented in various applications such as Facebook and WhatsApp and travel services applications such as Uber.
The geofencing market can be segmented by type, component, technology, deployment, and vertical.
On the basis of type, the geofencing market can be segmented into fixed geofencing and mobile geofencing. The fixed geofencing segment is expected to hold the largest share in the geofencing market, owing to the widespread implementation of static geofences for multiple applications, including advertisements, recreational activities, and asset monitoring.
Based on component, the market can be segmented into solution and service. By technology, the geofencing market can be segmented into GPS, RFID, Wi-Fi, and cellular network. The geofencing services market is projected to register the fastest growth between 2017 and 2024, backed by the steady demand for professional and managed services to efficiently operate and manage sophisticated systems.
Based on deployment, the market can be segmented into on premise and cloud. Attributing to the large-scale adoption of geofencing systems integrated with business process systems present on-premise, the on premise segment is expected to witness significant growth during the forecast period.
Based on vertical, the geofencing market can be segmented into transportation and logistics, retail, healthcare, industrial manufacturing, media and entertainment, government and defense, banking, financial services, and insurance, and others. Among these, the government and defense segment is expected to exhibit the fastest growth, owing to the use of geofencing in various applications such as military vehicle management, drone management, and air force defense.
Geographically, the geofencing market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East and Africa (LAMEA).
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North America is expected to hold the largest share in the geofencing market, owing to significant investments in research and development activities. Additionally, the presence of numerous key players in the U.S. further drives market growth in the region.
Europe is expected to witness a substantial growth rate in the geofencing market as countries such as the U.K., Germany, and France are adopting geofencing technology across various verticals. Furthermore, the widespread availability of low-cost, GPS-enabled smartphones is also expected to provide impetus to market growth in the region.
Asia Pacific is expected to register the highest CAGR in the global geofencing market during the forecast period, backed by significant R&D investments in the R&D of location-based and geofencing services. In addition, the growing trend of social media in this region is further accelerating the demand for geofencing solutions in the APAC region.
The LAMEA region is expected to exhibit significant growth in the geofencing market as countries such as Saudi Arabia and the UAE are gradually adopting geofencing in sectors such as retail and banking & finance.
Some of the prominent key players in the geofencing market are Apple, Inc. (U.S.), Thumbvista (U.S.), Pulsate (U.S.), Simpli.Fi Holdings Inc. (U.S.), Esri (U.S.), Bluedot Innovation (U.S.), Geomoby (Australia), GPSWOX, Ltd. (U.S.), Localytics (U.S.), and Swirl Networks Inc. (U.S.).
Market players are focusing on enhanced accuracy and integration functionalities to improve their existing offerings. With aggressive promotion and marketing strategies, companies are developing solutions for various customer segments for promotion, asset tracking, workforce management, and fleet monitoring applications.
Geofencing Market Segmentation