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Geofencing Market will positively impact by adoption of mobile devices and favorable growth of location-based services

Author : Ronak Bora | Published Date : 2019-04-08 

Geofencing Market is witnessing rapid growth due to increasing global penetration of mobile devices and favorable growth of location-based services implementation. As businesses are increasingly realizing the benefits of location-based monitoring and management of mobile resources for increasing workforce and process productivity, the market is expected to exhibit robust growth over the forecasted timeline. Moreover, increasing awareness regarding competitive intelligence and growing popularity of proximity marketing are also projected to propel the market growth between 2017 and 2024.

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The growing adoption of geo-conquesting marketing campaigns is also driving the growth of geofencing market in automotive and retail sector. By setting up geofences in the proximity of competitor’s business establishments, enterprises are targeting potential customers in the perimeter by offering lucrative offers on their products. As more and more brick-and-mortar retail businesses are implementing proximity-based marketing campaigns, the applications of geofencing-based marketing solutions are poised to increase rapidly over the forecast period. The market is witnessing traction also due to rising adoption of the technology in transport and logistics sector. As geofencing offers an efficient solution to manage large fleets across diverse geographic areas, it becomes manageable to track and monitor the location and movement of individual vehicles.

With evolving emphasis on location-based marketing in retail space, geofencing market has indeed gained a widespread recognition in the mainstream tech cosmos. Over the recent years, it has been observed that the share battle between online and offline business platforms is intensifying. As a result, bricks and mortar giants have been increasingly looking for ways to implement e-commerce alternatives, the fundamental factor that has impelled geofencing industry share. Quite comprehensible from the terminology, geofencing is a service that, via an app utilizes RFID or GPS technology to increase the virtual boundary around a particular geographic location. Apparently, the technology is being extensively deployed in retail stores nowadays in an attempt to enhance in-store consumer experience.  In fact, on grounds of its far-reaching acclaim, numerous tech behemoths have been trying their hands with the technology in recent years, attempting to bring forth a slew of innovative applications in geofencing industry.

The application matrix of geofencing industry is not just replete with retail domain, though it is undeniable this sector is a lucrative growth avenue for the entire business space.  Besides, retail space, geofencing market share stands to gain much from security and defense applications. Numerous companies participating in the business space have been creating a whole hog to bring about significant advancements in the capabilities of this solution with enhanced integration and accuracy functionalities. In this regard, China has recently made it to the headlines with the announcement of its decision of integrating geo-fencing based facial recognition system for security and surveillance in Xinjiang. Reportedly, these geofencing tools alert authorities when targeted people venture 300 meters beyond the designated safe area zone.

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Cloud-based geofencing solutions will experience significant adoption over the forecasted timeline due to rapidly growing popularity of cloud computing. As cloud-based applications offer enhanced flexibility and scalability to deploy geofencing application, cloud geofencing market will exhibit fastest growth between 2017 and 2024. 

North America is expected to dominate the geofencing market throughout the forecast timeline due to the availability of an extensive and robust GPS infrastructure and high awareness regarding location-based analytics. As U.S. based retailers are increasingly deploying proximity marketing campaigns to target prospective customers and retain their loyal ones, the market will experience consistent traction between 2017 and 2024. Asia Pacific geofencing industry is projected to witness fastest growth between 2017 and 2024 due to growing inclination towards geofencing technology in the logistics and retail sectors in countries such as India, China and Australia.

Furthermore, it won’t be incorrect to claim that the intensifying battle between offline and online shopping stores would propel the growth potential of the global geofencing market over the forthcoming years. Add to it, increasing efforts to modernize the performance and capability of existing GPS network would further boost the adoption of geofencing solutions across the diverse set of business domains. Apparently, the commercialization potential of this business space is quite evident from estimates noted in the research report by Global Market Insights, Inc., which claims geofencing industry to accumulate remuneration of over USD 1.7 billion by 2024.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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