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Geofencing Market 2020 In-Depth Analysis of Industry Share, Size, Growth Outlook up to 2024

Author : Ronak Bora | Published Date : 2020-08-26 

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 market 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.

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 market 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 market.

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Geofencing market is projected to surpass USD 1.7 billion by 2024. The technology combines the awareness of user's current location with that of their proximity to a location of interest. The 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.

The growing adoption of geo-conquesting marketing campaigns is also driving the growth of market in automotive and retail sector. By setting up geofences in the proximity of competitors 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.

The Geofencing technology is witnessing consistent advancements in terms of upgradation and integration with other technologies such as beacons and augmented reality. As GPS is undergoing a technological transformation with acquisition of new satellites and emergence of latest standards, geofencing will evolve into a more sophisticated location-based service over the forecast period. An emerging application of geofencing is increasingly evident as a recruitment tool, where companies are leveraging the technology to target prospective employees. Companies are locating and attracting specialized talent using geofencing. By procuring a database of potential recruits, companies set up geofences in areas where these coveted recruits live or work. When a person with relevant credentials enters such a geofence, an ad inviting to apply for the available position is pushed on his/her mobile phone. As the technology matures further, more innovative applications of geofencing are expected to evolve over the forecast timeline.

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Some of the key players in the geofencing market are Apple, Google, Thumbvista, Esri, Urban Airship, Bluedot innovation, Gimbal, Embitel, Placecast, Simplifi.fi, Swirl Networks, Radar Labs, UpSnap, GeoMoby, PlotProjects, Localytics, Pulsate, Mapcite, and DreamOrbit.

Table of Contents (ToC) of the report:

Chapter 5.   Geofencing Market, By Type

5.1.  Geofencing industry share by Type, 2016 & 2024

5.2.  Fixed geofencing

5.2.1. Fixed geofencing industry, by region, 2015-2024

5.3.  Mobile geofencing

5.3.1. Mobile geofencing industry, by region, 2015-2024

Chapter 6.   Geofencing market, By Component

6.1.  Geofencing industry share by component, 2016 & 2024

6.2.  Product

6.2.1. Product market, by region, 2015-2024

6.2.2. Asset monitoring and management     Asset monitoring and management market, by region, 2015-2024

6.2.3. Fleet management     Fleet management market, by region, 2015-2024

6.2.4. Workforce management     Workforce management market, by region, 2015-2024

6.2.5. Promotion and advertising     Promotion and advertising market, by region, 2015-2024

6.2.6. Competitor tracking     Competitor tracking market, by region, 2015-2024

6.2.7. Drone management     Drone management market, by region, 2015-2024

6.2.8. Others     Drone management market, by region, 2015-2024

6.3.  Service

6.3.1. Product market, by region, 2015-2024

6.3.2. API management services     API management market, by region, 2015-2024

6.3.3. Managed services     Managed services market, by region, 2015-2024

6.3.4. Consulting, training and maintenance services     Managed services market, by region, 2015-2024

Chapter 7.   Geofencing market, By Technology

7.1.  Geofencing market share by technology, 2016 & 2024

7.2.  GPS

7.2.1. GPS market, by region, 2015-2024

7.3.  RFID

7.3.1. RFID market, by region, 2015-2024

7.4.  Wi-Fi

7.4.1. Wi-Fi market, by region, 2015-2024

7.5.  Cellular network

7.5.1. Cellular network market, by region, 2015-2024

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/geofencing-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia 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. [email protected] | https://twitter.com/RonakBora26

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