Touted as one of the most opportunistic business verticals of the sustainable and smart technologies industry, the growth chart of geofencing market is anticipated to scale new heights over the ensuing seven years. The massive proliferation of mobile devices coupled with the burgeoning requirement for proximity-based advertising, merchandising, and marketing solutions have contributed vigorously toward impelling the geofencing industry share augmentation. Apparently, geofencing technology has been making strong headways across myriad end-use domains including automotive, retail, BFSI, Media & Entertainment, transportation and logistics, hospitality, and public sector. In fact, the global geofencing is estimated to have recorded a total remuneration portfolio of close to USD 200 million in the year 2016, as per reliable estimates.
Geofencing Market Size, By Application, 2016 & 2024 (USD Million)
Given the backdrop of a tech-driven era, numerous businesses have been making extensive efforts to manage mobile resources efficiently to enhance the productivity of the workforce, by deploying location-based monitoring services. In consequence, the significance of geofencing solutions has grown immensely in the recent years, which has, in turn, opened up endless growth opportunities for the prominent market participants.
A brief overview of how retail sector would act as the principal growth avenue for geofencing industry
Speaking of the application spectrum of the overall market, it is quite imperative to state that the retail sector is projected to demonstrate the fastest growth during the estimated timeframe. Over the past few years, the overwhelming rise of e-commerce business platforms worldwide has presented unprecedented challenges to most of the brick-and-mortar retailers. Apparently, the retail market has now set its sights on innovative and smart technologies to tackle and compete against the ever-evolving marketing strategies of e-commerce giants. Moreover, it is undeniable that the geofencing technology has assisted traditional retailers to devise effective promotional campaigns and track business models of their competitors to retain and expand their existing customer base. Following are a few instances which underline the growing significance of geofencing industry across the retail space:
With the rising application of geofencing technology for strengthening proximity marketing campaigns by retailers, market share from retail applications is forecast to grow at the fastest pace between 2017-2024, cite industry analysts.
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.