According to MRFR, the global geofencing market 2020 is expected to grow at approx. USD 2.4 billion by 2023, at 27% of CAGR between 2017 and 2023.
Prominent Players in Geofencing Market are:
Thumbvista (U.S.), Apple, INC. (U.S.), Pulsate (U.S.), Simpli.Fi Holdings Inc. (U.S.), Bluedot Innovation (U.S.), Esri (U.S.), Geomoby (Australia), Localytics (U.S.), GPSWOX, Ltd. (U.S.), Swirl Networks Inc. (U.S.) and others.
Also, Mapcite (U.K.), DreamOrbit (India), Factual (U.S.), Maven Systems (India), Mobinius Technologies (India), InVisage (U.S.), LocationSmart (U.S.), MobiOcean (India), Nisos Technologies (U.S.), Plot Projects (Netherlands), Urban Airship (US), Raveon Technologies (U.S.), Visioglobe (France) and SuccorfishM2M (U.K.) are few other major players in the geofencing market.
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Increasing demand among consumers for location-based applications is one major factor driving the growth of the geofencing market. Another major factor driving the growth of the geofencing market is growing use of spatial data and analytical instruments. Ease of integration and deployment of geofening solutions is driving market growth. Major giants such as Apple, Thumbvista, Pulsate and Bluedot Innovation are investing in the geofening market because of the growing demand for geofencing solutions across various verticals in the industry.
The geofencing market has been segmented on the basis of component, geofencing type, organization size and vertical.
The market, based on components has been bifurcated into solutions and services. Based on services, the market has been subsegmened into deployment and itegration services, consulting and advisory services, support and integration services, and API management and testing services.
Based on type, the market has been bifurcated into fixed geofencing and mobile geofencing.
The size division of the company is divided into small and medium-sized businesses and multinational corporations. The segment of large companies holds the largest market share for devices as a segment market, whereas the segment of small and medium-sized enterprises is expected to experience significant growth over the forecast period. This is due to the advancements in technology and the increasing demand for wireless applications.
The vertical segment is further divided into BFSI, government , healthcare, manufacturing , retail, transport, media & entertainment, and others. The transport sub-segment is expected to hold the largest share of the market. During the forecast period, the Government sub segment is expected to hold the second largest market share in the geofencing market. State vertical uses of geofening approaches include law enforcement, control of military equipment and others. During the forecast period, the BFSI subsegment is also expected to experience substantial growth rates.
The geofencing industry geographical research is being studied for regions such as Asia Pacific, North America , Europe and the Rest of the World. North America was estimated to account for the largest market share, Whereas Asia-Pacific is expected to expand at the fastest CAGR over the forecast period. Significant growth in North America’s geofening market is due to technological advancements and increased demand for business intelligence and analytical tools with increased demand for spatial data in the area. The U.S. and Canada are expected to drive geofencing market growth. This is due to the presence in that area of a great number of proven main players like Apple. Besides this, the region also has a well-established infrastructure that allows for greater device penetration and ultimately provides better connectivity. Another major factor accountable for driving the growth of the geofencing market is expected to be increasing adoption of smartphones and growing popularity of social media platforms.
Asia Pacific is expected to see relatively faster adoption on the global geofening market , and is poised to grow at the highest CAGR over the forecast period compared to other regions. Within Asia Pacific, the Geofencing market is projected to contribute more quickly to revenue growth driven by rising smart city projects and growing government initiatives in countries such as Japan, China , South Korea and India.
Table of Content:
1 MARKET INTRODUCTION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.3 MARKET STRUCTURE
2 RESEARCH METHODOLOGY
2.1 RESEARCH TYPE
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH
2.4 FORECAST MODEL
2.4.1 MARKET DATA COLLECTION, ANALYSIS & FORECAST
2.4.2 MARKET SIZE ESTIMATION
List of Table:
TABLE 1 GEOFENCING MARKET, BY COMPONENT
TABLE 2 GEOFENCING MARKET, BY GEOFENCING TYPE
TABLE 3 GEOFENCING MARKET, BY ORGANIZATION SIZE
TABLE 4 GEOFENCING MARKET, BY VERTICAL
TABLE 5 GEOFENCING MARKET, BY REGIONS
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