Geofencing is the utilization of mapping technology to map the surroundings of the user’s virtual surroundings with the help of GPS or RFID tagging systems. This enables the service providers to enable the usage of location-based triggers which are activated upon the user entering or exiting a specified location. A majority of geofencing providers base their location services on Google’s “Earth” service, while some base their services on user-highlighted or online-created mapping systems.
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The main factors behind the growth of the market are:
The market is segmented on the basis of component as solution, services; service as deployment & integration services, support & maintenance services, consulting & advisory services, API management & testing services; geofencing type is segmented into fixed geofencing, mobile geofencing; organization size is categorized into small & medium-sized enterprises, large enterprises; vertical is categorized into transportation & logistics, retail, healthcare & life sciences, industrial manufacturing, media & entertainment, others.
Some of the recent market developments are as follows:
“According to Data Bridge Market Research, global geofencing market is growing at a healthy CAGR of 27.01% during the forecast period of 2018 to 2025”
Some of the major players operating in the market are Apple, Inc., Thumbvista, pulsate, Simpli.fi Holdings inc., ESRI, Bluedot Innovation, Geomoby, Gpswox, ltd., Localytics, SWIRL Networks inc., Bluedot Innovation Pty Ltd, Gimbal Inc., Google LLC, IBM Corporation, Microsoft, Radar Labs Inc., Samsung Electronics Co., Verve Inc., Mapcite, Pulsate and Mobinius Technologies among others.
One of the major benefits associated with geofencing over other location-tagging or mapping services is the ease of its implementation. With the help of geofencing implementation a majority of service providers can include better personalized services for their customers as it can operate on any cellular network/Wi-Fi connection and tapping into the customer’s devices’ location gathering service. It does not require any additional component/equipment integration for its operations.
Global Geofencing Market – Industry Trends and Forecast to 2029