Global Geofencing Market, By Component (Solution and Services), Geofencing Type (Fixed and Mobile Geofencing), Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), Vertical (Transportation and Logistics, Retail, Healthcare and Life Sciences, Industrial Manufacturing, Media and Entertainment, Government and Defense, Banking, Financial Services and Insurance, and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029.
Market Analysis and Insights of Geofencing Market
Surge in the rate of penetration of internet especially in the developing economies, growing focus on improving organizational performance and operational efficiency and rising adoption of cloud services by the small and medium scale enterprises are the major factors attributable to the growth of the geofencing market. Data Bridge Market Research analyses that the geofencing market will exhibit a CAGR of 27.40% for the forecast period of 2022-2029. Therefore, the geofencing market value would stand tall by USD 12667.46 million by 2029.
From the name itself, it is clear that geofencing is a technology that creates a virtual fencing or a boundary that triggers the software when a mobile device enters that particular area. Geofencing provides the user's current location and establishes a radius of interest. In other words, geofencing allows location identification and monitors activities in secure areas.
Rising deployment by the defense industry for applications such as marine defense, drone management, air force defense, military vehicle management, law enforcement, and geographic event alerts will emerge as the major market growth driving factor. Surging demand for telematics, human resources, and child location services, growing number of small and medium scale enterprises especially in the developing economies, rising demand and need for the security and reliability by the various industry verticals and strengthening IT industry in developing economies such as India and China will further aggravate the growth of the market. Rising deployment of cloud services and growth in the demand from banking, financial services, and insurance (BFSI) are some other factors bolstering the growth of the market.
However, lack of skilled workforce and technological expertise in underdeveloped and developing economies will act as a growth restraint for the market. Also, limitation of radius in low coverage areas and device capacity and battery drainage issues will yet again hamper the market growth rate. Lack of strong infrastructural facilities in the backward economies and high costs related to implementation and maintenance will also derail the market growth rate.
This geofencing market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on geofencing market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Geofencing Market Scope and Market Size
The geofencing market is segmented on the basis of component, geofencing type, organization size and vertical. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of component, the geofencing market is segmented into solution and services. Services segment is sub-segmented into deployment and integration services, support and maintenance services, consulting and advisory services, API management and testing service.
- Based on geofencing type, the geofencing market is segmented into fixed and mobile geofencing.
- Based on organization size, the geofencing market is segmented into small and medium-sized enterprises and large enterprises.
- Geofencing market is segmented on the basis of vertical into transportation and logistics, retail, healthcare and life sciences, industrial manufacturing, media and entertainment, government and defense, banking, financial services and insurance and others.
Geofencing Market Country Level Analysis
The geofencing market is analysed and market size, volume information is provided by country, component, geofencing type, organization size and vertical as referenced above.
The countries covered in the geofencing market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the geofencing market and will continue to flourish its trend of dominance during the forecast period owing to the prevalence of advanced IT infrastructure and high adoption for cloud services among various industries in countries in the region. Asia-Pacific will continue to undergo substantial gains during the forecast period and will score the highest CAGR. This is because of the high penetration of IT solutions in industry verticals in countries in the region.
The country section of the geofencing market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Geofencing Market Share Analysis
The geofencing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to geofencing market.
Some of the major players operating in the geofencing market Thumbvista, Simpli.fi, Esri, GeoMoby, Apple, Inc., Pulsate LTD., MAPCITE, Swirl Networks, Bluedot, Mobinius, GPSWOX, Char Software, Inc., DreamOrbit, Embitel., Invisage Creative Services, LocationSmart, Maven Systems Pvt. Ltd., MobiOcean., Nisos Technologies and PlotProjects B.V., among others.
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