According to experts from TMR, the global geofencing market is expected to gain revenue worth US$2 bn by the end of 2024. Experts project this growth to occur at a meteoric CAGR of 30% during the forecast period from 2017 to 2024.
Transparency Market Research (TMR) notes that the global geofencing market is categorized by the presence of several large and small players operating in it. Thus, the competitive landscape of the market has underwent successive fragmentation. The rivalry between the potential players is likely to increase as they are creating cutting-edge solutions for addressing different needs of end-users.
Many large-scale vendors are adopting aggressive marketing strategies for strengthening their position in the global geofencing market. A key strategy adopted by players in the global geofencing market to outshine their rivals involves constant product development facilitated through technological advancements. The competition among players is further getting intensified due to the entry of several new players who are concentrating on adding new features such as geoconquesting. This is a marketing and advertisement tactic in which users are poached from rivals by sending them real-time messages on their locations. Some active tech companies operating in the global geofencing market are Thumbvista, Swirl Networks, Mobinius Technologies, Apple Inc., Mapcite, and Bluedot Innovation.
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Among the various deployed networks in the market, cellular network segment accounts for a major share and is also expected to boost the global geofencing market during the forecast period. This is because of their potentiality at facilitating various geofencing operations and rising demand for better network other than low power technology networks. Region-wise, North America is expected to account for a leading share in the global geofencing market in the coming years. This is attributed to the presence of several end-users in the region and swift development of numerous effective marketing tactics by concerned stakeholders.
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Flourishing Transportation and Logistics Industry Worldwide Stokes Demand in Market
Through rapid employment of RFID technology and use of robust GPS network, a new technology has also emerged to create virtual geographic boundaries – geofencing. Geofencing software helps in activating a response when a GPS enabled technological device such as smartphone enters or leaves a particular area through its user. This technology comes as a solution for locating various geographical data precisely. Such USPs are majorly driving the global geofencing market. Increasing applications in certain sectors such as telematics, and child location services and rising demand for location-based services are also fueling demand in the global geofencing market.
Furthermore, growing mobility trend among enterprises operating in a wide array of industries is facilitating adoption of geofencing technology. Such factors are boosting the global geofencing market. Apart from this, growing adoption of such technologies in the transport and logistics sector, and rising demand for proximity-based marketing from retail industry are also propelling the global geofencing market.
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Battery Draining Issue and Other Technological Concerns Hinder Market Growth
Some of the challenges hindering the growth of the global geofencing market are technological concerns related to battery draining issue and device monitoring, and missing features of geofencing technology. Nonetheless, rising investments in research and development for producing smart monitoring ability of geofences in low coverage areas is believed to help industry players overcome these challenges in the near future.
The review is based on a market research report by TMR, titled, “Geofencing Market (Network – Cellular and Unlicensed Low Power Technology; End-use Industry – Transportation, Retail, Healthcare & Lifesciences, Aerospace & Defense, and Others; Component – Software Application, RFID Tag, and Smart Sensors) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2022”.
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