Multiple advanced satellites deployed around the globe have bolstered the global network for global positioning system (GPS). Through the use of robust GPS network, penetration of GPS-enabled devices, and by employing RFID technology, a new exercise of creating virtual geographic boundaries has emerged to be identified as geofencing. Geofencing software are enabling advertisers and marketing professionals target a specific customer base by triggering a response when the user’s mobile device arrives into or departs from a particular geographic area. According to Transparency Market Research’s latest study, the global market for geofencing is poised to expand at a stellar CAGR of 30.0% and generate revenues worth over US$ 2 billion by the end of 2024. The study has analyzed a range of entities encompassing theexpansion of global geofencing market for the forecast period, 2017-2022.
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Moderate Penetration in Unlicensed Low Power Technology Networks
Considering the importance of strong networks in enabling the proper function of geofencing solutions, majority of end-users and software developer are focusing on cellular networks for deployment. Cellular networks has established framework, and are supported by regional governments. In the view that these networks are licensed, geofencing operations can be carried out effectively through the robust infrastructure provided by cellular networks. In 2017, over four-fifth of the revenues procured in the global geofencing market are anticipated to be accounted by the cellular networks. Meanwhile, unlicensed low power technology networks are failing to gain robust traction in the global geofencing market. By the end of 2024, revenues procured from geofencing operations executed through unlicensed low power technology networks are expected to surpass US$ 310 million, globally. During the forecast period, North America is anticipated to remain lucrative for use of unlicensed low power technology networks in execution of geofencing operations.
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Transportation & Logistics to Register High End-Use
The report further projects that transportation & logistics will be observed as the largest end-user industry in the global geofencing market. Live tracking of fleet and other freight management operations are being improved by the use of geofencing software. Geofencing of destination zones are enabling logistics companies in getting real-time responses from truckers, which is further bolstering the product delivery mechanism. Nearly half of the global geofencing market is anticipated to incur revenues from the end-use in transportation & logistics industry by the end of 2017. The end-use of geofencing in healthcare and aerospace & defense industry is likely to remain steady and close-matched. Over the forecast period, the retail end-use of geofencing is also expected to gain traction in terms of revenue share.
Key Focus on Geofencing Software
Developers as well as end-users are primarily expending to buy effective geofencing software apps. By the end of 2024, the global sales of geofencing software applications are expected to bring in over US$ 1.1 billion in revenues. On the other hand, sales of smart sensors are anticipated to procure the lowest share on global revenues. RFID tags will also emerge as a key component being sold in the global geofencing market throughout the forecast period.
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Geofencing Market: Companies to Watch
The study has profiled leading developers of geofencing software, products and solutions in the competition analysis on global geofencing market. GeoMoby, Mobinius Technologies Pvt. Ltd., Localytics, Bluedot Innovation, Apple Inc., Swirl Networks, Inc., Simpli.Fi, Thumbvista, and Mapcite are key companies anticipated to remain active in expansion of global geofencing market through 2024. Several market players are expected to also focus on development of applications on geoconquesting – an emerging advertising & marketing practice where customers are pulled away from the competitors by sending real-time messages to their locations.
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