Global Geofencing Market Estimated to Reach US$ 1,479.99 Mn by 2022, Due to Technological Advancements and Rise in the Use of Spatial Data and Analytical Tools
Geofencing can be defined as a virtual boundary in the geographical area in terms of RFID and GPS which triggers the software to activate a response when a mobile device leaves or enter the area. Since many years developers are taking the assistance of hardware and software to precisely locate the data related to geography.
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The number of smart phone users has been increased rapidly. Due to high disposable income and increasing incline towards technology has fueled the growth of Smartphone market. Mobile app developers offer free downloading of apps which is the part of geofencing advertising. The free apps allow an access to location of mobile user in specific area. Therefore, geofencing is widely adopted as an ideal tactic for local advertising.
Concerns related to devising monitoring, battery draining issues, and lack of preceding caution services are somewhere limiting the growth of the market. Similarly, missing features such as monitoring ability of geofence in low coverage areas has forced the customers to move their focus towards authorized marketing, which is considered as a restraining factor for the growth of the geofencing market.
Some of the significant players functioning in the Geofencing market include Apple Inc., Bluedot Innovation, DreamOrbit, Embitel, Esri, Factual, GeoMoby, GPSWOX, Nisos Technologies, Localytics, LocationSmart, MAPCITE Maven Syst, Mobinius Technologies, IBM, Pitney Bowes Inc., Plot Projects, Pulsate, Radar Labs, Inc., Raveon Technologies, Simpli.fi, SuccorfishM2M, Swirl Networks, Thumbvista, Urban Airship, Visioglobe, amongst Others.
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Geofencing Market - By Services
- Deployment and Integration Services
- Support and Maintenance Services
- Consulting and Advisory Services
- API Management and Testing Services
Geofencing Market - By Type
- Fixed Geofencing
- Mobile Geofencing
Geofencing Market - By Vertical
- BFSI (Banking, Financial Services, and Insurance)
- Retail and Hospitality
- Industrial Manufacturing
- Media & Entertainment
- Transportation and Logistics
- Government and Defense
- Others (IT & Telecom, Human Resources, Audience engagement, Telematics, Etc.)
Geofencing Market - By Region
- North America
- Rest of North America
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Southern Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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The global geofencing market is dominated by North America owing to the appreciable growth in the forecast period. Growing research and development activities is a responsible factor for North America’s position. Moreover, Asia Pacific region is anticipated to grow drastically owing to constant research in geofencing services.
Using SWOT analysis to gather and study all the information, you can see the competitive environment vividly in global Geofencing market. Openings for future market developments were revealed and likewise had a competitive advantage. Taking into account the drift and propensity of this market, it shows that the strategic direction is good. Understand your market base and understand your market data using standards, methodologies, and other driving market trends determined for reference.
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