ALBANY, New York, March 6, 2019
ALBANY, New York, March 6, 2019 /PRNewswire/ -- Transparency Market Research (TMR) observes that the global geofencing market has a highly competitive vendor landscape. Key players such as Apple Inc., Swirl Networks, Inc., Simpli.Fi, Mobinius Technologies Pvt. Ltd., Simpli.Fi, and Bluedot Innovation are operating in the global geofencing market. Along with product development, these players are adopting other aggressive marketing strategies including offering advancements such as geo-conquesting.
According to the report by Transparency Market Research, the geofencing market is projected to reach a value of US$2 bn by the end of 2022. The market is likely to expand with a stellar CAGR of 30.0% over the forecast period from 2017 and 2022.
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Based on the network, the global geofencing market is dominated by the cellular network segment and is expected to remain dominant through 2022 and account for a revenue of US$1.5 bn by 2022. Based on the region, North America accounted for leading share due to the rapid adoption of advanced technologies in transportation and logistics in the same year.
Widening Applications of Geofencing to Reflect Positively on Market Growth
The geofencing market is gaining attention owing to the growing demand for geofencing across numerous end-use applications including transportation and logistics. Additionally, adoption of the geofencing offers advancements such as live tracking of fleet along with freight management operations, which improves services of the transportation and logistics sector. Thanks to these features, the geofencing is witnessing higher demand, which is likely to propel the growth of the global geofencing market.
Additionally, numerous services such as cab and food delivery are adopting these technologies and services for improving reliability on their services. The cab services such as Uber and Ola are using these technologies for finding the nearest cabs and other transportation means. This is again reflecting positively on the growth of the global geofencing market.
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Furthermore, geofencing has applications across healthcare, defense, and aerospace. Especially, large companies are using geofencing for sending coupons to their user based on the location of their consumers and shops. This is fuelling growth of the global geofencing market. Additionally, small and mid-sized retailers are using push notifications and SMSs by targeting their audience. These also help to improve their loyalty and push materialized sales, which in turn drives the growth of the geofencing market.
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Growing Adoption of Advanced Technologies to Boost Market
Moreover, nursing homes are using the technology for tracking patients while their medical checkups. This growing adoption for a range of applications is augmenting growth of the global geofencing market. However, the factors including technological concerns on devising monitoring, lack of proper battery support, and non-existence of preceding caution services are restraining growth of the geofencing market to some extent. Nonetheless, growing applications of geofencing across the sectors including human resources, child location service, and telematics are projected to offer lucrative opportunities for spurring growth of the market in the upcoming period. Additionally, rising demand for IoT-based technologies is projected to create several new opportunities for new development over the forecast period.
This information is encompassed in the report by TMR, titled, "Geofencing Market (Network - Cellular and Unlicensed Low Power Technology; End-use Industry - Transportation, Retail, Healthcare & Life-sciences, 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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For the study, the geofencing market has been segmented as follows:
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