Geofencing Market Segmentation
By Component (Services and Solutions); By Geofencing Type (Mobile and Fixed); By Organization Size (Small and Medium-Sized Enterprises, Large Enterprises); By Vertical (Healthcare & Life Sciences, Industrial Manufacturing, Transportation & Logistics, Retail, Media & Entertainment, Financial Services & Insurance, Government & Defense, Banking, Others); By Region (North America, Europe, Asia Pacific, Central and South America, Middle East and Africa); End-use Landscape; Vendor Landscape and Competitive Landscape
Geofencing Market Insights
Expanding application in various sectors such as telematics, human resources, and child location services are anticipated to boost the industry growth over the coming years. Easy availability of low-cost developers coupled with increased demand for Internet of Things is predicted to expand the technology beyond traditional location-based applications is also expected to boost the market. The newer technologies such as location-based services are projected to drive geofencing market size over the coming years.
Factors such as battery draining issues, technological concerns including device monitoring and lack of prior warning facilities are anticipated to limit the market growth. Moreover, the absence of ability to monitor the geofence in low coverage areas may restrain the industry growth over the coming years. As a consequence, Customers are shifting their preference towards permission marketing, which is anticipated to substitute interruption-based marketing models.
Geofencing Market: Component Insights
Based on components, the geofencing market is divided into solutions and services. The services application segment is sub-divided into Deployment & Integration Services, Support & Maintenance Services, Consulting & Advisory Services, and API Management & Testing Services.
API management and testing services segment are anticipated to register the highest CAGR over the forecast period, due to various benefits offered by it, such as application access management, device data communication, and security services. Furthermore, applications such as production support, release & change support, and middleware product support are also carried out by API management services.
The deployment & integration services application segment is likely to record the largest market size in the global geofencing market over the forecast period.
Geofencing Market: Organization Size Insights
The geofencing market is classified into Small and Medium-sized Enterprises (SMEs) and large enterprises, based on organization site.
Geofencing Market: Vertical Insights
On the basis of verticals, the geofencing market is segmented into healthcare & life sciences, industrial manufacturing, media & entertainment, transportation & logistics, retail, government & defense, and Banking, Financial Services, and Insurance (BFSI) among others.
The transportation and logistics verticals are anticipated to witness the largest market share over the forecast period. Transportation & logistics has emerged as one of the most dominating verticals on the basis of deployment of geofencing solutions. The transportation & logistics segment has diverse application in industries, such as asset controlling, speed limiting, and commercial transportation management.
Geofencing Market: Regional Insights
North America is anticipated to experience a significant growth over the forecast period owing to increasing Research and Development (R&D) activities taking place. The increasing number of developing SMEs coupled with growing digitalization in large organizations is likely to stimulate the growth of the North American geofencing market.
Asia Pacific is predicted to grow at the highest CAGR over the forecast period, as the governments in this region are continuously focussing in the R&D of location-based and geofencing services. The expansions in the use of content management systems along with location analytics are likely to be few of the major factors driving the growth of the APAC geofencing market.
Geofencing Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from Geofencing Markets. The major consumers of the product are Hilcorp, Stryker, and W. L. Gore & Associates.
Geofencing Market: Competitive Scenario
Key players profiled in the global geofencing market include Factual Inc. (the U.S.), GeoMoby (Australia), Gpswox.com (the UK), InVisage (the U.S.), Localytics (the U.S.), LocationSmart (the U.S.), Apple Inc. (the U.S.), Bluedot Innovation (the U.S.), DreamOrbit (India), Embitel (India), Esri (the U.S.), MAPCITE (the UK), Maven Systems (India), Mobinius Technologies (India), MobiOcean Mobility Software Solutions (India), Nisos Technologies (the U.S.), Plot Projects (Netherlands), Pulsate (the U.S.), Raveon Technologies (the U.S.), Simpli.fi (the U.S.), SuccorfishM2M (the UK), Swirl Networks (the U.S.), Thumbvista (the U.S.), Urban Airship (the U.S.), and Visioglobe (France).
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