Global Geofencing Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

MarketResearch.biz delivers in-depth insights on the global geofencing market in its upcoming report titled, “Global Geofencing Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027”. The global geofencing market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the global geofencing market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the global geofencing market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global geofencing market report has been segmented on the basis of component, services, geofencing type, organization size, vertical, and region.

Geofencing is a technology that defines a virtual fence around a real-world geographical area. It combines awareness of the user's current location with the user's proximity to locations that may be of interest. A radius of interest is established which can trigger an action in a geo-enabled phone or other portable electronic devices. Geofencing triggers an alert when a device or object enters a designated location set by the administrator. Geofencing uses technologies such as GPS, RFID, Wi-Fi or cellular data to allow location identification. Some geofences are set up to monitor activities in secure areas, allowing management to receive alerts when anyone enters or leaves the specific area.

Government and defense industry which see heavy reliance on geofencing applications such as marine defense, drone management, air force defense, military vehicle management, law enforcement, and geographic event alerts, is the key factor to boost growth of the global geofencing market. Applications such as telematics, human resources, and child location services are also expected to further propel growth of this market. Abundance of low-cost developers expanding technology beyond traditional location-based applications is further boosting growth of the global geofencing market.

However, limitation of radius in low coverage areas, device capacity and battery drainage issues on certain versions are key factors restraining growth of the global geofencing market. Concerns towards continuous device monitoring, high costs related to implementation and maintenance, and preference towards permission marketing serving as a substitute are other factors expected to hamper growth of the global geofencing market over the forecast period.

The global geofencing market is segmented on the basis of component, service, geofencing type, size of organization, end-user, and region. On the basis of region, the global geofencing market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

The market in North America accounted the highest share in terms of revenue, owing to increasing number of connected devices, technological advancements in various industries, and high investment in R&D activities. The market in Asia Pacific is expected to witness significant growth in the global geofencing market, and projected to register highest CAGR during the forecast period. This can be attributed towards adoption of new technologies, and increasing investments from government in improving sectors such as defense, and manufacturing industry in countries in the region.

Global Geofencing Market Segmentation:

Global geofencing market segmentation by component:

• Solution
• Services

Global geofencing market segmentation by service:

• Deployment and integration services
• Support and maintenance services
• Consulting and advisory services
• API management and testing services

Global geofencing market segmentation by geofencing type:

• Fixed geofencing
• Mobile geofencing

Global geofencing market segmentation by organization size:

• Small and Medium-sized Enterprises (SMEs)
• Large enterprises

Global geofencing market segmentation by end-user:

• Transportation and logistics
• Retail
• Healthcare and life sciences
• Industrial manufacturing
• Media and entertainment
• Government and defense
• Banking, Financial Services, and Insurance (BFSI)
• Others (agriculture, education, construction and engineering, and energy and utilities)

Global geofencing market segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa