Global Geofencing Market, By Component (Solution, Services), By Geofencing Type (Fixed, Mobile), By Organization Size (SMEs, Large Enterprises), By Vertical (BFSI, Healthcare, Manufacturing, Retail, Media & Entertainment) - Forecast 2023
Market Highlights
In this rapidly changing world of technology, geofencing market is projected to show major growth prospects during the forecast period. Major factor driving the geofencing market is the increasing adoption of location based application services. Rise in growth of competitive analysis is another major factor responsible for fueling the growth of geofencing market.
The global geofencing market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the geofencing market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of geofencing market. This is owing to the presence of large number of established key players like Apple in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. Increasing adoption of smartphones and growing popularity of social media platforms is expected to be another major factor responsible for driving the growth of geofencing market.
In the global geofencing market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, Geofencing market is projected to contribute faster to the growth of revenue backed by increasing smart city projects and growing government initiatives in countries such as Japan, China, South Korea and India.
The geofencing market is growing rapidly over 27% of CAGR and is expected to reach at approx. USD 2,378 Million by the end of forecast period.
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Geofencing Market Segmentation
The geofencing market has been segmented on the basis of component, geofencing type, organization size and vertical. The organization size segment is bifurcated into small and medium sized enterprises and larges enterprises. Out of which, the large enterprises segment holds the largest market share for device as a segment market whereas, small and medium enterprises segment is expected to witness significant growth during the forecast period. This is owing to the technological advancements and growing demand for wireless technology applications.
The prominent players in the geofencing market are – Apple, INC. (U.S.), Thumbvista (U.S.), Pulsate (U.S.), Simpli.Fi Holdings Inc. (U.S.), Esri (U.S.), Bluedot Innovation (U.S.), Geomoby (Australia), GPSWOX, Ltd. (U.S.), Localytics (U.S.), Swirl Networks Inc. (U.S.) and others.
Market Research Analysis:
It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific market is projected to grow at the fastest rate during the forecast period. The major growth in geofencing market in North America is attributed to technological advancements and increasing demand for location based applications and rise in use of spatial data and analytical tools in that region.
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