According to a new market research report âGeofencing Market by Component (Solution and Services), Geofencing Type (Fixed and Mobile), Organization Size, Vertical (Transportation & Logistics, Government & Defense, Retail, Healthcare & Life Sciences), and Region - Global Forecast to 2022", published by MarketsandMarketsâ˘, The global geofencing market size is expected to grow from USD 542.7 Million in 2017 to USD 1,825.3 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 27.5%.
The major factors driving the growth of the geofencing market include technological advancements in use of spatial data and increasing applications in numerous industry verticals.Browse 62 Market Data Tables and 38 Figures spread through 145 Pages and in-depth TOC on "Geofencing Market by Component (Solution and Services), Geofencing Type (Fixed and Mobile), Organization Size, Vertical (Transportation & Logistics, Government & Defense, Retail, Healthcare & Life Sciences), and Region - Global Forecast to 2022"Major Key PlayersThe major vendors in the geofencing market include Simpli.fi (US), Embitel (India), Thumbvista (US), Pulsate(US), Mobinius Technologies (India), Esri (US), Bluedot Innovation (US), GeoMoby (Australia), GPSWOX (UK), Apple (US), Localytics (US), Swirl Networks (US), DreamOrbit (India), Factual (US), InVisage (US), LocationSmart (US), MAPCITE (UK), Maven Systems (India), MobiOcean (India), Nisos Technologies (US), Urban Airship (US), plot projects (Netherlands), Raveon Technologies(US), and SuccorfishM2M (UK).Geofencing is defined as the creation of a virtual boundary around a fixed or moving object via which any device, individual, or asset can be tracked, monitored, and detected, in case the boundary is violated.
The geofencing software can send users alerts and notifications, as per the user requirements.Frequent incidents of national border intrusions, and the ease of integration and deployment of geofencing solutions are creating several opportunities in the geofencing market.
The trending technologies, such as beacons, self-reported positioning, mobile messaging, and real-time location services, are also driving the growth of the global geofencing market.Speak to Analyst @Â https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=209129830The mobile geofencing type is expected to grow at the highest CAGR during the forecast period.Mobile geofencing is dynamic, and it moves with the user.
Similarly, if the same user is traveling and a landslide occurs, he will receive push notifications about the landslide before entering the danger zone.
Due to the increase in the number of smartphone users and the growing penetration of the internet, the mobile geofencing segment is expected to grow at a higher CAGR during the forecast period.The Banking, Financial Services, and Insurance (BFSI) vertical is expected to be the fastest growing segment in the geofencing market during the forecast period.Due to the increase in market competition, the BFSI vertical is expected to implement innovative solutions to target relevant customers.