Geofencing Market Size By Type (Fixed, Mobile), By Component (Product [Asset Monitoring and Management, Fleet Management, Workforce Management, Promotion & Advertising, Competitor Tracking Solutions, Drone Management Solutions], Service [API Management, Managed Services, Consulting, Training and Maintenance Services]), By Technology (GPS, RFID, Wi-Fi, Cellular Network), By Application (Transportation & Logistics, Retail, Automotive, BFSI, Public Sector, Hospitality, Media & Entertainment), By Deployment Model (On-premise, Cloud), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, China, Japan, Australia & New Zealand (ANZ), South Korea, India, Singapore, Malaysia, Brazil, Mexico, Argentina, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2017 - 2024

Published Date: January 2018 | 450 Pages | Report ID: GMI222 Report Format: PDF

  Request Sample Inquiry Before Buying
Summary Table of Contents Industry Coverage Methodology Request for Customization

Industry Trends

Geofencing Market size was estimated at over USD 200 million in 2016 with a CAGR of over 28% from 2017 to 2024.
 

Geofencing Market Size, By Application, 2016 & 2024 (USD Million)
Geofencing Market Size, By Application, 2016 & 2024 (USD Million)

 

The rising demand for location-based services (LBS) and increasing penetration of mobile devices are expected to support the growth of the geofencing market over the forecasted timeline. There has been a notable increase in the demand for LBS over the past five years for real-time, location-based navigation and tracking and for gathering market intelligence. A steady growth of the mobility trend among enterprises operating in a diverse range of industries will also facilitate favorable adoption of geofencing market technology over the forecast period. As businesses are becoming increasingly aware about the benefits of location-based monitoring and management of mobile resources for increasing process and workforce productivity, geofencing solutions are poised to witness rapid acceptance.
 

The rising adoption of the technology in the transport and logistics sector along with increasing demand from the retail industry for proximity-based promotion and marketing will also accelerate the geofencing market growth between 2017 and 2024.
 

Geofencing Market, By Type

Fixed geofencing held a major share of the overall market in 2016 owing to widespread implementation of static geofences for multiple applications including advertisements, recreational activities, and asset monitoring.  However, mobile geofencing allows enterprises to turn the collected situational data into actionable insights. This gives them the ability to effectively run retargeting campaigns. Dynamic geofences send out alerts to the users when certain situations of their personal interest are met. Due to these capabilities, the mobile geofencing market is expected to show promising growth over the forecast period.
 

Geofencing Market, By Component

The product segment dominated the geofencing market in 2016 owing to significant adoption of these solutions by different industries such as transport and logistics, retail, automotive and public sector.  With companies expanding the solution capabilities in terms of analytics functions and integration with other similar location-based services, the product market holds a significant share of the overall market. However, the geofencing services market is projected to exhibit fastest growth between 2017 and 2024 owing to the consistent need for professional and managed services to efficiently operate and manage the sophisticated systems.
 

The promotion and advertising solutions industry held a dominant position with a market share of over 30% in 2016. This significant market share can be attributed to rising awareness among enterprises about the utility of proximity-based marketing campaigns in increasing the effectiveness of advertising functions. The technology helps in targeting customers with real-time promotional messages, once they enter the proximity of a business establishment. This enhances the ROI on marketing for these enterprises.   
 

Within the service market, API management services held the largest market share in 2016 owing to large scale installation of geofencing solutions over the past five years. As these solutions need to be integrated with several existing systems for different business processes, the adoption of API management services has been significant since the inception of the technology. However, with rapid advancement and adoption of cloud computing, managed services are expected to witness high adoption over the forecast period. These services enable efficient management of cloud-based deployment and maintenance of geofencing solutions.
 

Geofencing Market, By Technology

GPS technology will play a significant role in the widespread adoption of geofencing systems over the next five years. With favorable proliferation of GPS enabled mobile devices and the excellent accuracy of GPS tracking systems, they are being increasingly modernized to deliver highly accurate location-based data for an array of applications such as fleet management and asset management.
 

By installing GPS vehicle tracking systems, the technology helps in protecting the most valuable assets and vehicles. Using mobile device such as a smartphone or a tablet, fleet managers can monitor the location of vehicles in real-time. This enables them to take immediate action when a particular vehicle deflects from a pre-defined route. Such advanced capabilities are boosting the adoption in the transport and logistics industry.
 

Geofencing Market, By Application

Transportation and logistics segment hold a dominant share in the geofencing market on account of large scale implementation managing large fleets across different geographic areas. With the use of geofencing, event-based triggers can be incorporated in the supply chain processes. Such triggers can be used to inform the forward supply chain for processing incoming shipments. Due to the associated benefits such as real-time coordination, higher security, and improved planning of carrier movement and deliveries, the systems are being increasingly adopted by the transportation and logistics industry.
 

The retail market is expected to exhibit fastest growth between 2017 and 2024 due to increasing application of the technology for strengthening proximity marketing campaigns by retailers.  With the advent of the technology, retailers are increasingly using digitization to retain and increase their loyal customer base. Especially for short-term initiatives such as promotional events, retailer’s set-up geofences to enhance their customer engagement and attract more customers towards their stores.

 

Geofencing Market, By Deployment Model

On-premise geofencing solutions dominated the market in 2016 owing to large scale adoption of geofencing systems integrated with business process systems present on-premise. Different legacy systems for various business processes are traditionally deployed on-premise; therefore, on-premise solutions will hold a major share of the overall market by 2024. However, due to increasing popularity of cloud computing technology, cloud-based geofencing systems are expected to exhibit accelerated adoption over the forecast period.
 

Geofencing Market, By Region

North America is expected to dominate the geofencing market between 2017 and 2024 owing to the availability of excellent GPS infrastructure in the region and high penetration of mobile devices. As most of the brick-and-mortar retailers in the region are aggressively implementing proximity marketing strategies to compete against e-commerce business models, the adoption will grow significantly over the forecast period.
 

Asia Pacific, on the other hand, is expected to witness fast growth over the timeline due to increasing awareness regarding the advantages of location-based services to increase the efficiency of fleet management systems and marketing campaigns.
 

Competitive Market Share

Companies operating in the business are involved in expanding the capabilities of their solutions with enhanced accuracy and integration functionalities. With aggressive promotion and marketing strategies, these players are developing solutions for a diverse set of customer segments for promotion, asset tracking, workforce management and fleet monitoring applications.
 

Some of the players operating in the geofencing market are Google, Apple, Bluedot innovation, Thumbvista, Esri, Embitel, Simplifi.fi, Gimbal, Mapcite, UpSnap, Placecast, Swirl Networks, GeoMoby, Localytics, Urban Airship, Pulsate, PlotProjects, Radar Labs, and DreamOrbit.
 

Industry Background
 

Geofencing Market Segmentation

Geofencing has revolutionized location-based marketing and fleet management functions by allowing enterprises to define perimeters around specific locations. The technology is being used independently and also in conjunction with other similar technologies such as beacons to enhance the effectiveness of location-based services. With consistent technological advancements, geofencing market is projected to exhibit robust growth over the forecasted timeline.


What Information does this report contain?

Historical data coverage: 2013 to 2016; Growth Projections: 2017 to 2024.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.


Our Market Research Reports Include:

  • Market snapshot
  • Market Segmentation
  • Value Chain Analysis
  • Growth Dynamics
  • Potential Market Opportunities
  • Regulatory Overview
  • Technology Evolution
  • Innovation & Sustainability

Why Global Market Insights?

 Comprehensive Research
  • All-inclusive coverage
  • In-depth and granular data (ex: information for 8 to 15 countries, with clients open to add to this list, in each report)
  • Penetrative insights & latest trends
  • Offers holistic understanding of the market
 Data Accuracy & Reliability
  • Unique methodology
  • Iterative in nature to eliminate errors
  • Detailed methodology, scope, assumptions and data sources available for reference
 Post-Sales Support
  • Committed to making a positive difference for our clients
  • Given the nature of this industry, we are committed to ensure that our clients get maximum return on their investment in our services
  • Every purchase comes with an option to obtain additional information:
    • up to 10% of the original cost
    • 45-minute analyst tele-call to obtain further clarity on the market.
 Security & Confidentiality
  • Global Market Insights, Inc. strictly adheres to PCI-DSS security norms.
  • Only PCI-DSS compliant payment methods used for highest level of client data security
This site is protected by Trustwave's Trusted Commerce program Authorize.Net Merchant - Click to Verify

Connect with our sales team