Asia Pacific geofencing market is projected to witness fastest growth between 2017 and 2024 due to growing inclination towards geofencing technology in the logistics and retail sectors in countries such as India, China and Australia.
North America is expected to dominate the geofencing market throughout the forecast timeline due to the availability of an extensive and robust GPS infrastructure and high awareness regarding location-based analytics. As U.S. based retailers are increasingly deploying proximity marketing campaigns to target prospective customers and retain their loyal ones, the market will experience consistent traction between 2017 and 2024.
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Geofencing Market in retail sector is set to grow at a significant rate during the forecast period. With evolving emphasis on location-based marketing in retail space, geofencing market has indeed gained a widespread recognition in the mainstream tech cosmos. Over the recent years, it has been observed that the share battle between online and offline business platforms is intensifying. As a result, bricks and mortar giants have been increasingly looking for ways to implement e-commerce alternatives, the fundamental factor that has impelled geofencing market share.
The growing adoption of geo-conquesting marketing campaigns is also driving the growth of market in automotive and retail sector. By setting up geofences in the proximity of competitors business establishments, enterprises are targeting potential customers in the perimeter by offering lucrative offers on their products. As more and more brick-and-mortar retail businesses are implementing proximity-based marketing campaigns, the applications of geofencing-based marketing solutions are poised to increase rapidly over the forecast period. The geofencing market is witnessing traction also due to rising adoption of the technology in transport and logistics sector.
The application matrix of geofencing market is not just replete with retail domain, though it is undeniable this sector is a lucrative growth avenue for the entire business space. Besides, retail space, geofencing market share stands to gain much from security and defense applications. Numerous companies participating in the business space have been creating a whole hog to bring about significant advancements in the capabilities of this solution with enhanced integration and accuracy functionalities.
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The technology combines the awareness of user’s current location with that of their proximity to a location of interest. The market is witnessing rapid growth due to increasing global penetration of mobile devices and favorable growth of location-based services implementation. As businesses are increasingly realizing the benefits of location-based monitoring and management of mobile resources for increasing workforce and process productivity, the market is expected to exhibit robust growth over the forecasted timeline. Moreover, increasing awareness regarding competitive intelligence and growing popularity of proximity marketing are also projected to propel the market growth between 2017 and 2024.
Table Of Content For This Research Report:
Chapter 5. Geofencing Market, By Type
5.1. Geofencing market share by Type, 2016 & 2024
5.2. Fixed geofencing
5.2.1. Fixed geofencing market, by region, 2015-2024
5.3. Mobile geofencing
5.3.1. Mobile geofencing market, by region, 2015-2024
Chapter 7. Geofencing market, By Technology
7.1. Geofencing market share by technology, 2016 & 2024
7.2.1. GPS market, by region, 2015-2024
7.3.1. RFID market, by region, 2015-2024
7.4.1. Wi-Fi market, by region, 2015-2024
7.5. Cellular network
7.5.1. Cellular network market, by region, 2015-2024
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