Geofencing Market Size in GPS Technology is Expected to Showcase Significant Growth by 2024

The GPS technology in Geofencing Market is estimated to grow significantly due to huge technological advancements and growing adoption by the industries. The adoption of tracking systems for asset management and fleet management is anticipated to increase gradually over the period. The installation of GPS vehicle tracking system along with geofencing technology helps in secured transportation of the valuable assets and vehicles through real-time monitoring.

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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 industry share.

Quite comprehensible from the terminology, geofencing is a service that, via an app utilizes RFID or GPS technology to increase the virtual boundary around a particular geographic location. Apparently, the technology is being extensively deployed in retail stores nowadays in an attempt to enhance in-store consumer experience.  In fact, on grounds of its far-reaching acclaim, numerous tech behemoths have been trying their hands with the technology in recent years, attempting to bring forth a slew of innovative applications in geofencing market.

The application matrix of geofencing industry 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. In this regard, China has recently made it to the headlines with the announcement of its decision of integrating geo-fencing based facial recognition system for security and surveillance in Xinjiang.

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The on-premise model held the largest market share of about 73% in 2016 due to large-scale implementation of integrated geofencing system with on-premise business systems. However, with the growing popularity of cloud computing, the cloud-based geofencing systems are estimated to witness a faster growth over the period. Cloud-based geofencing offers more flexibility and scalability to the users to undertake different proximity-based marketing activities.

Some of the key market players are Apple, Esri, Google, Pulsate, PlotProjects, Thumbvista, Gimbal, Placecast, Swirl Networks, Embitel, Simplifi.fi, Urban Airship, Mapcite, UpSnap, GeoMoby, Localytics, Radar Labs, Bluedot Innovation, and DreamOrbit. The players are focusing on R&D and new product development initiatives.

Some Points From Table Of Content: –

Chapter 5.   Geofencing Market, By Type

5.1.  Geofencing industry 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 industry, by region, 2015-2024

Chapter 7.   Geofencing market, By Technology

7.1.  Geofencing industry share by technology, 2016 & 2024

7.2.  GPS

7.2.1. GPS market, by region, 2015-2024

7.3.  RFID

7.3.1. RFID market, by region, 2015-2024

7.4.  Wi-Fi

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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