PUNE, India – The global geofencing market size is expected to grow from $542.7 million in 2017 to $1,825.3 million by 2022 at a CAGR of 27.5% driven by the technological advancements, rise in the use of spatial data and analytical tools, increasing applications in numerous industry verticals, higher adoption of location-based applications, and rise in Business Intelligence (BI) among businesses according to RnRMarketResearch.
Browse 62 Market Data Tables and 38 Figures spread through 145 Pages and in-depth TOC on “Geofencing Market – Global Forecast to 2022“ http://www.rnrmarketresearch.com/geofencing-market-by-component-solution-and-services-geofencing-type-fixed-and-mobile-organization-size-vertical-transportation-logistics-government-defense-retail-healthcare-life-sciences-and-reg-st-to-2022-market-report.html
The geofencing market includes various vendors such as Apple (US), Bluedot Innovation (US), DreamOrbit (India), Embitel (India), Esri (US), Factual (US), Geo Moby (Australia), GPSWOX (US), InVisage (US), Localytics (US), LocationSmart (US), MAPCITE (UK), Maven Systems (India), Mobinius Technologies (India), MobiOcean (India), Nisos Technologies (US), Plot Projects (Netherlands), Pulsate (US), Raveon Technologies (US), Simpli.fi (US), SuccorfishM2M (UK), Swirl Networks (US), Thumbvista (US), Urban Airship (US), and Visioglobe (France).
The BFSI segment is expected to grow at the highest CAGR in the geofencing market during the forecast period. In the North American and APAC regions, the BFSI vertical is expected to witness the highest CAGR. Banks and financial institutions are adopting geofencing solutions and services to enhance the customer experience and services. With its ability to provide additional security for fraud prevention and enhance the customer relationship, the geofencing technology can significantly improve the customer satisfaction and business revenue.
Make an Inquiry 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 research report at http://www.rnrmarketresearch.com/contacts/inquire-before-buying?rname=1209991.
The geofencing market in APAC is expected to witness significant growth and is projected to be the fastest growing region. APAC has witnessed the advanced and dynamic adoption of new technologies, and it has always been a lucrative market. The APAC market is expected to be one of the fastest growing markets, as the governments in the APAC countries are continuously investing in the R&D of location-based and geofencing services. The rise in the use of smart phones and the increasing social networking trends has increased the demand for geofencing solutions in the APAC region. Geofencing solutions have helped APAC organizations enhance their business productivity, improve the time-to-market for products and services, increase efficiency, and reduce the overall business costs.
The API management and testing services segment is expected to grow at the highest CAGR during the forecast period. API management and testing services are being rapidly adopted by developed countries, such as the US and Canada. API management services help organizations in application access management, device data communication and interaction, and security. Additionally, application operation, production support, release and change support, and middleware product support are also carried out by API management services. Furthermore, application testing service providers offer both automated and manual mobile application testing to the commercial customers, for testing both native and hybrid mobile applications.
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In the process of determining and verifying the global geofencing market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The breakup of the profiles of the primary participants is as follows:
- By Company: Tier 1 – 30 %, Tier 2 – 40%, and Tier 3 – 30%
- By Designation: C-Level – 72%, Director Level – 14%, and Others – 14%
- By Region: North America – 57%, Europe – 14%, APAC – 29%
Increase in the use of smartphones, growth in mobile commerce, and availability of low-cost, GPS-enabled smartphones are expected to further drive the geofencing market growth. Technological advancements in cloud computing, Global Navigation Satellite System (GNSS), Global Positioning System (GPS), and wireless technologies support the growth of Location-Based Services (LBS), especially geofencing. Legal and privacy concerns and the rising awareness regarding safety and security among customers are the major factors restricting the growth of the geofencing market.
Another research titled Geographic Information System (GIS) Market Global Forecast to 2023 says, the GIS market is expected to grow at a CAGR of 9.6% between 2017 and 2023 to reach $10.12 billion by 2023. GIS software to hold the largest share during the forecast period. Location-based services function is expected to grow at the highest rate during the forecast period. The market for transportation is expected to grow at the highest rate during the forecast period. North America is expected to hold the largest share during the forecast period. Companies such as Autodesk, Inc. (US), Bentley System, Incorporated (US), Environmental Systems Research Institute, Inc. (Esri) (US), General Electric Co. (US), Hexagon AB (Sweden), Pitney Bowes Inc. (US), Topcon Corporation (Japan), Trimble Inc. (US), Blue Marble Geographics (US), Caliper Corporation (US), Computer Aided Development Corporation Limited (Cadcorp) (UK), Harris Corporation (US), Hi-Target Surveying Instrument Co. Ltd. (China), MacDonald, Dettwiler and Associates Ltd. (Canada), PASCO CORPORATION (Japan) have been profiled in this 165 pages research report available at http://www.rnrmarketresearch.com/geographic-information-system-gis-market-by-component-hardware-gis-collector-total-station-lidar-gnss-antenna-software-function-mapping-surveying-telematics-and-navigation-location-based-service-en-st-to-2023-market-report.html.
Explore more reports on Information Technology & Telecommunication Market at http://www.rnrmarketresearch.com/reports/information-technology-telecommunication.
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