Geofencing Market

Geofencing Market Insights:

Geo fencing is the use of GPS technology to establish a virtual geographical boundary, allowin the GPS software to trigger a response on mobile phones, when an unauthorized person enters or leaves a predefined location. Geo fencing allows anyone to set up triggers based on information about the location. If any person or device enters a particular boundary or area it issues an alert. For instance, if a person enters a mall, a store, neighborhood, or search a particular pre-defined area, a notification or a promotion offering pops up on the phone or the device being used by the person. By implementing geofencing technology, it helps companies and businesses to get more sales, loyal customers, and engagement. Geofencing is also being widely adopted by the government and defense sector to secure sensitive areas, which boosts the market growth.

COVID-19 scenario Analysis: 

• Geofencing services are used across the globe to locate quarantine violators who are under watch. For Instance, the government of India tested an application that triggers SMS alerts to an authorized government agency if a person violates or escapes a quarantine center based on mobile phone’s cell tower location, which help government to locate a person and stop further spread of COVID19. 
• As a result, it is expected that geofencing services would witness a high demand during and post the COVID-19 pandemic.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Rise in demand for location-based services (LBS) and growth in mobile device penetration are the key factors that drive growth of the market. In addition, applications such as telematics, human resources, and child location services fuel growth of the market. However, privacy and data security concerns associated with geofencing services can hamper growth of the market. Furthermore, surge in use of internet of things (IoT) and wide adoption of geofencing solutions among various industry verticals, owing to its vast benefits is expected to provide lucrative opportunities for the market.

The global trends for geofencing market are as follows:

Rise in adoption of geofencing services among retailers:

Retailers are adopting digitalization to gain a more loyal customer base as digitalization enables them to engage more effectively and remotely with their customers. Retailers observe footfall of customers as soon as they enter a geofenced location and send promotional offers with the help of these solutions and encourage them to come to store and buy products. Retailers are also deploying geofenced services in delivering products to customers. For instance, Walmart started delivering products in a safe box using drones rather than on doorsteps. The application includes use of block-chain technology and geofencing for package tracking and identification.

North America expected to lead the market:

North America is expected to have the largest market share during the forecast period, owing to its early adoption of latest technologies along with presence of big players dealing in geofencing solutions. In addition, while Asia-Pacific is also expected to witness a significant growth, owing to the growth in population, rise in use of smart phones, and investments by governments in the defense sector in developing countries such as India.

Key benefits of the report:

• This study presents the analytical depiction of the global geofencing market along with the current trends and future estimations to determine the imminent investment pockets.    
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Geofencing market share.     
• The current market is quantitatively analyzed to highlight the global geofencing market growth scenario.         
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
• The report provides a detailed market analysis based on the present and future competitive intensity of the market. 

 Geofencing Market Report Highlights