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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.
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.
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 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:
Key Market Segments
Key Market Players