North America is expected to dominate the geofencing technology 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. Asia Pacific geofencing technology 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.
Geofencing technology market is projected to surpass USD 1.7 billion by 2024. 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 geofencing market growth between 2017 and 2024.
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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 technology market is witnessing traction also due to rising adoption of the technology in transport and logistics sector. As geofencing offers an efficient solution to manage large fleets across diverse geographic areas, it becomes manageable to track and monitor the location and movement of individual vehicles.
The Geofencing technology is witnessing consistent advancements in terms of upgradation and integration with other technologies such as beacons and augmented reality. As GPS is undergoing a technological transformation with acquisition of new satellites and emergence of latest standards, geofencing will evolve into a more sophisticated location-based service over the forecast period. An emerging application of geofencing is increasingly evident as a recruitment tool, where companies are leveraging the technology to target prospective employees. Companies are locating and attracting specialized talent using geofencing. By procuring a database of potential recruits, companies set up geofences in areas where these coveted recruits live or work. When a person with relevant credentials enters such a geofence, an ad inviting to apply for the available position is pushed on his/her mobile phone. As the technology matures further, more innovative applications of geofencing are expected to evolve over the forecast timeline.
Geofencing Market Size, By Application, 2016 & 2024 (USD Million)
The companies offering geofencing solutions are focusing on expanding their reach to a broader customer base to secure a competitive advantage in the rapidly evolving market space. For instance, in January 2018, Bluedot Innovation, one of the leading providers of geofencing solutions, launched Bluedot Location Marketing on Salesforce AppExchange, the world’s largest marketplace for enterprise apps. With this launch, the company made its geofencing solution highly accessible to enterprise customers. Such initiatives are contributing to the expanding market share of these leading companies. Some of the key players in the geofencing technology market are Apple, Google, Thumbvista, Esri, Urban Airship, Bluedot innovation, Gimbal, Embitel, Placecast, Simplifi.fi, Swirl Networks, Radar Labs, UpSnap, GeoMoby, PlotProjects, Localytics, Pulsate, Mapcite, and DreamOrbit.
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