Geofencing is the utilization of mapping technology to map the surroundings of the user’s virtual surroundings with the help of GPS or RFID tagging systems. This enables the service providers to enable the usage of location-based triggers which are activated upon the user entering or exiting a specified location. A majority of geofencing providers base their location services on Google’s “Earth” service, while some base their services on user-highlighted or online-created mapping systems.
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The main factors behind the growth of the market are:
- Technological advancements & rise in the use of spatial data & analytical tools: One of the major benefits with the utilization of geofencing is the usage of analytical tools in the service model. Along with this, the usage of systematically created geometric database for better performance of geofencing. The combination of these technologies along with prospected future advancements are set to expand the horizons on which geofencing is currently applicable on. This expansion of industrial applications is expected on increasing the revenues of the various players in the market
- Increasing applications in numerous industry sectors: With greater understanding and technical knowledge regarding the system, a majority of the industrial sectors have adopted this location-tagging service so as to promote their businesses or even manage their assets. The applications can be identified as drone management, human resource management, asset management, law enforcement, home automation/smart homes, marketing and fleet management to name a few. This enforcement of technology bodes well for geofencing market as the pace at which this technology is being adopted by a majority of these applicable industries, it is set to witness a high growth margin
The market is segmented on the basis of component as solution, services; service as deployment & integration services, support & maintenance services, consulting & advisory services, API management & testing services; geofencing type is segmented into fixed geofencing, mobile geofencing; organization size is categorized into small & medium-sized enterprises, large enterprises; vertical is categorized into transportation & logistics, retail, healthcare & life sciences, industrial manufacturing, media & entertainment, others.
Some of the recent market developments are as follows:
- In June 2019, Beaconstac announced the launch of their new updated “Geofencing” solution helping users to enhance their consumer-based marketing by enhancing the location-based solutions. This solution helps the location-based users to track and implement analysis of location tracking and buying patterns in a systemized manner, while it is highly effective as compared to other methods of location-based marketing solutions. This solution is designed especially for retail outlets, e-commerce providers, restaurants, real estate clients and hospitality industry
- In July 2016, Gimbal, Inc. announced that they had launched the public beta version of their “Proximity Data Platform (PDP)”. This version will be available to the mobile app publishers that have integrated Gimbal’s SDK to enhance their visualization of customers as well as avail monetization services. This combination of Gimbal’s technology ensures enhanced technological availability and overall experience while keeping in mind the user privacy concerns
“According to Data Bridge Market Research, global geofencing market is growing at a healthy CAGR of 27.01% during the forecast period of 2018 to 2025”
Some of the major players operating in the market are Apple, Inc., Thumbvista, pulsate, Simpli.fi Holdings inc., ESRI, Bluedot Innovation, Geomoby, Gpswox, ltd., Localytics, SWIRL Networks inc., Bluedot Innovation Pty Ltd, Gimbal Inc., Google LLC, IBM Corporation, Microsoft, Radar Labs Inc., Samsung Electronics Co., Verve Inc., Mapcite, Pulsate and Mobinius Technologies among others.
One of the major benefits associated with geofencing over other location-tagging or mapping services is the ease of its implementation. With the help of geofencing implementation a majority of service providers can include better personalized services for their customers as it can operate on any cellular network/Wi-Fi connection and tapping into the customer’s devices’ location gathering service. It does not require any additional component/equipment integration for its operations.
