Geofencing Market is expected to reach US$ XX Mn by 2026 at a CAGR of 27.4% during the forecast period.
The major factors driving the growth of the geofencing market are the increasing use of spatial data and analytical tools, penetration of new technologies, the growth of competitive intelligence and higher adoption of location-based applications among consumers. Furthermore, the rise in the need to track the competitors’ marketing activities and business intelligence (BI) are some of the factors supporting the overall growth of the geofencing market. The rise in awareness regarding safety and security among customers, legal, and privacy concerns are some of the restraining factors would hinder the growth of geofencing market.
Geofencing market is segmented by component, type, organization size, vertical and region. While using vertical segment, the transportation and logistics vertical have the XX % market share during the forecast period, as Industry applications of geofencing solutions in the transportation and logistics vertical include speed limiting, asset monitoring, commercial transportation management, and fleet and freight management.
A component segment is classified into solution and services. The service segment is further classified into deployment and integration services, support and maintenance services, consulting and advisory services, API management, and testing services. Among these, the API management and testing services segment is expected to grow at XX % of CAGR during the forecast period, as the segment offers device data communication and interaction, application access management, and security services.
Application testing service providers offer manual and automated mobile application testing to the commercial customers, for testing both native and hybrid mobile applications. The service providers deliver mobile application testing services for user interface testing, core functionality testing, mobile applications testing in wireless disconnectivity, low connectivity, Wi-Fi, and 2G and 3G networks; mobile application backward compatibility testing; and memory and battery leakage testing.
While using region segment, the Geofencing Market is classified into North America, Asia Pacific, Europe, Latin America and the Middle East and Africa. Among these, North America is expected to have the larger Geofencing Market share during the forecast period. The region has the presence of well-established and major sustainable economies who invest substantially in Research and Development (R&D) activities, thereby contributing to the development of new location-based technologies. Owing to these technologies, the demand for the Geofencing Market will grow in the future.
The objective of the report is to present comprehensive analysis of Geofencing Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers. The report also helps in understanding Geofencing Market dynamics, structure by analyzing the market segments, and project the Geofencing Market size. Clear representation of competitive analysis of key players by Geofencing Market Type, price, financial position, product portfolio, growth strategies, and regional presence in the Geofencing Market make the report investor’s guide.
Scope of the Geofencing Market
Geofencing Market, by Component:
o Deployment and integration services
o Support and maintenance services
o Consulting and advisory services
o API management and testing services
Geofencing Market, by Type:
• Fixed geofencing
• Mobile geofencing
Geofencing Market, by Organization Size:
• Small and Medium-sized Enterprises (SMEs)
• Large enterprises
Geofencing Market, by Vertical:
• Transportation and logistics
• Healthcare and life sciences
• Industrial manufacturing
• Media and entertainment
• Government and defense
• Banking, Financial Services, and Insurance (BFSI)
• Others (agriculture, education, construction and engineering, and energy and utilities)
Geofencing Market, by Region:
• North America
• Asia Pacific
• The Middle East and Africa
• Latin America
Key Players in the Geofencing Market
• Apple Inc.
• Bluedot Innovation
• Factual Inc.
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