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Geofencing Market by Component, Geofencing Type, Organization Size, Vertical And Region - Global Forecast to 2022

Geofencing Market: Global Forecast until 2022

  • September 2017
  • 147 pages
  • ID: 5129360
In this report:
The deployment and integration services segment is expected to grow from USD ##.## million in 2017 to USD ##.## million by 2022, at a CAGR of ##.##%, as geofencing users invest most of their budgets in installation, deployment, and integration.
The global geofencing market is expected to grow from USD ##.## million in 2017 to USD ##,##.## million by 2022, at a CAGR of ##.##% during the forecast period.

Summary

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"The geofencing market is anticipated to increase at a CAGR of 27.50 percent, due to the rise in the number of connected devices, emergence of smartphones, and growing social networking trends."

The overall geofencing market is forecasted to grow from $542.70M in 2017 to $1825.30M by 2022, at a compound annual growth rate of 27.50 percent. Technological improvements, increase in the use of spatial data and analytical tools, rising applications in numerous industry verticals, higher adoption of location-based applications, and increase in Business Intelligence among businesses are some of the factors providing to the rise of the overall geofencing market.

Rise in the use of smartphones, increase in mobile commerce, and accessibility of low-cost, GPS-enabled smartphones are forecasted to further drive the geofencing market rise. Technological improvements in cloud computing, Global Navigation Satellite System, Global Positioning System, and wireless technologies support the increase of Location-Based Services, especially geofencing. Legal and privacy concerns and the growing awareness regarding safety and security among clients are the main factors restricting the rise of the geofencing market.

"The API management and testing services segment is anticipated to rise at the highest CAGR (Compound annual growth rate) during the outlook period."

API management and testing services are being quickly adopted by developed countries, including the US and Canada (CA). API management services help institutions in application access management, device data communication and interaction, and security.

On top of, application operation, production support, release and change support, and middleware product support are also carried out by API management services. Moreover, application testing service providers offer both automated and manual mobile application testing to the commercial customers, for testing both native and hybrid mobile applications.

"The Banking, Financial Services, and Insurance segment is anticipated to grow at the highest compound annual growth rate (CAGR) in the geofencing market during the estimate period."

In the North American and APAC regions, the BFSI vertical is expected to witness the top compound annual growth rate. Banks and financial institutions are adopting geofencing solutions and services to improve the customer experience and services.

With its ability to offer additional security for fraud prevention and enhance the customer relationship, the geofencing technology can significantly improve the customer satisfaction and business revenue.

"Asia Pacific (APAC) is expected to grow at the maximal rate during the outlook period."

The Asia Pacific market is anticipated to witness significant increase and is forecasted to be the fastest growing area in the geofencing market. Asia-Pacific has witnessed the advanced and dynamic adoption of new technologies, and it has always been a lucrative market.

The Asia-Pac market is anticipated to be one of the quickest increasing sectors, as the governments in the APAC countries are continuously investing in the R&D of location-based and geofencing services. The increase in the use of smartphones and the growing social networking trends have increased the industry demand for geofencing solutions in the Asia-Pacific regions. Geofencing solutions have helped APAC organizations enhance their business productivity, improve the time-to-market for products and services, growth efficiency, and reduce the global business costs.

In the process of finding out and checking the market size of different segments and sub-segments collected by secondary research, extensive primary audit sessions were managed with main people. The breakup of the profiles of the primary participants is like:

• By Organization: Tier 1 - 30 %, Tier 2 - 40.0 percent, and Tier 3 - 30.0 percent

• By Description: C-suite - 72.0 percent, D-level - 14.0 percent, and Others - 14.0 percent

• By Area: North America continent - 57.0 percent, Europe (EU) - 14.0 percent, Asia-Pac - 29.0 percent

The geofencing market includes different vendors, including Apple, Bluedot Innovation, DreamOrbit, Embitel, Esri, Factual, GeoMoby, GPSWOX, InVisage, Localytics, LocationSmart, MAPCITE, Maven Systems, Mobinius Technologies, MobiOcean, Nisos Technologies, Plot Projects, Pulsate, Raveon Technologies, Simpli.fi, SuccorfishM2M, Swirl Networks, Thumbvista, Urban Airship, and Visioglobe.

Segment Research

The market research includes a detailed competitive analysis of the top players in the geofencing market together with their company profile, recent evolutions, and key industries strategies. The document breaks down the geofencing market by component (solution and services), geofencing type, organization size, vertical, and area.

Why Purchasing This Study Can Help You:

The geofencing market has been split on the basis of components (solution and services), geofencing types, organization size, verticals, and territories.

The industry report will facilitate industry top players/new sector entrants in the geofencing market in these ways:

1. The global geofencing market revenue stream has been estimated based on the revenues of the vendors offering geofencing services and solutions. It is inclusive of deployment and integration services, support and maintenance services, consulting and advisory services, and API management and testing services. The study offers the best approximations of the revenue data for the global market and its sub-segments. The industry numbers are further split into localities.

2. The analysis will facilitate the partners distinguish the pulse of the sector and offer them information on the main market drivers, market restraints, opportunities, and alternatives.

3. The market research will facilitate the partners comprehend their players and obtain additional insights to enhance their market position. The competitive outlook section includes the competitor ecosystem, new industry product developments, alliances, and mergers and acquisitions associated to the geofencing market.

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