Geofencing Market: Overview
Geofencing can be defined as a virtual boundary in the geographical area in terms of RFID and GPS which triggers the software to activate a response when a mobile device leaves or enter the area. Since many years developers are taking the assistance of hardware and software to precisely locate the data related to geography.
Geofencing Market: Segmentation
The global geofencing market is segmented based on various factors such as component, geofencing type, service, organization size, and vertical. Based on vertical it is segmented as transportation and logistics, industrial manufacturing, healthcare and life sciences, banking, financial services, and insurance, media and entertainment, and many others. Further based on service is segmented as support and maintenance services, consulting and advisory services, support and maintenance services, and deployment and integration services. Based on the component it is bifurcated as services and solution, while on the basis of type, it is further differentiated as mobile geofencing and fixed geofencing.
Geofencing Market: Growth Factors
Growing application is certain sectors such as human resources, telematics, and child location service are expected to spur the market growth in the upcoming period. Hasslefree accessibility of low-cost developers merged with enhanced demand specifically for the IOT (Internet of Things) is projected to spread out the barriers of location-based application and create new opportunities for new development. This is also a crucial development-based factor responsible for the growth of the geofencing market. Moreover, developers stressing more about new and advanced technologies are helping the market to gain the momentum. Factors such as technological concerns related to devising monitoring, battery draining issues, and lack of preceding caution services are somewhere limiting the growth of the market. Similarly, missing features such as monitoring ability of geofence in low coverage areas has forced the customers to move their focus towards authorized marketing, which is considered as a restraining factor for the growth of the geofencing market.
Geofencing Market: Regional Analysis
The global geofencing market is dominated by North America owing to the appreciable growth in the forecast period. Growing research and development activities is a responsible factor for North America’s position. Moreover, Asia Pacific region is anticipated to grow drastically owing to constant research in geofencing services.
Geofencing Market: Competitive Players
The key vendors that hold a strong dominance over the geofencing market are Thumbvista, Simpli.Fi, ESRI, Geomoby, and Apple. While some othe prominent players comprise of Pulsate, Mapcite, Swirl Networks, Bluedot Innovation, Mobinius Technologies, Gpswox, and Localytics.
Global Geofencing Market: Regional Segment Analysis
- North America
- The U.S.
- The UK
- The Asia Pacific
- Latin America
- The Middle East and Africa
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