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Report explores the geofencing market to surges 27.5% CAGR to 2022

Geofencing Market provides details analysis on Geofencing Market that surges 27.5% compound annual growth rate and projected to reach 1,825.3 million by 2022 due to technological advancement.

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According to the latest report on “Geofencing MarkeComponentsponent such as Solution and Services also elaborated points on Geofencing fixed and mobile type, this report also focuses on Organization Size like Vertical, Transportation and Logistics, Government and Defense, Retail, Healthcare and Life Sciences.

The geofencing market is expected to grow at a compound annual growth rate (CAGR) of 27.5%, due to the increase in the number of connected devices, emergence of smartphones, and increasing social networking trends.

Technological advancements, rise in the use of spatial data and analytical tools, increasing applications in numerous industry verticals, higher adoption of location-based applications, and rise in Business Intelligence (BI) among businesses are some of the factors contributing to the growth of the global geofencing market. Increase in the use of smartphones, growth in mobile commerce, and availability of low-cost.

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The geofencing market includes various vendors, such as Apple (US), Bluedot Innovation (US), DreamOrbit (India), Embitel (India), Esri (US), Factual(US), Geo Moby (Australia), GPSWOX (US), InVisage (US), Localytics (US), LocationSmart (US), MAPCITE (UK), Maven Systems (India), Mobinius Technologies (India), MobiOcean (India), Nisos Technologies (US), Plot Projects (Netherlands), Pulsate (US), Raveon Technologies (US), Simpli.fi (US), SuccorfishM2M (UK), Swirl Networks (US), Thumbvista (US), Urban Airship (US), and Visioglobe (France).

GPS-enabled smartphones are expected to further drive the geofencing market growth. Technological advancements in cloud computing, Global Navigation Satellite System (GNSS), Global Positioning System (GPS), and wireless technologies support the growth of Location-Based Services (LBS), especially geofencing.

Legal and privacy concerns and the rising awareness regarding safety and security among customers are the major factors restricting the growth of the geofencing market.

In the North American and APAC regions, the BFSI vertical is expected to witness the highest CAGR. Banks and financial institutions are adopting geofencing solutions and services to enhance the customer experience and services.

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

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API management and testing services are being rapidly adopted by developed countries, such as the US and Canada. API management services help organizations in application access management, device data communication and interaction, and security.

Additionally, application operation, production support, release and change support, and middleware product support are also carried out by API management services.

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