Geofencing is a virtual fencing created around the desired boundary locations of a land. Geofencing primarily consists of the software programs which are executed using the data gathered from the GPS (Global Positioning Systems) or the RFID (Radio Frequency Identification).
The data includes the location details as per the geographic parameters of the person’s equipment. The primary factor responsible for the increasing popularity of the Geo-fencing is that it allows an administrator who has set up the geo-fencing to set up the triggers for events.
These triggers are set by the administrator for the events such as entry or exit of the devices within the decided boundaries by the administrator. Also, geofencing is getting increasing popularity due to the many application’s incorporations such as the Google Earth.
This incorporation allows the administrators to define the boundaries for geofencing on top of a satellite view as per specific geographical area which is available for the Google Earth application and also the users are deploying the other applications for defining the boundaries using longitude and latitude or through user-created and Web-based maps.
Geofencing Market: Drivers and Restraints
The prime factor responsible for the growth of the Geofencing market is increasing technological advancements in maintaining the security and safety majors for the organizations and also part of the geographies. Also, the constant technological advancements going on in the cloud computing applications, Global Navigation Satellite System (GNSS), and the wireless technologies which are supporting the Location-Based Services (LBS), Global Positioning System (GPS), are contributing significantly in driving the demand for the geofencing.
The other rare and indirect applications of the geo-fencing such as it is virtual perimeter which can be used by the malls or other profit-making organization to attract the customers who are present within their geo fencing boundaries by sending them notifications on their mobile devices. This is one of the emerging parameter driving the demand for geo-fencing in the different industry verticals.
On the other hand, higher deployment cost and lack of knowledge are one of the restraining factors for the geo-fencing market.
Global Geo fencing Market: Market Segmentation
Global Geofencing Market can be divided into three segments, based on Component and end users of the Geofencing.
Segmentation on the basis of the Component of Geo fencing market:
The major segments in the Geofencing market based on the components of the Geofencing for the variable use. This segmentation includes the segmentation by Software and services.
This segmentation is performed as per the component types offered such as software and services. The software is offered by the manufactures to end users for deployment of geo-fencing and services are offered to maintain the workflow and remove the problems in execution.
Segmentation on the basis of the type for Geofencing market:
The major segments of the Geofencing market on the basis of the type is performed as Mobile geo-fencing and fixed geofencing. The mobile geofencing can be modified as per the end user requirements and fixed geo-fencing are permanent.
Segmentation on the basis of the end user for a Geofencing market:
The major segments of the Geofencing market on the basis of the end user is performed by considering the industry verticals which are deploying the Geofencing for carrying out their industry-specific operations. The segmentation includes the Defence and Aerospace, Transportation, healthcare, retail, manufacturing, banking, and others.
The type of geofencing is selected based on the industry-specific requirement of the Geofencing.
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Global Geofencing Competitive Landscape
Companies such as Apple, Bluedot Innovation, DreamOrbit, Embitel, Esri, Factual, GeoMoby, GPSWOX, InVisage, Localytics, LocationSmart, MAPCITE, Maven Systems, Mobinius Technologies, MobiOcean, Nisos Technologies, and Visioglobe (France) have adopted various growth strategies, including partnerships, agreements, and collaborations, to enhance their presence in the geofencing market. The key vendors are constantly focused on developing new displays and enhancements in their application to improvise the industrial usage.
Global Geofencing Market: Regional outlook
The global Geofencing market is divided into seven regions as North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and the Middle East and Africa. Among the given regions, North America region leading the global market for Geofencing due to the dense presence of end users from commercial, manufacturing, and others using Geofencing.
The growth of the Geofencing market in Western Europe, Eastern Europe follows the North America market due to the adaptation of the Geofencing technologies in different industry verticals such as healthcare.
The developing regions such as APEJ and Japan are predicted to grow at the highest CAGR owing to the increased investments from governments in the improvising the defense sector and other manufacturing industry. The geofencing market in MEA region is expected to grow at moderate CAGR.
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