the global geolocation market should go from $1.1 billion in 2020 for $6.4 billion by 2027at a CAGR of 27.0% from 2021 to 2027. The geo market–fencing grows and develops with the introduction of new software and technology. Geofencing is a feature built into software that uses the Global Positioning System and (GPS) or radio frequency identification (RFID) define geographic boundaries.
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Geofencing allows administrators to set triggers so that when a device enters (or leaves) the limits set by the administrator, an alert is issued. Many geofencing apps integrate with Google Earth, allowing administrators to set boundaries above a satellite view of a specific geographic area. Other apps, mobile or desktop–based, set limits by longitude and latitude or by user–created, internet–based maps.
Factors that are impacting the growth of geofencing market include penetration of new technologies, higher adoption of location–consumer-based applications, increasing usage of spatial data and analytical tools, and growth in competitive intelligence, which will drive the growth of the geofencing market by improving its operations and capabilities, during the period of forecast around the world. Privacy and legal issues, cybersecurity issues will hamper the growth of the market.
Global geofencing market dynamics
Drivers: Increased Adoption of Proximity Marketing
With the increasing adoption of proximity marketing geofencing, the demand for software is increasing. Proximity marketing is any system that uses location-based technologies to communicate directly with customers through their portable devices such as cell phones, digital wristbands, tablets, and others.. Proximity marketing can incorporate advertising offers, customer support, marketing messages, scheduling, or several other engagement strategies between a cell phone user and their location within a short distance using geofencing solutions.. Proximity marketing adoption is increasing across various verticals, especially SMBs, to boost their market presence and customer base. These factors will drive the growth of the geofencing software market across the globe in the coming years..
Constraints: Legal and privacy concerns
Geo–fencing app uses real–time, location and data, which will impact users’ privacy and expose them to the potential risk of cyber–bully. This factor will hamper the growth of the geofencing market. Terrorist organizations and hackers can use location data for various purposes such as theft, money laundering and other purposes. The third party offers the software, which will have direct access to the real space of the user–hours places, day–for–day trip data and other related data that infringes the user’s privacy and can be used against the user. These factors are restraining the market growth globally.
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Opportunities: Increased use of spatial data and analytical tools
Integration of spatial data with geo–fencing will increase geo demand–fencing software during the forecast period across the world. Spatial data is the sum of interpretations of geographical phenomena. Data is the main information needed by geographic information systems, software tools used to analyze spatial data in digital form. Spatial data is a broad term that includes–special-purpose datasets such as remote sensing imagery, digital map data, census descriptions, and more specialized datasets such as seismic profiles, distribution of relics at an archaeological site, or migration statistics. This will allow users to use any location information to assign nearby places. Geofencing and spatial data combine all the information regarding the position and coordinates of the earth so that the temporal information even exists. This is used by large business owners and e–the commerce industry to track their delivery partners, employees and other. In addition, this data will be analyzed and used for operational planning of uninterrupted processes, time and costs.–for savings and other purposes. This factor will increase the demand for geofencing software coupled with spatial data tools to improve operations and be used for strategic marketing techniques.
The study categorizes geo–fencing market–based component, geofencing type, organization size, end–use industries, and regional and global levels.
By component (Revenue, billion USD, 2017–2027)
- Deployment and Integration Services
- Assistance and maintenance services
- Consulting and consulting services
- API management and testing services
By geo–Type of fence (Revenue, billion USD, 2017–2027)
- Fixed geofencing
- Mobile geolocation
By organization size (Revenue, billion USD, 2017–2027)
- Large companies
- small and medium–Size companies
By End–Use industries (Revenue, billion USD, 2017–2027)
- Transport and logistics
- Health 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)
By region (Revenue, billion USD, 2017–2027)
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
The geofencing component type segment The market is expected to account for the largest share of the global market
On the basis of component, the geofencing market is segmented into software and services. The service component segment is categorized into deployment and integration services, support and maintenance services, consulting and consulting services, and API management and testing services. API management and testing services are estimated to hold a larger market size during the forecast period as compared to services, as they offer application access management, device data communication, as well as interactive services and security.
Additionally, application operation, production support, version and change support, and middleware product support are also provided by API Management Services. Application testing service providers provide automated and manual mobile application testing to business customers to test native and hybrid mobile applications. Service providers provide mobile application testing services for basic testing functionality; user interface testing; testing of mobile applications in wireless disconnection, poor connectivity, WiFi and 2G and 3G networks; memory and battery leak test; and compatibility testing with previous versions of mobile apps. This service segment will fuel the growth of the geofencing market over the forecast period in the global market.
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Asia–Peaceful represents the highest CAGR over the forecast period in Geofencing Market
On the basis of region, the global geofencing market has been segmented into North America, Asia–Pacific, Europe, South America, Middle East and Africa. Four main countries, namely China, India, Japan and the rest of Asia–Pacific, are analyzed in Asia–Peaceful. Asia–Pacific is estimated for the highest CAGR during the forecast period in the geofencing market in the coming years. Asia Pacific (APAC) has seen dynamic and advanced adoption of new technologies and has always been profitable. The region is expected to grow at the highest CAGR over the forecast period in the geofencing market as APAC governments continuously invest in geofencing solutions and location R&D–based services and geofencing. Rising use of content management systems and location analytics is the major driver of growth in the APAC market.
Main market players
The geofencing market is slightly concentrated in nature with few global players operating in the market such as Apple (WE)Bluedot Innovation (WE)DreamOrbit (India)Embitel (India)Esri (WE)Factual (WE)GeoMoby (Australia)GPSWOX (UK)InVisage (WE)localytic (WE)RentalSmart (WE)MAPCITE (UK)Maven Systems (India)Mobinius Technologies (India)and others. These players have adopted various winning strategies to gain higher shares or retain leading positions in the world.
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