MarketsandMarkets forecast “the geofencing market size is expected to grow from USD 542.7 million in 2017 to USD 1,825.3 million by 2022, at a Compound Annual Growth Rate (CAGR) of 27.5%.” The major factors driving the growth of the geofencing market include penetration of the latest technologies, the rise in the use of spatial data, and growth of competitive intelligence among the businesses.
Geofencing is defined as the creation of a virtual boundary around a fixed or moving object via which any device, individual, or asset can be tracked, monitored, and detected, in case the boundary is violated. Geofencing creates and tracks virtual boundaries. It uses the Global Positioning System (GPS), Radio Frequency Identification (RFID), and Wi-Fi technologies along with dedicated software to track equipment and users. The geofencing software can send users alerts and notifications, as per the user requirements.
Browse 62 Market Data Tables and 38 Figures spread through 145 Pages and in-depth TOC on “Geofencing Market by Component (Solution and Services), Geofencing Type (Fixed and Mobile), Organization Size, Vertical (Transportation & Logistics, Government & Defense, Retail, Healthcare & Life Sciences), and Region – Global Forecast to 2022″
Frequent incidents of national border intrusions, and the ease of integration and deployment of geofencing solutions are creating several opportunities in the geofencing market. The trending technologies, such as beacons, self-reported positioning, mobile messaging, and real-time location services, are also driving the growth of the global geofencing market.
The mobile geofencing type is expected to grow at the highest CAGR during the forecast period.
Mobile geofencing is dynamic, and it moves with the user. It is built into the user’s mobile device and uses cellular data and GPS. For instance, if a user is passing by a parking space, he will receive push notifications about the paid parking space. Similarly, if the same user is traveling and a landslide occurs, he will receive push notifications about the landslide before entering the danger zone. Due to the increase in the number of smartphone users and the growing penetration of the internet, the mobile geofencing segment is expected to grow at a higher CAGR during the forecast period.
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to be the fastest growing segment in the geofencing market during the forecast period.
Due to the increase in market competition, the BFSI vertical is expected to implement innovative solutions to target relevant customers. The geofencing technology enables the BFSI vertical to target customers in a sophisticated and an accurate manner. The highly competitive BFSI industry majorly focuses on customer satisfaction. This requirement can be fulfilled by implementing geofencing solutions and services. Moreover, geofencing is cost-effective and easy to implement.
With the help of the geofencing technology, banks can locate eCommerce customers via their IP addresses and send contextually relevant content, such as special credit offers, merchant promotions, loyalty programs, and information about working hours. The various applications of geofencing in the BFSI vertical include customer tracking and fraud prevention, and marketing and promotions.
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