Geofencing Market, Share, Growth Segmentation Global Industry Growth, Segments, Revenue, Future Analysis, Business Prospects and Forecast to 2027
Market Scenario:
The global Geofencing Market will touch USD 2,387 million at a 27% CAGR in the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. Geofencing, put simply, is a location-based application that uses GPS technologies and RFID to develop virtual geographic boundaries.
Segmentation:
The MRFR report throws light on an inclusive segmental analysis of the global geofencing market based on vertical, organization size, deployment, device type, and component.
By component, the global geofencing market is segmented to services and solution. The services segment is again segmented into API management and testing services, consulting and advisory services, support and integration services, and deployment and integration services. Of these, the API management and testing services segment will lead the market over the forecast period.
By type, the global geofencing market is segmented into mobile geofencing and fixed geofencing. Of these, the fixed geofencing will dominate the market over the forecast period.
By organization size, the global geofencing market is segmented into large enterprises and SMEs. Of these, the large enterprise will have the lions share in the market over the forecast period.
By vertical, the global geofencing market is segmented into government, media and entertainment, transportation, retail, manufacturing, healthcare, BFSI, and others. Of these, the transportation segment will spearhead the market over the forecast period.
Regional Analysis:
Geographically, the global geofencing market is bifurcated into Europe, North America, the Asia Pacific, and Rest of the World (RoW). Of these, North America will head the market over the forecast period. Technological advances, increasing need for location based applications, rise in the use of spatial data and analytical tools, the presence of a large number of established key players such as Apple, the presence of a well-established infrastructure that allows higher penetration of devices, increasing adoption of smartphones, and growing popularity of social media platforms are adding to the global geofencing market growth in the region.
In the Asia Pacific region, the global geofencing market is predicted to have admirable growth over the forecast period. Increased smart city projects, growing government initiatives in India, South Korea, China, and Japan, and increasing awareness regarding the benefits of location-based services to increase the efficiency of fleet management systems and marketing campaigns are adding to the global geofencing market growth in the region.
Industry News:
Philips Hue has revamped its smart light app with added geofencing capabilities.
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/geofencing-market-4490
Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
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