The geofencing market is gaining traction, due to the widespread adoption of mobile phones and the increase in internet penetration across various geographies. Penetration of latest technologies, rise in the use of spatial data, increasing applications in numerous industry verticals, and higher adoption of location-based applications among consumers are some of the other factors contributing to the growth of the overall geofencing market. MarketsandMarkets forecasts the global geofencing market size 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%.
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The region comprises countries such as the US and Canada, which are witnessing the significant adoption of geofencing solutions. Growing trends such as Know Your Customer (KYC), the rise in the use of smartphones, and the increase in the use of social media platforms have resulted in the tremendous growth of technology adoption in this region. Various government initiatives, such as smart city projects and telematics programs, are also favoring the implementation of geofencing solutions in this region.
There are several established players in the geofencing market. Some of these players are Apple (US), Bluedot Innovation (US), DreamOrbit (India), Embitel (India), Esri (US), Factual (US), GeoMoby (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). These leading players have adopted various strategies, such as partnerships, collaborations, agreements, mergers and acquisitions, and new product developments, to achieve growth in the global geofencing market.
Esri is one of the leading players in the geofencing market. The company has adopted effective organic and inorganic growth strategies to enhance its market presence. It has entered into a significant number of partnerships and strategic alliances with local and global market players. For instance, in 2017, Esri enhanced the World Geocoding Service for its ArcGIS platform. This update helped users access 25 additional countries, including Cuba, Bangladesh, and Libya, where the street addresses could be located. Similarly, Esri launched ArcGIS 10.5, the next-generation analytics technology for innovative organizations.
Apple is another established vendor in the geofencing market. The company has a strong geographic presence worldwide, including the regions of North America, Asia Pacific (APAC), Middle East and Africa (MEA), Europe, and Latin America. The company’s business strategy includes building and expanding its retail and online stores, and third-party distribution network to effectively reach out to more customers and provide them high-quality sales and post-sales support experience.
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