According to a new market research report ”Geofencing Market by Component (Solutionand Services), Geofencing Type (Fixed and Mobile), Organization Size, Vertical(Transportation & Logistics, Government & Defense, Retail, Healthcare& Life Sciences), and Region - Global Forecast to 2022", publishedby MarketsandMarkets™, The global geofencing market size is expected to growfrom USD 542.7 Million in 2017 to USD 1,825.3 Million by 2022, at a CompoundAnnual Growth Rate (CAGR) of 27.5%. The major factors driving the growth of thegeofencing market include technological advancements in use of spatial data andincreasing applications in numerous industry verticals.
Browse 62 Market Data Tables and 38 Figures spreadthrough 145 Pages and in-depth TOC on "Geofencing Market by Component (Solution and Services), Geofencing Type (Fixed andMobile), Organization Size, Vertical (Transportation & Logistics,Government & Defense, Retail, Healthcare & Life Sciences), and Region -Global Forecast to 2022"
Major Key Players
The major vendors in the geofencing market include Simpli.fi(US), Embitel (India), Thumbvista (US), Pulsate(US), Mobinius Technologies(India), Esri (US), Bluedot Innovation (US), GeoMoby (Australia), GPSWOX (UK),Apple (US), Localytics (US), Swirl Networks (US), DreamOrbit (India), Factual(US), InVisage (US), LocationSmart (US), MAPCITE (UK), Maven Systems (India),MobiOcean (India), Nisos Technologies (US), Urban Airship (US), plot projects(Netherlands), Raveon Technologies(US), and SuccorfishM2M (UK).
Geofencingis defined as the creation of a virtual boundary around a fixed or movingobject via which any device, individual, or asset can be tracked, monitored,and detected, in case the boundary is violated. Geofencing creates and tracksvirtual boundaries. It uses the Global Positioning System (GPS), RadioFrequency Identification (RFID), and Wi-Fi technologies along with dedicatedsoftware to track equipment and users. The geofencing software can send usersalerts and notifications, as per the user requirements.
Frequentincidents of national border intrusions, and the ease of integration anddeployment of geofencing solutions are creating several opportunities in thegeofencing market. The trending technologies, such as beacons, self-reportedpositioning, mobile messaging, and real-time location services, are alsodriving the growth of the global geofencing market.
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