Geofencing Market Outlook, Trends, Size and Growth to 2024

Market Overview:
The geofencing market was estimated at US$ 500 million in 2019 and is expected to reach US$ 1,825.3 million by 2024, representing an average annual growth of 27.5%. Big companies like Apple, Thumbvista, Pulsar and Bluedot Innovation are investing in the geofencing market as the demand is increasing in several vertical industries.

Geofencing offers security to monitor the accuracy of resources such as fleets, stocks, and more, which allows the user to optimize price performance and increase the company's bottom line. Geofencing uses GPS (Global Positioning Systems) or RFID (Radio Frequency Identification) data to execute software programs. The data includes location information according to the geographic parameters of the device.

Market Drivers and Restraints:
The increasing demands of consumers for location-based applications is a crucial variable that contributes to market growth. Another important factor driving forward development in the geofencing field is the increased use of the geodata and analytical instruments. The global increase in smartphones encourages retailers in their region to adopt the latest geofencing technology to monitor more evidence. It is observed that the penetration of smartphones in emerging markets is around 82%, compared to 80% in advanced countries.

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Report segmented as

By Component:
• Solution,
• Services

By Geofencing Type:
• Fixed,
• Mobile

By Organization Size:
• SMEs,
• Large Enterprises

By Vertical:
• BFSI,
• Healthcare,
• Manufacturing, Retail,
• Media & Entertainment

Geographical Analysis:
Countries such as India and China in the Asia-Pacific region are the fast-growing economies. Small and medium-sized enterprises (SMEs) are strongly represented in these countries, creating growth potential for geofencing market. Government initiatives such as Digital India have also promoted the use of technology in enterprises. To better connect their customers, SMEs took over pharmacies and existing geofencing technologies.

Important Market Players:
Leading Key Players Involved in this research report are: Apple Inc. (US), Bluedot Innov (US), Embitel (India), Esri (US), Factual Inc. (US), GeoMoby (Australia), Gpswox.com (UK), InVisage (US), Localytics (US), LocationSmart (US), MAPCITE (UK)

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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

About Us:
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

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