Geofencing Market in retail sector will demonstrate fastest growth during the forecast period owing to rapid adoption of geofencing systems by retailers to strengthen their location-based proximity marketing activities. As the technology allows them to track their competitors and devise effective promotional campaigns in response, retailers are deploying event-specific geofences for effective customer retention as well as acquisition. The transportation and logistics segment held a major share of the geofencing industry in 2016 due to the excellent utility of geofencing systems in effortlessly managing large vehicle fleets in diverse geographic regions. With better accuracy, operational efficiency and supply chain visibility, logistics companies can hugely benefit from the technology to facilitate last-mile delivery.
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The Geofencing technology is witnessing consistent advancements in terms of upgradation and integration with other technologies such as beacons and augmented reality. As GPS is undergoing a technological transformation with acquisition of new satellites and emergence of latest standards, geofencing will evolve into a more sophisticated location-based service over the forecast period. An emerging application of geofencing is increasingly evident as a recruitment tool, where companies are leveraging the technology to target prospective employees.
The application matrix of geofencing industry is not just replete with retail domain, though it is undeniable this sector is a lucrative growth avenue for the entire business space. Besides, retail space, geofencing market share stands to gain much from security and defense applications. Numerous companies participating in the business space have been creating a whole hog to bring about significant advancements in the capabilities of this solution with enhanced integration and accuracy functionalities. In this regard, China has recently made it to the headlines with the announcement of its decision of integrating geo-fencing based facial recognition system for security and surveillance in Xinjiang. Validating the declaration is the estimate by Global Market Insights, Inc. that forecasts the global geofencing market to surpass a valuation of USD 1.7 billion by 2024.
Service market will gain significant momentum over the forecasted timeline owing to the huge demand for specialized services to operate, maintain and manage the geofencing infrastructure deployed at the customers’ end. Managed services segment will exhibit lucrative growth with the highest CAGR over 35% during the forecast period. This geofencing market growth can be attributed to the growing adoption of cloud computing for deploying geofencing applications. GPS market will witness positive growth over the timeline owing to considerable ongoing advancement in the technology through replacement of the legacy ground-based systems and GPS satellites with newer ones. With large scale adoption of GPS tracking systems for fleet management applications in the logistics industry, the geofencing market is expected to steadily increase between 2017 and 2024.
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With evolving emphasis on location-based marketing in retail space, geofencing market has indeed gained a widespread recognition in the mainstream tech cosmos. Over the recent years, it has been observed that the share battle between online and offline business platforms is intensifying. As a result, bricks and mortar giants have been increasingly looking for ways to implement e-commerce alternatives, the fundamental factor that has impelled geofencing industry share. Quite comprehensible from the terminology, geofencing is a service that, via an app utilizes RFID or GPS technology to increase the virtual boundary around a particular geographic location.
North America is expected to dominate the geofencing market throughout the forecast timeline due to the availability of an extensive and robust GPS infrastructure and high awareness regarding location-based analytics. As U.S. based retailers are increasingly deploying proximity marketing campaigns to target prospective customers and retain their loyal ones, the market will experience consistent traction between 2017 and 2024. Asia Pacific geofencing market is projected to witness fastest growth between 2017 and 2024 due to growing inclination towards geofencing technology in the logistics and retail sectors in countries such as India, China and Australia.
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