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Geofencing Market Size

Report ID: GMI222
Published Date: Jan 2018
Report Format: PDF

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Geofencing Market Size

Geofencing Market size was estimated at over USD 200 million in 2016 with a CAGR of over 28% from 2017 to 2024.

The rising demand for location-based services (LBS) and increasing penetration of mobile devices are expected to support the growth of the geofencing market over the forecasted timeline. There has been a notable increase in the demand for LBS over the past five years for real-time, location-based navigation and tracking and for gathering market intelligence. A steady growth of the mobility trend among enterprises operating in a diverse range of industries will also facilitate favorable adoption of geofencing market technology over the forecast period. As businesses are becoming increasingly aware about the benefits of location-based monitoring and management of mobile resources for increasing process and workforce productivity, geofencing solutions are poised to witness rapid acceptance.

Geofencing Market Report Attributes
Report Attribute	Details
Base Year:	2016
Geofencing Market Size in 2016:	200 Million (USD)
Forecast Period:	2017 to 2024
Forecast Period 2017 to 2024 CAGR:	28%
2024 Value Projection:	1.7 Billion (USD)
Historical Data for:	2013 to 2016
No. of Pages:	450
Tables, Charts & Figures:	1,379
Segments covered:	Type, Component, Technology, Application, Deployment Model and Region
Growth Drivers:	Growing penetration of mobile devices Regulatory compliance Demand for location-based services (LBS) Growing awareness regarding competitive intelligence
Pitfalls & Challenges:	Concerns regarding data security and privacy Signal accuracy, integration and availability issues Legal and regulatory issues

What are the growth opportunities in this market?

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The rising adoption of the technology in the transport and logistics sector along with increasing demand from the retail industry for proximity-based promotion and marketing will also accelerate the geofencing market growth between 2017 and 2024.

Authors: Suraj Gujar, Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of geofencing was USD 200 million in 2016.

The industry share of geofencing is projected to witness more than 28% growth rate during 2017 to 2024.

Geofencing will witness considerable adoption across the transport and logistics applications, as well as in the retail sector for taking advantage of proximity-based marketing and promotional activities.

Mobile geofencing is gaining momentum among enterprises as the technology enables the collection of situational data which can be converted into actionable insights for effective retargeting campaigns.

GPS vehicle tracking strengthens the safety of the vehicles and other valuable assets, while allowing fleet managers to monitor real-time locations using portable devices like smartphones.

Managed services offered by geofencing providers will record significant demand owing to fast adoption of cloud computing and the need for efficient management of cloud-based deployment.