Selbyville, DE -- (SBWIRE) -- 11/09/2018 -- The geofencing market growth is attributed to the popularity of mobility trend leading to extensive proliferation of mobile devices such as smartphones and tablets, along with rising demand for proximity marketing solutions. The utility of mobile devices is widening as they are consolidating their role as central medium to reach an ever-expanding portfolio of applications and services. GPS-based location services are provided as a default feature in most of these mobile devices. Marketers are leveraging such capabilities of these devices to determine the location of their existing and prospective customers to offer real-time marketing messages to them. Geofencing Market is set to exceed USD 1.7 billion by 2024; according to a new research report.

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With the growing popularity of AR and beacon technologies, geofencing is being integrated with them to effectively improve proximity marketing campaigns. These technologies are also being leveraged to improve gaming experience of gamers by integrating location-based capabilities with app-based games for mobile devices. Also, modernization efforts to improve the capability and performance of existing GPS infrastructure are also expected to boost the adoption of geofencing solutions over the forecast timeline.

The product market held a significant geofencing market share of over 80% in 2016 owing to extensive deployment of geofencing systems by enterprises operating in retail, logistics, and automotive sectors. Within the product market, promotion and advertising solutions will exhibit fastest growth between 2017 and 2024 as businesses are increasingly realizing the potential of the technology to improve location-based marketing efforts and in turn, enhance their promotion and marketing ROI.

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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The transportation and logistics segment held a major share of the geofencing market 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. The retail market 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.

North America will hold a majority share in the geofencing market by 2024 due to the presence of robust communication and internet infrastructure in the region. As the U.S. government is heavily investing in the GPS modernization project, the performance of satellite-based communication and location systems in the region is expected to improve significantly over the forecasted timeline. The APAC region will grow the fastest due to increase in the use of location analytics in countries such as India, Japan, China, and ANZ.

The key players operating in the geofencing market are PlotProjects, Apple, Thumbvista, Esri, Bluedot innovation, Swirl Networks, Embitel, Simplifi.fi, Mapcite, UpSnap, Google, Gimbal, Placecast, DreamOrbit, GeoMoby, Localytics, Pulsate, Radar Labs, and Urban Airship. These players are focusing on consistent product development and innovation. By enabling better connectivity, increased accuracy and seamless integration, they are emphasizing on extending their solutions to diverse industries such as public sector, hospitality and media and entertainment.

Selected Chapters and their sections from the report are listed below:

Chapter 1. Methodology & Scope
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope, definition and research parameters
1.2. Data Sources
1.2.1. Primary
1.2.2. Secondary

Chapter 2. Executive Summary
2.1. Geofencing industry 360º synopsis, 2015 - 2024
2.1.1. Region trends
2.1.2. Geofencing Type trends
2.1.3. Component trends
2.1.4. Technology trends
2.1.5. Application trends
2.1.6. Deployment Model trends

Chapter 3. Geofencing Industry Insights
3.1. Introduction
3.2. Benefits of geofencing technology
3.2.1. Improved productivity
3.2.2. Resource tracking
3.2.3. Monitoring and managing workforce remotely
3.2.4. Geo-Retargeting
3.2.5. Increased ROI
3.3. Evolution of geofencing technology
3.3.1. Geofencing vs beacons
3.4. Industry segmentation
3.5. Industry landscape, 2015 - 2024
3.6. Industry ecosystem analysis
3.7. Geofencing architecture analysis
3.8. Regulatory landscape
3.9. Technology & innovation landscape
3.9.1. Combining geofencing and beacons
3.9.2. Augmented reality and geofencing
3.9.3. GPS Modernization
3.10. Geofencing industry impact forces
3.10.1. Growth drivers
3.10.1.1. Growing penetration of mobile devices
3.10.1.2. Regulatory compliance
3.10.1.3. Demand for location-based services (LBS)
3.10.1.4. Growing awareness regarding competitive intelligence
3.10.2. Industry pitfalls & challenges
3.10.2.1. Concerns regarding data security and privacy
3.10.2.2. Signal accuracy, integration and availability issues
3.10.2.3. Legal and regulatory issues
3.11. Industry news
3.12. Porter's analysis
3.13. PESTEL analysis

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