The Geofencing Market is projected to grow at a CAGR of 27% during the forecast period. As per the geofencing market research report, the global market for geofencing is projected to grow swiftly by US$2,387 million by 2023. According to analysts, increasing demand for geofencing solutions as well as increasing demand for location based applications will drive the market growth during the forecast period. The geofencing market research report offers a comprehensive analysis of the global geofencing market and its deployment, device type, organization size, vertical, and component segments. The limited technological advancements along with lack of awareness are the elements that could influence the geofencing market advancement throughout the forecast period. The geofencing market research report by expert analysts is developed to assist organizations in the geofencing market. Various factors are fuelling the global geofencing market demand. As per the recent MRFR market estimates, such factors include the increasing need for location based applications among consumers, increase in the use of spatial data and analytical tools, ease of integration and deployment of geofencing solutions, the penetration of new technologies, and the rise in the use of spatial data and analytical tools. The additional factors adding market growth include the growth of competitive intelligence, rise in business intelligence, the need to track the marketing activities of competitors, increasing technological advances to maintain the security and safety majors for the organization, demand for geofencing marketing, increasing use during COVID-19 pandemic, and growing application in certain sectors like child location service, telematics, and human resources.
On the contrary, privacy and legal concerns, increasing awareness about safety and security among customers, high deployment cost, lack of knowledge, battery draining issues, and technological concerns related to devising monitoring may impede the global geofencing market growth over the forecast period.
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The leading players profiled in the global geofencing market report include Swirl Networks Inc. (U.S.), Localytics (U.S.), GPSWOX, Ltd. (U.S.), Geomoby (Australia), Bluedot Innovation (U.S.), Esri (U.S.), Simpli.Fi Holdings Inc. (U.S.), Pulsate (U.S.), Thumbvista (U.S.), and Apple, INC. (U.S.), among others. The other players include SuccorfishM2M (U.K.), Visioglobe (France), Raveon Technologies (U.S.), Plot Projects (Netherlands), Urban Airship (US), Nisos Technologies (U.S.), MobiOcean (India), Maven Systems (India), LocationSmart (U.S.), InVisage (U.S.), Factual (U.S.), DreamOrbit (India), Mapcite (U.K.),and Mobinius Technologies (India), among others.
The global geofencing market has been segmented based on deployment, device type, organization size, vertical, and component. The market on the basis of device type, is segmented into fixed geofencing and mobile geofencing . The global market for geofencing is also covered based on organization size segment which is further split into SMEs and large enterprises. On the basis of verticals, the market for geofencing is segmented based on government, healthcare, manufacturing, media & entertainment, retail, transportation, BFSI, and others. Additionally, the market on the basis of components, is segmented into solutions and services.
Major elements such as lack of investment could obstruct the geofencing market growth. However, according to the geofencing market research report, rise in the use of spatial data along with growing use of analytical tools will propel growth throughout the forecast period. The geofencing market is set to register growth at a high CAGR owing to these key factors. The exploration of deployment, device type, organization size, vertical, and component segments along with regional markets has been given in the global geofencing market research report. The research analysts studying the geofencing market have put out market forecasts in the geofencing market research report in order to support geofencing market-based companies. The geofencing market research report provides an extensive understanding of the geofencing market based on the information and forecasts till 2023.
North America, Europe, Asia Pacific and the rest of the world regional market for geofencing are predominantly covered in the global geofencing market research report. Country-level geofencing markets spread across North America – the United States, Canada, and Mexico are also covered in the report. In South America – Brazil and other country-level geofencing markets are covered in the report. In Asia-Pacific (APAC) region, the country-level geofencing markets covered are Japan, India, China, and others. The geofencing market research report also explores the regional market for geofencing present in Europe in the United Kingdom, France, Italy, Spain, and Germany, etc. The geofencing market research report also covers regional markets from the rest of the world alongside geofencing markets of Africa and the Middle East.
The introduction of its Geofencing software as an additional solution for dealers to achieve higher conversions was announced by ShopSmartAutos. An all-time high in online sales has been achieved by automotive shopping. COVID 19 moved young and old into the digital era rapidly. An early adapter to digital was the automotive market. Consumers, including their cars, have made the transition into completely trusted online shopping. In digital prospecting, lead generation businesses have proved to be the most productive, but the transition has fallen short. ShopSmartAutos enables the seller to buy leads that move directly to the VIN specific stock of the dealer from it’s own search engine.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
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