The Global Positioning System (GPS) was developed in the U.S. to provide accurate coordinates of a location on the Earth's surface for both military and civilian use. GPS uses the principle of relative distance between the satellites which orbits the Earth and the user, which is determined by the time taken for the transmission of information between the satellite and the user's device. GPS is being used in most of the smart devices that is being produced for both consumer and commercial use. Interestingly, the proliferation of smartphones and the internet have enabled B2C businesses to target a wider range of audience using mobile-based marketing techniques. This is the technology behind the concept of geofencing. A geofence is an invisible boundary that is set up around a particular location, like retail shops, super markets, etc. Certain mobile applications and software make use of GPS, RFID, Wi-Fi, cellular data, Bluetooth, etc., to initiate a sequence of events that are pre-programmed in the software. When a device steps into the vicinity of the geofence, certain actions are triggered, which is especially helpful in marketing. Propellant Media, for instance, is a geofencing-based marketing company that provides marketing solutions to small and medium-sized enterprises that are focusing on hyper local marketing. The consumers receive a shop's offers and discounts via mediums such as the SMS when they enter the geofence, which in turn helps in increasing product sales. Companies are also providing geofencing software that can be used directly by the end-users. Simpli.fi, for example, is a provider of temporal geo-targeting solutions that aids the end-users to analyze statistics pertaining to Total Visit Rate (TVR), clicks through visits, daily total conversion zone and total spend, amongst others. The software is being used for applications such as event targeting, customer loyalty management, competitor location analysis, etc. The increasing demand for maximizing sales through the use of location-based advertising as a result of advancement in GPS, Bluetooth, RFID technology, etc., is a major reason for the growth of the global geofencing market.
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The COVID-19 pandemic has forced several countries to lockdown the economy to reduce the growth of the Coronavirus. Geofencing is being increasingly promoted to identify COVID-19 hotspots, and provide alerts if the individuals are venturing into or out of the isolation zones. Government bodies are trying to establish a geofence to setup perimeters in COVID-19 zones. The Indian state of Kerala, for instance, was among the first states in the country to make use of geofencing applications to track the COVID-19 cases. If a person escapes from isolation or quarantine, the application triggers an e-mail and SMS responses to a government authority, based on the person's geolocation. Government officials reported that the geofencing application is accurate up to a distance of around 300 meters. Furthermore, retail facilities can also use geofencing to check whether the person has COVID-19, as an alert can be triggered from the person's phone which warns the shop owners in case the person has been tested positive. Thus, the COVID-19 pandemic is expected to have a positive impact on the global geofencing market in the coming years.
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The detailed research study provides qualitative and quantitative analysis of the global geofencing market. The geofencing market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America
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Global Geofencing Market
- By Services
- Deployment and Integration Services
- Support and Maintenance Services
- Consulting and Advisory Services
- API Management and Testing Services
- By Type
- Fixed Geofencing
- Mobile Geofencing
- By Vertical
- BFSI (Banking, Financial Services, and Insurance)
- Healthcare
- Retail and Hospitality
- Industrial Manufacturing
- Media & Entertainment
- Transportation and Logistics
- Government and Defense
- Others (IT & Telecom, Human Resources, Audience engagement, Telematics, Etc.)
- By Region:
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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