Geofencing Market - Asia Pacific to witness exponential growth over 2017-2024

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Geofencing Market to grow at 28 CAGR from 2017
to 2024 Global Market Insights Inc.
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Industry Overview

• 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.
• 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.
• Mobile geofencing market is expected to exhibit
  promising growth over the forecasted timeline as
  it can vary the boundaries of the perimeter based
  on a situation determined by a combination of
  data streams. Such solutions can automatically
  define areas based on population density and
  personalize ads. Hence, message relevancy can be
  highly enhanced and engagement can be driven to
  specific business locations.

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• 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 size is expected
  to steadily increase between 2017 and 2024.

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Geofencing Market Size, By Application, 2016
2024 (USD Million)

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Industry Coverage
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• Cloud-based geofencing solutions will experience
  significant adoption over the forecasted timeline
  due to rapidly growing popularity of cloud
  computing. As cloud-based applications offer
  enhanced flexibility and scalability to deploy
  geofencing application, cloud geofencing market
  will exhibit fastest growth between 2017 and
  2024.
• 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.

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