LONDON--(BUSINESS WIRE)--The global geofencing market is expected to post a CAGR over 26% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increase in location-based marketing. Various enterprises and business organizations use Geofencing advertising and marketing solutions for location-based marketing. It is also known as proximity marketing and is emerging as a critical strategy for marketers. With the help of location-based marketing, marketers are connecting with consumers through the location of their mobile devices. This helps improve consumer engagement and build brand equity to strengthen customer loyalty and enhance customer service. Also, with the help of proximity marketing, retailers are delivering just-in-time communication to the target audience, using advanced technologies such as RFID, beacon, and Wi-Fi. Thus, with such advantages, the global geofencing market is expected to witness a positive outlook over the forecast period.
As per Technavio, the increased use of analytics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global geofencing market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global geofencing market: Increased use of analytics
Analytics is increasingly integrated with existing enterprise indoor location-based services systems to derive insights, enabling data-based decision-making on the part of the user. The software helps measure the time spent at a particular location and the routes taken for the same. The data can be displayed in the form of diagrams and heat maps. This enables easy evaluation and processing of the available information. Localytics provides a geofencing solution that helps users to analyze data on physical locations, which give access to insights and geotargeting capabilities.
In the industrial sector, the movements of objects such as work equipment, goods, or products can also be measured, which can help determine the most efficient plant layout and implement lean manufacturing tools such as just-in-time. The trend of analytics in geofencing services is expected to gain momentum during the forecast period, thereby driving the market.
“Apart from the increased use of analytics, the increase in demand for indoor navigation services, the rising need for asset tracking, the growing applications of geofencing, and the increased availability of geofencing API are some other major factor that will contribute to the growth of the global market,” says a senior analyst at Technavio.
Global geofencing market: Segmentation analysis
This market research report segments the global geofencing market by product (fixed and mobile) and geographical regions (North America, Europe, APAC, MEA, South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the adoption of advanced and dynamic geofencing technologies in the region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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