Information Communication and Technology Reports Geofencing Market

Geofencing Market accounted for USD 458.3 Million in 2016
and is projected to reach USD 1,825.3 Million by 2022
According to a new market research report” Geofencing Market by Component (Solution and Services),
Geofencing Type (Fixed and Mobile), Organization Size, Vertical (Transportation & Logistics, Government &
Defense, Retail, Healthcare & Life Sciences), and Region - Global Forecast to 2022", published by
MarketsandMarkets™, The global geofencing market size is expected to grow from USD 542.7 Million in 2017 to
USD 1,825.3 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 27.5%.
The major factors driving the growth of the geofencing market include technological advancements in use of
spatial data and increasing applications in numerous industry verticals.
Browse and in-depth TOC on “Geofencing Market”
62 - Tables
38 - Figures
145 - Pages
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The deployment and integration services segment is expected to have the largest market size in the
geofencingmarket during the forecast period.
Deployment and integration are important stages in the implementation of the geofencing technology for various
industry verticals. Geofencing solutions can be integrated with the existing systems, and the integration requires
an exact level of system integrators and system enablers. It is necessary for the enterprises to create a safe
environment for geofencing, as it is used for tracking users and sending push notifications.
The government and defense vertical is estimated to have the second largest market size in 2017.
The government and defense vertical includes various applications of the geofencing technology, such as marine
defense, drone management, airforce defense, military vehicle management, law enforcement, and geographic
event alerts. The governments of several countries are investing significantly in location-based services, further
boosting the growth of the geofencing market. Geofencing solutions help in marine defense by creating multiple
geofences over the water bodies, thereby assisting in avoiding malicious intrusions in the restricted areas.
Additionally, geofencing helps create virtual fences over the designated areas to keep the drones away. Drones
need a navigation system and an autopilot software to interact with the fences. This autopilot software continually
calculates the distance between the destinations and also ensures the drones do not fly over any restricted zone.
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North America is expected to have the largest market share in the geofencing market during the forecast period.
North America is expected to have the largest market share and dominate the geofencing market during the
forecast period. The region has the presence of major sustainable and well-established economies who invest