Global Geofencing Market to See Tremendous Uptake through 2022, Expects M&M in Its New Report Recently Added at MarketPublishers.com20 Oct 2017 • by Natalie Aster
LONDON – Fueled by rapidly increasing demand for connected devices, constantly rising number of smartphones users and expanding social networking trends, the global geofencing market is poised to experience tremendous uptake in the coming years. Other important market growth drivers include remarkable technological progress, escalating usage of spatial data and analytical tools, increasing number of applications across different industry verticals, elevating penetration of location-based apps, increasing availability of low-cost GPS-enabled devices and enhancing popularity of business intelligence (BI), amidst others.
This year, the geofencing market value is estimated at appr. USD 542.7 million; by 2022 it is set to cross the USD 1.82 billion mark. Between 2017 and 2022, this market is anticipated to enjoy a 27.5% CAGR.
Factors that could hamper the geofencing market growth in the short run comprise enhancing awareness of safety and security amid customers, and also certain legal and privacy concerns.
The highest growth rates during 2017-2022 are predicted in the APAC geofencing market. This is primarily attributed to high growth potential of this regional market, robust adoption of advanced technologies in this region along with favourable governmental initiatives and rising investments in R&D of location-based and geofencing services.
New research publication “Geofencing Market by Component, Geofencing Type, Organization Size, Vertical, and Region - Global Forecast to 2022” elaborated by MarketsandMarkets (M&M) helps to gain better understanding of the global geofencing market landscape and dynamics. It presents a comprehensive assessment of the market segmentation, investigates the actual situation across the key regional markets and gives access to trustworthy statistics and industry performance estimates. Moreover, this publication provides relevant info on the geofencing market size, shares, growth rates, key growth influencing forces, top trends, emerging challenges and opportunities, competitive landscape and regulative framework, etc. Besides, comprehensive profiles of the most prominent companies active in the geofencing market are provided in the report. Future forecasts for the geofencing market development up to 2022 are offered, too.
A full list of the publisher’s reports can be found in M&M online catalogue.