Global Geofencing Market 2019-2023
About this market
Geofencing advertising and marketing solutions are used by various enterprises and business organizations for location-based marketing. It is also known as proximity marketing and is emerging as a key strategy for marketers. With the help of location-based marketing, marketers are connecting with consumers through the location of their mobile devices. With location-based marketing, enterprises are sending customized push notifications and personalized commercial messages based on various factors such as prior purchase history, preferences, geographic location of consumer, and time of the day. With an increasing focus toward location accuracy, which is a key technical requirement, enterprises are adopting targeted advertising using advanced technologies such as RFID, beacon, and Wi-Fi. Technavio’s analysts have predicted that the geofencing market will register a CAGR of over 26% by 2023.
Increase in demand for indoor navigation services
Being more accurate than GPS, enterprise indoor location-based services can enable airport apps to guide passengers around the terminal. This can help passengers find restrooms and boarding gate, thereby enhancing the passenger experience. Various companies provide indoor navigation services.
High initial setup costs and capital investment
Geofencing services are evolving and constantly changing. The adoption and implementation of location-based solutions like geofencing are expensive and time-consuming. Thus, the deployment of such solutions requires extensive planning to mitigate these cost risks, which, in turn, might pose a challenge to vendors during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the geofencing market during the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several vendors. The increase in location- based marketing had driven the market growth during our forecast period. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Geofencing Market 2019-2023
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the growing applications of geofencing.”
According to the report, one of the major drivers for this market is the rising need for assets tracking.
Further, the report states that one of the major factors hindering the growth of this market is the rising privacy and security concerns among customers.
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