Global Geofencing Market Size Is Anticipated to Exceed Usd 500 Million by 2023.

Global geofencing market size is anticipated to exceed USD 500 million by 2023. Increasing application in numerous sectors such as human resources, telematics and child location services is predicted to drive the industry over the forecast period. The industry is also expected to be favored by increased demand for the Internet of Things (IoT).

Global IoT market size was valued at over USD 600 billion in 2015. U.S. geofencing market share is predicted to continue its dominance over the next seven years. Asia Pacific is expected to witness substantial growth owing to rapid urbanization.

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Availability of low-cost developers is likely to expand the technology beyond traditional location-based applications and act as the backbone of a host of new applications and services. A large number of developers are focusing on platform suppliers such as Google, Qualcomm, Urban Airship and Esri for providing scalable service. The technology is expected to drive geofencing market size, owing to escalating location-based services and increasing back-end complexities.

This technology enables in executing an action when a device leaves or enters a specific geographical location. The geofencing market share is expected to experience high growth avenues and emerge as a technology enabler owing to increasing variety of mobile applications, business models as well as services. The technology is poised to transform smartphone services as well as applications. Applications get proactive and start running automatically as a device is approaching the relevant location. It also enables in targeting their services to the user and location.

Since geofencing creates a virtual perimeter, it helps vendors increase loyalty and sales. For instance, if a customer is in close proximity to a store, the technology can help reach out to them and ensure retention. It also acts as an effective reminder for users; for example, if a user has created a...