Rise in demand for location-based services (LBS) and growth in mobile device penetration are the key factors that drive growth of the geofencing market. In addition, applications such as telematics, human resources, and child location services fuel growth of the market. However, privacy and data security concerns associated with geofencing services can hamper growth of the Geofencing market. Furthermore, surge in use of internet of things (IoT) and wide adoption of geofencing solutions among various industry verticals, owing to its vast benefits is expected to provide lucrative opportunities for the Geofencing market.
Major players include: Apple, Bluedot Innovation, ESRI, Gpswox, Geomoby, Mobinius Technologies, Mapcite, Simpli.Fi, Pulsate, Swirl Networks, Thumbvista, and Localytics.
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COVID-19 scenario Analysis:
- Geofencing services are used across the globe to locate quarantine violators who are under watch. For Instance, the government of India tested an application that triggers SMS alerts to an authorized government agency if a person violates or escapes a quarantine center based on mobile phone’s cell tower location, which help government to locate a person and stop further spread of COVID19.
- As a result, it is expected that geofencing services would witness a high demand during and post the COVID-19 pandemic.
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