The global geofencing market is seeing active participation of tech companies keen upon creating cutting-edge solutions to address different needs of end users. Some such keen players that have made a mark in the competitive landscape are Apple Inc., Thumbvista, Mapcite, Swirl Networks, Inc., Simpli.Fi, Localytics, Mobinius Technologies Pvt. Ltd., GeoMoby, and Bluedot Innovation.
Apart from product development and aggressive marketing strategies, such key players in the global market for geofencing are also going on to additional features such as geoconquesting – an upcoming advertising and marketing tactic in which consumers are poached from rivals by sending real-time messages on their locations.
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Networks deployed in geofencing can be broadly segmented into cellular and unlicensed low power technology. Of them, the cellular network is expected to majorly boost the global geofencing market through 2022. This is because, they are better at facilitating geofencing operations compared to low power technology networks. The TMR report predicts that the cellular networks will help pull in revenues to the tune of US$1.5 billion in the market by 2022.
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Geofencing is also finding application in the healthcare, aerospace and defense, and retail sector. Retail behemoth Walmart banks upon geofencing to up sales by sending electronic coupons to users depending on their location inside their stores. Similarly, many other retailers are adopting it to send push notifications or SMSs to customers when they are in the vicinity to improve loyalty and materialize sales. Further, nursing homes can leverage it to track patients when they go for medical checkups.