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Geofencing Research Study, Growth Factors, Statistics, Forecasting 2022 July 6, 2021
By Zaraki Kenpachi -
According to experts from TMR, the global geofencing market is expected to gain revenue worth US$2 bn by the end of 2022. Experts project this growth to occur at a meteoric CAGR of 30% during the forecast period from 2017 to 2022. Transparency Market Research (TMR) notes that the global geofencing market is categorized by the presence of several large and small players operating in it. Thus, the competitive landscape of the market has underwent successive fragmentation. The rivalry between the potential players is likely to increase as they are creating cutting-edge solutions for addressing di몭erent needs of end-users. Many large-scale vendors are adopting aggressive marketing strategies for strengthening their position in the global geofencing market. A key strategy adopted by players in the global geofencing market to outshine their rivals involves constant product development facilitated through technological advancements. The competition among players is further getting intensi몭ed due to the entry of several new players who are concentrating on adding new features such as geoconquesting. This is a marketing and advertisement tactic in which users are poached from rivals by sending them real-time messages on their locations. Some active tech companies operating in the global geofencing market are Thumbvista, Swirl Networks, Mobinius Technologies, Apple Inc., Mapcite, and Bluedot Innovation. Among the various deployed networks in the market, cellular network segment accounts for a major share and is also expected to boost the global geofencing