Geofence is a virtual perimeter that is drawn around any location on a map and then target.
Geofencing is a technology that uses GPS, RFID, or other technology to define geographical boundaries. It allows administrators to set up triggers such as push notifications, email alerts, enable or kill switches when a device crosses a “geofence” and enters or exits an area. For example, lorry enter in depo area is allowed to open doors or equipment that exits a construction area that could be programmed to shut down beyond the borders of a geofence in order to prevent theft. Likewise, the departure of power tools from a shop floor could trigger a text message alert. 

 

The geofencing market is segmented on the basis of components (solution and services), geofencing type, organization size, verticals, and regions. Geofencing services are further segmented into deployment and integration, support and maintenance, consulting and advisory, and API management and testing services. Market growth is driven by the connectivity of mobile assets and industrial campuses.

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Market Size

 

The geofencing market size was USD 458 million in 2016 and is projected to reach USD 1,825 million by 2022 after growing at a compound annual growth rate (CAGR) of 27.5% during the forecast period. (Source: markets and markets)

The global geofencing market is forecast to reach USD 1.7 billion by 2024. (Source: Global Market Insights)

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Geofencing KPI

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Geofencing has revolutionized fleet and asset management and other location-based operations by allowing enterprises to define perimeters around specific locations and automate actions based on the movement of sensors across those boundaries. 

Geofencing systems are typically deployed with the objective of improving security, safety, operational efficiency, management visibility, or real-time reporting. 

Give me a call when you get there, that’s something fleet managers want to know from their drivers.

Geofencing can prevent vehicle theft; Geofencing is an insurance policy against vehicle theft. If you know a vehicle’s only going to be in certain areas, create a geofence for those places. If the vehicle is stolen and goes outside the geofenced area, you’ll be alerted.

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What are the business applications of Geofencing?

 

This use case has a very broad range of potential applications by industrial and commercial organizations.  

 

Vehicles and assets can be tracked across broad geographic regions to monitor status and optimize fleet movement and location. 

Organizations can define zones around places of work, customer sites and secure areas. Movement into or out of these zones can by tagged assets can then trigger actions such as messages or alerts.

The human resource department can use geofencing to monitor employees working in specific locations. This is especially useful in fieldwork situations in which there are security concerns or timely insight into employee whereabouts are of operational significance.

 

The use of geofencing to track employee locations makes business sense in a range of situations. However, there are significant privacy concerns related to the real-time monitoring of employees. The regulatory environment is uncertain in many countries, meaning that early adopters could be exposed to litigation.