Geofencing market is expected to have significant growth in the coming years. It is an innovative concept for every industry that wants to monitor the real-time status of its assets. It sends immediate alerts on your smart gadget, which help simplify the asset management processes even from remote locations. Geofencing is a widespread concept that is used by almost every industry to boost sales and retain maximum customers. It uses positioning systems to define a specific geographical area, which contributes to monitoring the assets. It can also be used to check the asset condition at a consistent pace, allowing the managers to locate, assign, re-assign the assets in whichever way they desire. Look at the infographic below to know the existential purpose of the geofencing concept in various industries.