Geofencing Market

Global Geofencing Market Size (2024-2029)

The global geofencing market was valued at USD 2.36 billion in 2023 and USD 7.63 billion by 2029, growing at a CAGR of 21.6% during the forecast period.

Major companies such as Apple, Thumbvista, Pulsate, and Bluedot Innovation are investing in the geofencing market as demand for geofencing alternatives is rising across multiple vertical industries. Increasing consumer requirement for location-based apps is a crucial variable contributing to market growth. Another significant factor driving development in the geofencing sector is the increase in the use of spatial data and analytical instruments. The facility of geofencing inclusion and implementation leads to business development.

Geofencing provides security to track the accuracy of resources such as the fleets, stocks, etc. This monitoring enables the user to optimize the price performance and increase company profit. In recent years, the spread of smartphones worldwide drives the use of effective geofenced technology.

Geofencing is a virtual fencing that is maintained around a country's intended borders. Geofencing mainly involves the use of GPS (Global Positioning Systems) or RFID (Radio Frequency Identification) information to run software programs. The data contains the localization information according to the equipment's geographical parameters. An administrator, who set up geofencing can set up the event triggering the main factor, which contributes to the growing popularity of the respective market.

Furthermore, owing to the many apps, such as Google Earth, geofencing is increasingly popular. This incorporation enables managers to define the geofencing boundaries above the satellite vision according to the specific location available to the Google Earth application, and also allows users to use longitude and latitude or user-based and web-based mapping to define the boundaries.

Geofencing Market Research Methodology:

Market research involves studying market trends, growth patterns, and understanding the influence of variables like macro and microeconomic conditions, geopolitical and demographic conditions on the market value and market dynamics.

The research methodology used to calculate and forecast the Geofencing market began by collecting information on the market key players' sales using multiple sources via secondary research. In order to identify market segmentation, supplier offers have been considered.

Geofencing Market Growth Insights:

Retails are eager to digitize to achieve a faithful client base, given that digitalization enables them to more effectively and remotely participate in their clients. Retailers watch as their clients step into the geofenced region and use this effective geofencing method as advertising notifications to obtain them.

Automotive distributors use geofencing to monitor clients undergoing the tests and can achieve quick responses to prevent loss of assets if clients are trying to leave the designated region for the instant warning.

The increase in smartphones worldwide encourages retailers in their geofenced region to embrace current geofencing technology as they can monitor even more tracks. It is noted that smartphone penetration is improved in emerging nations with 82% versus 80% in advanced countries. In addition, in 2019, smartphone deliveries worldwide are anticipated to achieve 2.2 billion units. Therefore, in emerging nations, the industry for effective geofencing offers development possibilities.

Global Geofencing Market Drivers:

In the last few years, the growth of smartphone penetration worldwide has led to the use of active geofencing technology. The growing implementation bases.

Global Geofencing Market Restraints:

High initial setup cost.  Tracking smartphone locations and consumer protection concerns due to regular cases of breach of data.

GLOBAL GEOFENCING MARKET REPORT COVERAGE:

This research report on the global geofencing market has been segmented and sub-segmented based on the component, geofencing type, organization size, vertical, and region.

Global Geofencing Market - By Component:

• Solution

• Services

Global Geofencing Market - By Geofencing Type:

• Fixed

• Mobile

Global Geofencing Market - By Organization Size:

• SMEs

• Large Enterprises

Global Geofencing Market - By Vertical:

• BFSI

• Healthcare

• Manufacturing

• Retail

• Media & Entertainment

Global Geofencing Market - By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

The countries such as India and China, in the Asia-Pacific region are highly growing economies. Small and medium-sized enterprises (SMBs) are enormously present in these countries. The government initiatives such as Digital India has also encouraged technology deployment in businesses.

In order to better connect its customers, SMBs adopt pharmacies and existing geofencing technologies. As there are many beacon units available under USD 20, the cost associated with this technology is negligible. We can also quickly develop the software platform required to manage the messages.

Key Market Participants:

1. Apple Inc. (US)

2. Bluedot Innov (US)

3. Embitel (India)

4. Esri (US)

5. Factual Inc. (US)

6. GeoMoby (Australia)

7. Gpswox.com (UK)

8. InVisage (US)

9. Localytics (US)

10. LocationSmart (US)

11. MAPCITE (UK)

Recent developments:

• In February 2019, With the release of Geospatial Environment Online (GEO) 2.0 throughout Europe, DJI, a supplier of civil aircraft and aerial surveillance technology, has enhanced their geofencing capabilities. DJI decided to supply Altitude Angel as its fresh partner to the airports, TFRs, and other delicate sectors in 32 European nations with precise, real-time and applicable geospatial information.

• In January 2018, Bluedot Innovation started Salesforce AppExchange Bluedot Location Marketing. This has enabled companies to communicate thoroughly newly with their clients, associates and staff. Bluedot Location Marketing provides a precise place and geofencing facilities that will allow companies to use the location authority to create individual trips.