Overview and Scope
Geofencing refers to a location-based technology that creates virtual boundaries, enabling automated actions or notifications when a device enters or exits a specified geographical area. Geofencing is commonly used in location-based marketing and advertising to deliver personalized messages and promotions to users based on their proximity to a particular location.
Sizing and Forecast
The geofencing market size has grown exponentially in recent years. It will grow from $2.20 billion in 2023 to $2.73 billion in 2024 at a compound annual growth rate (CAGR) of 24.1%. The growth in the historic period can be attributed to increasing demand for location-aware marketing, growing emphasis on personalized advertising, rising adoption of (internet of things) IoT devices, expanding use of smartphones and tablets, and surge in mobile app usage.
The geofencing market size is expected to see exponential growth in the next few years. It will grow to $6.55 billion in 2028 at a compound annual growth rate (CAGR) of 24.4%. The growth in the forecast period can be attributed to increasing focus on real-time location tracking, growth in demand for fleet management solutions, regulatory support for location-based marketing, emergence of hyper-local targeting strategies, and adoption of geofencing in smart cities initiatives. Major trends in the forecast period include expansion of geofencing applications, rise of indoor geofencing solutions, development of geofencing for security and surveillance, proliferation of hybrid geofencing solutions, and integration of augmented reality with geofencing.
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Segmentation & Regional Insights
The geofencing market covered in this report is segmented –
1) By Geofencing Type: Fixed Geofencing, Mobile Geofencing
2) By Component: Solution, Services
3) By Technology: Active Geofencing, Passive Geofencing
4) By Enterprise Size: Small And Medium-Sized Enterprises, Large Enterprises
5) By Industry Vertical: Transportation And Logistics, Retail, Healthcare And Life Sciences, Industrial Manufacturing, Media And Entertainment, Government And Defense, Banking Financial Services and Insurance (BFSI), Other Industry Verticals
Top 5 Major Players:
- Apple Inc
- Google Plc
- Microsoft Corporation
- Verizon Communications Inc
- AT&T Inc
North America was the largest region in the geofencing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geofencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growth in mobile device penetration is expected to propel the growth of the geofencing market going forward. A mobile device refers to a portable electronic gadget designed for wireless communication and transmitting data wirelessly. Mobile device penetration is increasing due to the popularity of social media platforms and messaging apps, the growth of e-commerce, and affordable data plans and tariffs. Geofencing utilizes mobile device GPS (Global Positioning System) hardware and software to create location-aware applications and integrate with apps for customized notifications and actions based on predefined geographic areas. For instance, in February 2022, according to a report published by the GSM (Global System for Mobile Communications) Association, a UK-based lobby organization that represents the interests of mobile network operators worldwide, the global count of mobile service subscriptions reached 5.3 billion by the end of 2021, with projections indicating an additional 400 million new subscribers are expected by 2025. Therefore, the growth in mobile device penetration is driving the growth of the geofencing market.
Key Industry Players
Major companies operating in the geofencing market are Apple Inc., Google Plc, Microsoft Corporation, Verizon Communications Inc., AT&T Inc., Huawei Technologies Co. Ltd., T-Mobile US Inc., Intel Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc., Oracle Corporation, Xiaomi Corporation, Qualcomm Incorporated, Honeywell International Inc., SAP SE, Ericsson AB, Nokia Corporation, Embratel, Esri, Upland Localytics, Embitel, Bluedot Innovation, Mobinius Technologies, Pulsate Ltd.
The geofencing market report table of contents includes:
1. Executive Summary
2. Geofencing Market Characteristics
3. Geofencing Market Trends And Strategies
4. Geofencing Market – Macro Economic Scenario
5. Global Geofencing Market Size and Growth
…..
32. Global Geofencing Market Competitive Benchmarking
33. Global Geofencing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Geofencing Market
35. Geofencing Market Future Outlook and Potential Analysis
36. Appendix
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