Overview and Scope
Geofencing software refers to computer programs or applications that enable users to create virtual boundaries or geographic areas, often using GPS (Global Positioning System) or other location-based technologies. These boundaries can trigger actions, alerts, or notifications when a mobile device or asset enters or exits the specified area.
Sizing and Forecast
The geofencing software market size has grown rapidly in recent years. It will grow from $44.58 billion in 2023 to $49.63 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to increasing smartphone penetration, rising demand for location-based marketing, growing adoption of internet of things (IoT), emergence of smart city initiatives, and improvements in data privacy regulations.
The geofencing software market size is expected to see rapid growth in the next few years. It will grow to $77.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to proliferation of 5G networks, expansion of e-commerce and online retail, rise of autonomous vehicles and delivery drones, growing focus on real-time location tracking, and surge in demand for personalized user experiences. Major trends in the forecast period include dynamic geofencing for flexible boundaries, rise of privacy-centric geofencing solutions, integration of geofencing with wearables and smart devices, and environmental monitoring and conservation efforts.
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Segmentation & Regional Insights
The geofencing software market covered in this report is segmented –
1) By Product Or Type: Cloud-Based, On-Premise
2) By Application: Transportation And Logistics, Retail, Healthcare And Life Sciences, Industrial Manufacturing, Media And Entertainment, Government And Defense, Banking, Financial Services, And Insurance (BFSI), Other Applications
3) By End-User: Small And Medium Enterprises, Large Enterprises
North America was the largest region in the geofencing software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geofencing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in demand for the Internet of Things (IoT) is expected to propel the growth of the geofencing software market going forward. The Internet of Things refers to a network of interconnected physical devices embedded with sensors, software, and other technologies that enable them to collect and exchange data over the internet. The demand for the Internet of Things (IoT) is on the rise due to several factors, including the proliferation of high-speed internet connectivity, the demand for data analytics and insights, and the emergence of Industry 4.0 and digital transformation initiatives. Integration of IoT with geofencing software enhances its capabilities, enabling businesses to create more intelligent, responsive, and personalized location-based experiences for users. For instance, in August 2022, according to Akamai Technologies Inc., a US-based internet company, IoT connections are expected to increase from 15.1 billion in 2021 to 23.3 billion in 2025. Therefore, the rise in demand for the Internet of Things (IoT) is driving the growth of the geofencing software market.
Key Industry Players
Major companies operating in the geofencing software market are Apple Inc., Google LLC (Alphabet Inc.), Samsung Electronics Co., Infosys Ltd., Environmental Systems Research Institute Inc. (Esri), XebiaLabs Inc., HERE Global B.V., GitLab Inc., MoEngage Inc., CloudBees Inc., CollabNet VersionOne Inc. (CollabNet), WebEngage, Mobstac, ConnectALL, GroundTruth, Bluedot Innovation Pty Ltd., Radar Labs Inc., Pulsate Ltd., The Mobile Majority, Leantegra, Plutora, Bleesk, Skyhook Wireless, Logitrack, PlotProjects
The geofencing software market report table of contents includes:
1. Executive Summary
2. Geofencing Software Market Characteristics
3. Geofencing Software Market Trends And Strategies
4. Geofencing Software Market – Macro Economic Scenario
5. Global Geofencing Software Market Size and Growth
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31. Geofencing Software Market Other Major And Innovative Companies
32. Global Geofencing Software Market Competitive Benchmarking
33. Global Geofencing Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Geofencing Software Market
35. Geofencing Software Market Future Outlook and Potential Analysis
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