Global Geofencing Market Is Predicted to Increase Approximately $9.5 Billion By 2030

Global Geofencing Market Size Anticipated To Augment at a CAGR Of 17.9% by 2030

The global geofencing industry size was nearly $1.7 billion in 2022 and is predicted to increase to approximately $9.5 billion by 2030 along with registering a CAGR of nearly 17.9% from 2023 to 2030.

Geofencing integrates the user’s current location awareness with awareness of the user’s nearness to the site. Reportedly, to know the location of the user’s interest, the user must mention its longitude and latitude and add a radius for adjusting to the location’s proximity. Furthermore, geofencing makes use of GPS systems and mobile data for defining the virtual borders that can trigger particular actions when they are surpassed or trespassed. Moreover, various businesses make utilization of geofencing for employee monitoring, location-driven advertisement, and customer data collection.

Various kinds of businesses create virtual borders across particular locations and this is also referred to as geofencing. Furthermore, with the use of radio frequency identification, GPS, and Wi-Fi, firms can drop points on the map to form a shape, particularly, circle, square, and polygon for designating a virtual zone for myriad purposes. For the record, geofencing can help businesses to garner data and track it. Moreover, businesses of all sizes use geofencing for tracking the user entering the area by crossing virtual boundaries.

Surge in demand for location-based services and the penetration of smartphones across the globe will boost the global geofencing market demand. Rise in demand for geofencing in the telematics and retail sector will drive the global market trends. Huge need for deriving data about staff, sending marketing messages to the target audience, and attracting potential consumers has enhanced the demand for geofencing. Necessity of gathering data on customers, the need for executing location-driven promotional strategies, and engaging users on social media is projected to not only expedite the expansion of the geofencing market but will also help businesses flourish.

Nevertheless, privacy & data security concerns pertaining to geofencing solutions can impede the global geofencing industry surge. High costs of implementing geofencing tools can further hinder global industry growth. However, the onset of new technologies such as IoT and extensive adoption of geofencing services across a slew of business verticals will open new avenues of growth for the industry globally.

The global geofencing market is divided into component, type, service, organization size, vertical, and region.

In terms of type, the geofencing market globally is segmented into fixed and mobile segments. Furthermore, the mobile segment is predicted to register the highest CAGR during the assessment period. The segmental expansion can be due to increase in the use of mobile geofencing tools in various sectors as they can be carried from one place to another with ease and are user-friendly..

In terms of service, the global geofencing market is divided into deployment and integration services, API management and testing services, support and maintenance services, and consulting & advisory services segments.

On basis of organization size the geofencing industry across the globe is bifurcated into small & medium enterprises (SMEs) and large enterprises segments. Moreover, the large enterprises segment, which contributed the largest industry share in 2022, will dominate the organization size segment in the ensuing timespan. The segmental expansion can be owing to the rise in use of geofencing systems in large enterprises.

Based on the vertical, the global geofencing industry is bifurcated into transportation & logistics, retail, healthcare & life sciences, and government & defense, BFSI, media & entertainment, and industrial manufacturing segments.

Based on the component, the geofencing market across the globe is bifurcated into solution and services segments. Moreover, the services segment, which accounted for the highest market share in 2022, will retain dominant status in the component space in the upcoming years. The segmental expansion can be due to the growing demand for geofencing services across a slew of industries across the globe.

Furthermore, the geofencing industry in North America is predicted to dominate the global industry share in the upcoming years. The expansion of the industry in the sub-continent can be owing to an increase in the number of small & medium-sized firms in the countries such as the U.S. and Canada. Moreover, the surge in digitization in giant firms will further contribute to regional industry growth. Deployment of 5G networks in the countries of North America and the presence of key industry players in the sub-continent will boost the regional market trends.

The geofencing market in the Asia-Pacific is slated to register the fastest CAGR over the forecast timeframe. The regional market growth in the ensuing years can be due to the acceptance of new technologies in the countries such as China, Japan, Taiwan, South Korea, Thailand, Indonesia, Philippines, Malaysia, Singapore, and India.

This review is based on a report by Zion Market Research, titled “Geofencing Market By Component (Solution And Services), By Type (Fixed And Mobile), By Service(Deployment And Integration Services, API Management And Testing Services, Support And Maintenance Services, And Consulting & Advisory Services), By Organization Size (Small & Medium Enterprises (SMEs) And Large Enterprises), By Vertical (Transportation & Logistics, Retail, Healthcare & Lifesciences, Government & Defense, BFSI, Media & Entertainment, And Industrial Manufacturing), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030.”- Report at https://www.zionmarketresearch.com/report/geofencing-market

Recent Developments:

• In the first quarter of 2022, Samsung Corporation and Telus Communications Inc. introduced Mission Critical Push-to-X solutions in Canada which provide data with major operating abilities such as geofencing for public safety. The move will boost the expansion of the geofencing business in North America.
• In the first half of 2023, MapmyIndia, an India-based firm in GIS AI systems, location-based SaaS, and telematics solutions business, launched GPS trackers, smart helmet kits, and dash cam that starts with a price of nearly INR 3000/-. The initiative is expected to account majorly for the geofencing industry size.

Key players in the global geofencing industry include:

• Apple Inc.
• SuccorfishM2M
• Mobinius Technologies
• Pulsate
• DreamOrbit
• Bluedot Innovation
• Embitel
• Esri
• Factual Inc.
• Nisos Technologies
• Gpswox.com
• GeoMoby
• Localytics
• InVisage
• MAPCITE
• Maven Systems
• MobiOcean Mobility Software Solutions
• Thumbvista
• Plot Projects
• Raveon Technologies
• Swirl Networks
• Simpli fi
• Visioglobe
• Urban Airship.

The global geofencing market is segmented as follows:

By Component

• Solution
• Services

By Type

• Fixed
• Mobile

By Vertical

• Transportation & Logistics
• Retail
• Healthcare & Lifesciences,
• Government & Defense             
• BFSI
• Media & Entertainment
• Industrial Manufacturing

By Organization Size

• Large Enterprises
• Small & Medium Enterprises (SMEs)

By Service

• Deployment and Integration Services
• API Management and Testing Service
• Support and Maintenance Services
• Consulting & Advisory Services

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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