Geofencing Market Key Drivers, Overview 2024-2033

Global geofencing market size is expected to reach $6.55 Bn by 2028 at a rate of 24.4%, segmented as by geofencing type, fixed geofencing, mobile geofencing

Aug 6, 2024 - 17:17

Geofencing Market Key Drivers, Overview 2024-2033

The geofencing global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Geofencing Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -

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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Scope Of Geofencing Market

The Business Research Company's reports encompass a wide range of information, including:

Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
Drivers: Examination of the key factors propelling market growth.
Trends: Identification of emerging trends and patterns shaping the market landscape.
Key Segments: Breakdown of the market into its primary segments and their respective performance.
Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
Macro Economic Factors: Assessment of broader economic elements impacting the market.

Geofencing Market Overview

Market Drivers -

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.

Market Trends -

Major companies operating in the fleet management software market are focused on developing advanced technological solutions, such as GPS (Global Positioning System) fleet tracking and dual-facing dashcam solutions, to enhance vehicle monitoring, optimize fleet efficiency, and improve overall safety and compliance measures. GPS fleet tracking and dual-facing dashcam solutions offer comprehensive tools for fleet management, combining real-time vehicle tracking with video recording capabilities. For instance, in August 2023, Bridgestone Americas, a US-based corporation specializing in the manufacturing and distribution of tires, automotive parts, and industrial products, launched Azuga Fleet Management Solutions on AWS Marketplace, marking its debut product release since joining the AWS Partner Network (APN). With direct access via AWS accounts, fleet customers can conveniently discover, evaluate, purchase, and deploy the software, benefiting from streamlined billing and deployment processes and buyer incentives. This initiative aligns with the 'Efficiency', 'Extension', and 'Ease' values of Bridgestone's E8 Commitment, aiming to drive effective management practices and earn the trust of future generations.

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

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Regional Insights -

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.

Key Companies -

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.

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