What Is The Definition Of The Global Active Geofencing Market?
Active geofencing is a location-based technology that establishes virtual barriers or 'geofences' around certain geographic locations that trigger specific actions or notifications when a mobile device or asset enters or exits the defined area in real-time. This form of geofencing allows operators to push ads or customize messages directly to users when a device enters a specific geographical area.
Active Geofencing Global Market Report 2024 provides data on the global active geofencing market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The active geofencing market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Market Size And Growth Rate Of The Global Active Geofencing Market Projected?
The active geofencing market has expanded rapidly, growing from $1.46 billion in 2023 to $1.77 billion in 2024 at a CAGR of 21.4%. Historical growth can be attributed to increasing smartphone penetration, the popularity of personalized marketing strategies, the expansion of location-based services, demand for real-time engagement, and the growing role of data analytics in marketing. The market is forecasted to grow to $3.88 billion by 2028 at a CAGR of 21.7%, fueled by smart city initiatives, mobile commerce growth, hyper-local marketing strategies, contactless retail adoption, and the rise of location-based gaming. Key trends include hyper-personalized marketing, virtual geofencing applications, supply chain integration, and the use of geofencing with voice assistants and smart speakers.
What Are The Primary Growth Drivers In The Active Geofencing Market?
The growing adoption of mobile devices is expected to fuel the growth of the active geofencing market. Mobile devices, which are portable electronic gadgets for wireless communication, are becoming more prevalent due to the expansion of 4G LTE and 5G networks, the growth of e-commerce, and increased affordability. These devices play a vital role in active geofencing, offering accurate location data, enabling instant communication, and providing a user-friendly interface for interaction with geofencing systems. For instance, the GSM Association reported in February 2022 that the global number of mobile service subscriptions reached 5.3 billion by the end of 2021, with expectations for 400 million more subscribers by 2025. Consequently, the rising adoption of mobile devices is boosting the growth of the active geofencing market.
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What Is The Segmentation Of The Global Active Geofencing Market?
The active geofencing market covered in this report is segmented –
1) By Type: Fixed, Mobile
2) By Component: Hardware, Services, Software
3) By Communication Technology: Cellular, Global Positioning System (GPS), Radio Frequency Identification (RFID), Wireless Fidelity (Wi-Fi)
4) By Organization Size: Large-Scale Businesses, Small-Scale And Medium-Scale Businesses
5) By End-User Industry: Banking Financial Services And Insurance, Retail, Defense, Government And Military, Healthcare, Industrial Manufacturing, Transportation And Logistics, Other End-User Industries
What Emerging Trends Are Shaping The Active Geofencing Market Landscape?
In the active geofencing market, leading companies are investing in developing advanced solutions, such as the geofence buzzer solution, to enhance real-time alerting capabilities for businesses. The Geofence Buzzer solution provides real-time notifications or alerts when a device crosses predefined geographic boundaries, typically utilizing GPS or other location-based technologies. For instance, in June 2021, Tagmarshal, a US-based developer of B2B golf course optimization solutions, launched the Geofence Buzzer to manage cart tracking and geofencing compliance on golf courses. The system emits an audible warning when a golf cart deviates from a designated path, aiming to enhance pace of play management by providing visual and audible alerts on 2Way screens whenever a geofence breach occurs. This technology ensures compliance with geofencing rules and improves cart management on golf courses.
Which Region Has The Fastest Expansion In The Active Geofencing Market?
North America was the largest region in the active geofencing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the active geofencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
