What Is The Definition Of The Global Geofencing Market?
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.
Geofencing Global Market Report 2024 provides data on the global geofencing market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The geofencing market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Geofencing Market Size And Growth Rates Projected To Evolve?
The geofencing market has grown rapidly, expanding from $2.20 billion in 2023 to $2.73 billion in 2024 at a CAGR of 24.1%. Growth has been fueled by location-based marketing, the rise of IoT devices, and increased smartphone usage. By 2028, the market is projected to reach $6.55 billion at a CAGR of 24.4%, driven by advancements in real-time tracking, fleet management, hyper-local targeting, and integration of augmented reality and hybrid geofencing solutions.
What Are The Essential Drivers Behind The Growth Of The Geofencing Market?
The growth in mobile device penetration is expected to drive the growth of the geofencing market. Mobile devices, which allow wireless communication and data transmission, are becoming more common due to the rise of social media, e-commerce, and affordable data plans. Geofencing uses GPS technology in mobile devices to create location-based applications, enabling notifications or actions based on predefined geographic areas. For example, a report by the GSM Association in February 2022 noted that there were 5.3 billion mobile service subscriptions by the end of 2021, with an expected 400 million new subscribers by 2025. Therefore, the growth in mobile device penetration is contributing to the growth of the geofencing market.
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How Is The Global Geofencing Market Divided Into Key Segments?
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
What Trends Are Reshaping The Future Of The Geofencing Market?
In the geofencing market, companies are developing advanced solutions like geofencing features to improve cybersecurity offerings for managed service providers. Geofencing allows users to create virtual boundaries that trigger actions when devices enter or exit designated areas. For example, in March 2024, Trustifi LLC, a US-based cybersecurity company, launched geofencing capabilities in Australia to improve security. The feature limits geographical data transmission, ensuring that personal data remains local, meets compliance standards, and protects sensitive information, particularly in sectors like healthcare, finance, and law.
What Is The Fastest Growing Region In The Geofencing Market?
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.
