What Fueled The Previous Growth In The Geofencing Market?
The geofencing market has seen considerable growth due to a variety of factors.
• In recent times, the geofencing market has witnessed substantial growth. From standing at $2.73 billion in 2024, it is projected to expand to $3.41 billion in 2025 with a compound annual growth rate (CAGR) of 24.7%.
This significant increase during the historical period can be associated with the escalating demand for location-conscious marketing, the accentuating focus on customised advertising, the rise in the adoption of IoT devices, the widening utilization of smartphones and tablets, and a steep increase in mobile app usage.
What Is The Expected Growth In The Geofencing Market Size Evolve over the Forecast Period?
The geofencing market is expected to maintain its strong growth trajectory in upcoming years.
• The geofencing market's expansion is projected to be significant in the upcoming years, with a forecasted growth to $8.14 billion in 2029, marking a compound annual growth rate (CAGR) of 24.3%.
This projected surge in the prediction period could be due to the growing emphasis on real-time location monitoring, an increased need for fleet management solutions, governmental backing for location-focused advertising, the rise of hyper-local targeting strategies, and the integration of geofencing in smart city schemes. Notable trends for the forecast period encompass the evolution of geofencing applications, the emergence of indoor geofencing solutions, the advent of geofencing for security and surveillance, the spread of hybrid geofencing solutions, and the combination of augmented reality with geofencing.
What Main Forces Are Fueling Expansion In The Geofencing Market?
An increase in the use of mobile devices is predicted to fuel the expansion of the geofencing market in the future. Mobile devices are wireless, portable electronic tools created for wireless communication and data transmission. The widespread use of social media and messaging apps, the rise of e-commerce, and the affordability of data plans and tariffs are contributing to the growing penetration of mobile devices. Geofencing uses the GPS (Global Positioning System) hardware and software of mobile devices to build applications that are aware of their location and can integrate with apps to provide customized notifications and actions based on pre-established geographical areas. For example, in February 2022, a report from the GSM (Global System for Mobile Communications) Association, a UK-based advocacy group representing the interests of mobile network operators globally, stated that the worldwide number of mobile service subscriptions have reached 5.3 billion at the end of 2021, and it is anticipated that there will be an additional 400 million new subscribers by 2025. Therefore, the increased penetration of mobile devices is a major factor driving the growth of the geofencing market.
What Are The Primary Segments In The Global Geofencing Market?
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
Subsegments:
1) By Fixed Geofencing: Perimeter Geofencing, Radius Geofencing, Polygon Geofencing
2) By Mobile Geofencing: Gps-Based Geofencing, Bluetooth-Based Geofencing, Wi-Fi-Based Geofencing
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What New Trends Are Influencing The Geofencing Market?
Leading companies within the geofencing market are focusing their efforts on creating sophisticated solutions such as geofencing features to improve cybersecurity services for Managed Service Providers (MSPs). These geofencing features allow users to establish virtual boundaries or geographical zones within a system or app. The set boundaries then trigger actions or alerts when a mobile device enters or exits the established zones. An example of this is Trustifi LLC, a US-based cybersecurity company, rolling out geofencing features in Australia in March 2024 to bolster their security solutions. The distinctive approach of geofencing enhances data safety by controlling geographic data transmission, especially in critical sectors like healthcare, finance, and legal. Trustifi's geofencing feature guarantees that personal data remains locally, meets regulatory standards and secures sensitive data by creating virtual perimeters that limit geographically data movement.
Who Are the Key Players In The Geofencing Market?
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.
What Is The Most Dominant Region In The Geofencing Market?
North America was the largest region in the geofencing market in 2024. 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.
