Geofencing Global Market Report 2024

The geofencing market size has grown exponentially in recent years. It will grow from $2.2 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 the increasing demand for location-aware marketing, the growing emphasis on personalized advertising, the rising adoption of IoT devices, the expanding use of smartphones and tablets, and the 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 the increasing focus on real-time location tracking, the growth in demand for fleet management solutions, regulatory support for location-based marketing, the emergence of hyper-local targeting strategies, and the adoption of geofencing in smart cities initiatives. Major trends in the forecast period include the expansion of geofencing applications, the rise of indoor geofencing solutions, the development of geofencing for security and surveillance, the proliferation of hybrid geofencing solutions, and the integration of augmented reality with geofencing.

The anticipated increase in mobile device penetration is poised to be a significant driver for the expansion of the geofencing market in the foreseeable future. Mobile devices, encompassing portable electronic gadgets designed for wireless communication and data transmission, are experiencing higher adoption rates driven by various factors including the popularity of social media platforms, messaging applications, the surge in e-commerce activities, and the availability of affordable data plans. Geofencing technology leverages the GPS hardware and software within mobile devices to create location-aware applications, integrating with apps to deliver customized notifications and actions based on predefined geographic areas. As per a report by the GSM Association released in February 2022, the global tally of mobile service subscriptions reached 5.3 billion by the conclusion of 2021, with projections indicating an additional 400 million new subscribers expected by 2025. Consequently, the burgeoning mobile device penetration emerges as a pivotal catalyst propelling the expansion of the geofencing market.

Leading players in the geofencing market are directing their efforts towards the development of advanced solutions, particularly focusing on incorporating geofencing capabilities to enhance cybersecurity offerings, especially for managed service providers. Geofencing capabilities entail functionalities embedded within systems or applications enabling users to define virtual boundaries or geographic areas. These delineated boundaries serve as triggers for actions or notifications when a mobile device crosses into or exits the specified area. For example, in March 2024, Trustifi LLC, a US-based cybersecurity firm, rolled out geofencing capabilities in Australia, fortifying its security solutions portfolio. This innovative geofencing approach bolsters data security by confining geographical data transmission, particularly critical in sectors such as healthcare, finance, and legal services. Trustifi's geofencing feature ensures compliance with regulations by locally storing personal data and erects virtual boundaries to restrict the geographical transit of sensitive information.

In October 2021, Reveal Mobile, a prominent US-based provider of geofencing marketing and location intelligence solutions, completed the acquisition of Mira for an undisclosed sum. This strategic acquisition expands Reveal Mobile's capabilities in tracking anonymized cellphone location data and deriving insights into foot traffic and other location-based metrics. Mira, a US-based location intelligence company with a focus on out-of-home (OOH) advertising, brings valuable geofencing capabilities to Reveal Mobile's portfolio, further enhancing its offerings in the burgeoning 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.

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.

The countries covered in the geofencing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Geofencing is a location-based technology that sets up virtual boundaries to trigger automated actions or notifications when a device enters or exits a designated geographical area. It's widely applied in location-based marketing and advertising, delivering personalized messages and offers to users based on their proximity to specific locations.

There are two primary types of geofencing such as fixed and mobile. Fixed geofencing establishes permanent virtual boundaries around designated areas such as retail stores, airports, or construction sites. It encompasses various components, including solutions and services, and operates through technologies such as active and passive geofencing. It finds application across different enterprise sizes, from small and medium-sized enterprises to large corporations, spanning various industry verticals such as transportation and logistics, retail, healthcare, industrial manufacturing, media and entertainment, government and defense, banking, financial services, and insurance (BFSI), among others.

The geofencing market research report is one of a series of new reports that provides geofencing market statistics, including geofencing industry global market size, regional shares, competitors with a geofencing market share, detailed geofencing market segments, market trends and opportunities, and any further data you may need to thrive in the geofencing industry. This geofencing market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The geofencing market includes revenues earned by entities by providing services such as geotargeted promotions, real-time location tracking services, fleet management solutions, and emergency alerts. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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