The “Geofencing Market” 2023-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period. The Geofencing Market Report covers potential improvement drivers as properly as the modern-day kingdom of market share, penetration of a number of kinds, technologies, applications, and areas thru 2031.
The global geofencing market size was US$ 1.25 billion in 2021. The global geofencing market is forecast to grow to US$ 7.4 billion by 2030 by registering a compound annual growth rate (CAGR) of 24.9% during the forecast period from 2022 to 2030.
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The process of geofencing uses GPS or RFID technology in order to develop a virtual geographic boundary. This boundary allows the software to trigger an alert when a mobile device enters or leaves a particular boundary. It is a location-based service. The application uses radio frequency identification (RFID), Wi-Fi, GPS, or cellular data to send text, email, social or other types of alerts, when a mobile device or RFID tag enters or exits the boundary.
Factors Influencing the Market
- The rising popularity of proximity marketing is forecast to fuel the growth of the geofencing market. In addition, proximity marketing adoption is increasing across various industry verticals, such as SMEs. Such factors are expected to fuel the growth of the geofencing market in the coming years.
- Legal and privacy concerns associated with geofencing may limit the growth of the market. On the contrary, the growing use of spatial data and the adoption of analytical tools will escalate market growth during the study period.
- The contribution of prominent brands will also benefit the geofencing market during the study period. For instance, McDonald’s, a leading restaurant chain, acquired all the stakes of Dynamic Yield, a Tel Aviv-based start-up, in 2019. This start-up offers algorithm-based “decision logic” technology to retailers.
COVID-19 Impact Analysis
Geofencing services were adopted all over the world to find quarantine violators. Thus, the market witnessed substantial growth due to government support. For instance, In India, the government tested an application that starts SMS alerts if any person violates quarantine rules or escapes a particular area. Thus, the COVID-19 pandemic positively influenced the global geofencing market.
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Regional Analysis
The Asia-Pacific geofencing market is forecast to hold the highest market share, owing to the rising adoption of advanced technologies. Furthermore, continuous government support and investments will fuel the growth of this regional market. The market may also witness lucrative growth opportunities, owing to the ongoing R&D based on location and geofencing services. Furthermore, the rising deployment of content management systems and location analytics will benefit the Asia-Pacific geofencing market during the study period.
Competitors in the Market,Apple (US), Blue dot Innovation, Dream Orbit, Embitel, Esri, Factual, Geo Moby, GPSWOX, In Visage, Localytics, Location Smart, MAPCITE, Maven Systems, Mobinius Technologies, Other Prominent Players
Market Segmentation
The global geofencing market segmentation focuses on Component, Geofencing Type, Organization Size, End-Use Industries, and Region.
By Component
- Software
- Services
- Deployment and integration services
- Support and maintenance services
- Consulting and advisory services
- API management and testing services
By Geo-fencing Type
- Fixed geofencing
- Mobile geofencing
By Organization Size
- Large Enterprises
- Small and medium-sized Enterprises
By End-Use industries
- Transportation and logistics
- Retail
- Healthcare and life sciences
- Industrial manufacturing
- Media and entertainment
- Government and defense
- Banking, Financial Services, and Insurance (BFSI)
- Others (agriculture, education, construction and engineering, and energy and utilities)
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By Regional Outlook
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
What factors are taken into consideration when assessing the key market players?
- The report analyzes companies across the globe in detail.
- The report provides an overview of major vendors in the market, including key players.
- Reports include information about each manufacturer, such as profiles, revenue, product pricing, and other pertinent information about the manufactured products.
- This report includes a comparison of market competitors and a discussion of the standpoints of the major players.
- Market reports provide information regarding recent developments, mergers, and acquisitions involving key players.
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