Geofencing Market Size is projected to reach USD 3.55 billion by 2031, growing at a CAGR of 16.3%: Straits Research
The global geofencing market was valued at USD 912.14 million in 2022. It is projected to reach USD 3551.49 million by 2031, growing at a CAGR of 16.3% during the forecast period (2023-2031), The solutions segment is the highest contributor to the market and is expected to grow during the forecast period due to the widespread adoption of these solutions by various industries
New York, United States, Sept. 13, 2023 (GLOBE NEWSWIRE) — Geofencing is a location-based functionality service in which an app or software defines geographical boundaries using GPS, RFID, Wi-Fi, or cellular data. When an RFID tag or mobile device enters or exits a geographical location within a set boundary, known as a geofence, it initiates a pre-defined action. Geofencing has become commonplace among many businesses due to the popularity of mobile devices. Geofencing also allows businesses to target their ads to specific audiences in order to better understand which strategies work best based on user location data. Consumer demand for location-based services is one of the key factors driving the geofencing market’s growth. Geofencing is a popular method for businesses to deliver in-store promotions by alerting customers as soon as they enter the store’s range. For example, Wal-Mart is one of the most well-known brands that is making a big splash with geofencing. Its app includes a store mode that detects when a buyer enters the store and delivers coupons and e-receipts.
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Increasing Adoption of Geofencing in Logistics Drives the Market
The increasing use of geofencing technology in transportation and logistics for proximity-based promotion and marketing is expected to drive market growth over the forecast period. Aside from that, modern cab aggregation services and food delivery apps rely heavily on technology. For example, Uber Car Hiring Service uses geofencing at LAX so that people in the area can quickly get a cab to their desired destination. In its text message marketing campaign, Domino’s is currently using geo-targeting. Because the pizza chain operates over 10,000 locations in 70 countries, sending geo-targeted text messages is critical for the brand to ensure that its text messages are relevant to each customer.
Increasing Technological Innovations gives Opportunity for Exponential Growth
The increasing importance of technological advances in maintaining the security and safety of organizations and regions is the primary factor driving the growth of the Geofencing market. Furthermore, continuous technological advancements in cloud computing applications, the Global Navigation Satellite System (GNSS), and wireless technologies that support Location-Based Services (LBS) and the Global Positioning System (GPS) contribute significantly to the geofencing market’s growth. Geofencing technology is being used to educate employees and to proactively increase workplace safety in 33% of businesses. Geofences, for example, are used in the construction industry to activate a device alarm when workers approach risks such as overhead powerlines or hazardous materials. Geofencing can also alert supervisors when employees or equipment cross a boundary, allowing for an immediate response to the situation.
|Market Size by 2031||USD 3.55 billion|
|Market Size in 2022||USD 912.14 million|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Type, Application, Technology|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||Apple, Bluedot Innovation, DreamOrbit, Embitel, Esri, Factual, GeoMoby, GPSWOX, InVisage, Localytics, LocationSmart, MAPCITE, Maven Systems, Mobinius Technologies, MobiOcean, Nisos Technologies, Visioglobe (France)|
|Key Market Opportunities||Increasing Technological Advancements|
|Key Market Drivers|| Rising adoption of geofencing in transport and logistics and increasing adoption of mobile devices
Increasing Adoption of Mobile Devices
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North America is the most significant shareholder in the global Geofencing market and is expected to grow at a healthy CAGR during the forecast period because of the widespread use of mobile devices and advanced GPS infrastructure. In September 2017, American Airlines collaborated with MediaCom for the first time to use the latter’s geofencing technology on a moving object.
Due to the adoption of geofencing systems in various industry verticals, such as healthcare, Europe is expected to be a prominent region in the geofencing network. According to the Swedish TT News Agency, Sweden is considering implementing digital geo-fences in urban areas to protect cities from potential terror attacks. In Stockholm, geofencing initiatives have focused on commercial traffic in the city center, determining whether deliveries to businesses can be made at lower speeds at night when streets are less congested.
Due to increased government investment in the defense and manufacturing sectors, Asia Pacific is expected to have the fastest growth in the geofencing market during the forecast period. For example, Singapore’s Land Transport Authority (LTA) made geofencing a required feature for bike-sharing services beginning in 2018. Rising awareness of location-based marketing and other services is expected to drive regional market growth. In China, Ofo is the market leader in bike sharing. Initially supporting its services with simple web-based technology, this business model quickly adopted geofencing as a means of managing each of its market fleets across more than 180 specific markets in China.
Due to the increased use of geofencing in marketing campaigns in countries such as Saudi Arabia and the UAE, the LAMEA region is expected to register a healthy growth rate in the geofencing market. Fleet Management Systems & Technologies (FMS Tech) has added geofencing software to its portfolio for the GCC in the UAE in order to improve fleet management.
- The global geofencing market size was valued at USD 912.14 million in 2022. It is projected to reach USD 3551.49 million by 2031, growing at a CAGR of 16.3% during the forecast period (2023-2031).
- Based on component, the global geofencing market is bifurcated into solutions and services. The solutions segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period.
- Based on type, the global geofencing market is bifurcated into Fixed Geofencing and Mobile Geofencing. The fixed geofencing segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period.
- Based on application, the global geofencing market is bifurcated into transportation & logistics, retail, automotive, BFSI, public sector, hospitality, media & entertainment. The transportation and logistics segment is the highest contributor to the market and is expected to grow at a helathy CAGR during the forecast period.
- Based on technology, the global geofencing market is bifurcated into RFID, GPS, Wi-Fi, and Cellular Networks. The GPS segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period.
- North America is the most significant shareholder in the global Geofencing market and is expected to grow at a healthy CAGR during the forecast period.
Competitors in Geofencing Market
- Bluedot Innovation
- Maven Systems
- Mobinius Technologies
- Nisos Technologies
- Visioglobe (France)
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Segmentation of Global Geofencing Market
- Fixed Geofencing
- Mobile Geofencing
- Transportation & Logistics
- Public Sector
- Media & Entertainment
- Cellular Network
- North America
TABLE OF CONTENT
Table of Content and Figure @ https://straitsresearch.com/report/geofencing-market/toc
- May 2022, Nisos raised USD 15 million in series B funding to propel the growth with investments in offerings, staff, and services.
- April 2020, InVisage launched thematic indices with the recommendation from sell-side research.
Government and Defence Sector to Register the Highest Growth Rate in the Geofencing Market During the Forecast Period, 2019–2026
Global Location-Based Service Market Grows at a Staggering CAGR of 23.40%
Global Satellite Data Services Market Grows at a Staggering CAGR of 27.7%
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