Press release
Global Geofencing Market worth USD 6.4 billion by 2027
The global geofencing market is estimated to grow from USD 1.1 billion in 2020 to USD 6.4 billion by 2027, at a CAGR of 27.0% from 2021 to 2027. Geofencing is a technology that indicates the real-time location of the object or device it is installed within. Geofencing provides location-based services on which an application or other software uses a radio frequency identification (RFID), Wi-Fi, GPS, or cells to activate a targeted marketing action, locate child location, telematics, and others. The use of geofencing in various industries and its integration with a wide range of software will augment the growth of the geofencing market in upcoming years in the global market.
Browse 211 market data Tables and 63 Figures spread through 234 Pages and in-depth TOC on "Global Geofencing Market Research Report 2021 to 2027."
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Global Geofencing Market Segmentation
The global geofencing market has been segmented into components, geofencing type, organization size, end-use industries, and region.
• By Component (Software and services- deployment and integration services, support and maintenance services, consulting and advisory services, API management, and testing services)
• By Geofencing type (Fixed and Mobile)
• By Organization Size (Large and SMEs)
• 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), and Other)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
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Transportation and logistics, by end-use industries, is estimated to hold the largest market share during the forecast period in the Geofencing Market
Based on the end-use industries, the geofencing market is segmented into transportation and logistics, retail, healthcare and life sciences, industrial manufacturing, media and entertainment, government and defense, banking, financial services, and insurance (BFSI), and others. The transportation and logistics segment by end-use industry is expected to hold the largest market share during the forecast period. Transportation and Logistics is one of the dominating domains for the wide use implementation market geofencing solutions. Industrial applications of geofencing solutions in the transportation and logistics industry include asset monitoring, rate limiting, fleet and freight management, and commercial transportation management.
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North America accounts for the highest market share during the forecast period in the Geofencing market
The geofencing market is segmented into North America, Europe, the Asia Pacific, and the RoW. North America holds the largest share of the global market. North America accounts for the largest share due to well-established economies that invest heavily in Research and Development (R & R&D) activities, thus contributing to new and innovative technologies. The startup culture in North America has been growing at a faster pace as compared to other regions. The growing number of SMEs in developing countries and the increasing digitization in large organizations have contributed to the growth of the North American geofencing market. SMBs are flexible in integrating new technologies into their existing systems, while large organizations have significant budgets for digitization. All of these factors are driving the growth of the geofencing market in North America. Followed by Europe and Asia-Pacific region due to rising penetration of new technologies and availability of potential service providers in the region.
This research report includes a study on the development and marketing strategies, product portfolios, and winning design of the leading companies operating in the geofencing market. It also consists of the profiles of leading companies such as Apple (US), Bluedot Innovation (US), DreamOrbit (India), Embitel (India), Esri (US), Factual (US), GeoMoby (Australia), GPSWOX (UK), InVisage (US), Localytics (US), LocationSmart (US), MAPCITE (UK), Maven Systems (India), and Mobinius Technologies (India), among others. These market players have focused on acquisitions and expansion to gain a larger market share in the Geofencing market.
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