Geofencing Market is projected to reach USD 3,899.34 Million by 2032-Esri, Apple, Thumbvista, Localytics, Simpli.fi

The geofencing market accounted for USD 1232.3 Million in 2021 and is projected to reach USD 3,899.34 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 28.5% during the forecast period. Geofencing is the use of GPS technologies to build a fictitious geographic border that enables mobile phone responses to be triggered by the GPS software when an unauthorized individual enters or exits a preset zone. Anyone may create triggers based on location-specific information using geo fence. It sends out an alarm if a person or object crosses a certain border or region. For example, a notice or a promotion offer may appear on the person's phone or another device when they visit a mall, a business, a neighborhood, or search a specific pre-defined region. Geofencing technology enables corporations and enterprises to increase revenue, client loyalty, and engagement. In order to safeguard critical locations, geofencing is being widely used by governments and the defense industry, which drives the market growth..

Key Players Mentioned in the Geofencing Market Research Report: Esri, Apple, Thumbvista, Localytics, Simpli.fi

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High cost of Devices: The high pricing of the devices is one of the primary restraints highlighted in the geofencing market forecast. It also has various limitations in terms of radius coverage, difficult maintenance, and so on. Also, installation expenses may seriously hamper the market growth in the next years.

Rising awareness among customers: Customers' growing awareness might present enormous opportunities for the sector. Along with other firms, we are working to enhance vehicle management, supply transportation, and logistics. The geofencing technique is expected to improve consumer and vendor contact and interaction. It will emerge as a vital marketing tool, assisting in the rise of profit as well as the productivity of personnel.

Lack of knowledge and skills: The absence of qualified labor & knowledge among clients will be a barrier to market growth. Rapid technological development might cause significant misunderstandings among users. The strict regulations and restrictions imposed by various governments might sometimes make it difficult to meet deadlines.
COVID-19 Insights on Geofencing Market:

Today, geofencing services are utilized to find people who have violated a quarantine and are being watched. The Indian government tested a program that sends SMS notifications to a designated government agency whenever a person enters or leaves a quarantine facility based on the location of a mobile phone's cell tower. This program helps the government find a person and prevent the spread of COVID-19. As a result, there was a strong demand for geofencing services both during and after the COVID-19 pandemic.
Geofencing Market Segment Analysis:

Based on End-user Industry, the Retail segment dominated the market with 24% share in 2021. Retailers are enthusiastically embracing digitalization because it enables them to contact consumers more effectively and remotely, which will help them build a much more loyal customer base. With the help of active geofencing technology, retailers can track consumer foot traffic as soon as customers enter the geofenced region and push customers with promotional messages to capture them.

Automotive merchants utilize geofencing to monitor consumers who are having test drives. If a client tries to leave the designated region, an immediate alarm may be obtained, allowing for prompt action to be done to prevent asset losses.

Retailers are being encouraged to use active geofencing technologies as a result of the increased use of smartphones by people throughout the world, which allows them to monitor even more foot traffic in their geofenced area. When compared to wealthy nations, which have an average smartphone penetration of 80%, emerging countries have a higher rate of 82 %. 3.2 billion Smartphone devices are expected to be shipped globally in 2021. Therefore, there are chances for growth in emerging nations for the active geofencing market.

For product delivery to clients, retailers are using novel strategies like aerial unmanned drones. For example, Walmart has decided to use drones to deliver goods in a safebox rather than to a doorstep. The program uses block chain technology and geofencing for shipment tracking and identification.
Geofencing Market

Fixed Geofencing, Mobile Geofencing.

Application as below

Healthcare, Retail, Defense and Military, Industrial Manufacturing, Transportation and Logistics, Others

he geofencing market is segmented on the basis of components (solution and services), geofencing type, organization size, verticals, and regions. Geofencing services are further segmented into deployment and integration, support and maintenance, consulting and advisory, and API management and testing services.

The API management and testing services segment is expected to grow at the highest CAGR during the forecast period, as the segment offers application access management, device data communication and interaction, and security services. Additionally, application operation, production support, release and change support, and middleware product support are also carried out by API management services. Application testing service providers offer automated and manual mobile application testing to the commercial customers, for testing both native and hybrid mobile applications. The service providers deliver mobile application testing services for core functionality testing; user interface testing; mobile applications testing in wireless disconnectivity, low connectivity, Wi-Fi, and 2G and 3G networks; memory and battery leakage testing; and mobile application backward compatibility testing.

On the basis of organization size, the geofencing market is segmented into Small and Medium-sized Enterprises (SMEs) and large enterprises. The market, on the basis of verticals, 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 (agriculture, education, construction and engineering, and energy and utilities).
Geofencing Market Report Scope

ESTIMATED YEAR 2022

BASE YEAR 2021

FORECAST YEAR 2029

HISTORICAL YEAR 2020

UNIT Value (USD Million/Billion)

The Geofencing report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country and sub-region during the estimated period.

North America (USA and Canada)
Europe (UK, Germany, France and the rest of Europe)
Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
Latin America (Brazil, Mexico, and the rest of Latin America)
Middle East and Africa (GCC and rest of the Middle East and Africa)

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Key questions answered in the report:

Which are the five top players of the Geofencing market?
How will the Geofencing market change in the next five years?
Which product and application will take a lion's share of the Geofencing market?
What are the drivers and restraints of the Geofencing market?
Which regional market will show the highest growth?
What will be the CAGR and size of the Geofencing market throughout the forecast period?
Note - To provide a more accurate market forecast, all our reports will be updated prior to delivery considering the impact of COVID-19.

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