Geofencing Market at a CAGR of 27.0% from 2021 to 2027

The global geofencing market is expected 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. The market for geo-fencing is growing and expanding with the introduction of new software and technologies. Geofencing is a feature integrated with software that uses the Global Positioning System and (GPS) or radio frequency identification (RFID) to define geographic boundaries.

Geofencing allows the administrators to define triggers so that when a device enters (or leaves) the boundaries defined by the administrator, an alert is issued. Many geofencing applications integrate with Google Earth, allowing administrators to set boundaries above a satellite view of a specific geographic area. Other applications, mobile or desktop-based, set boundaries by longitude and latitude or through user-created, web-based maps.

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Factors that impact the geofencing market growth include the penetration of new technologies, higher adoption of location-based applications among consumers, rise in the use of spatial data and analytical tools, and the growth of competitive intelligence, which will promote the growth of the geofencing market by enhancing its activities and capabilities, during the forecasting period across the globe. Privacy and legal concerns, cyber security issues will hamper the growth of the market.

Global Geofencing Market Dynamics
Drivers: Rise in adoption of Proximity Marketing
With the elevating adoption of proximity marketing geofencing, software demand increases. Proximity marketing is any system that uses location technologies to communicate directly with customers through their portable devices such as mobile phones, digital wrist bands, tablets, and others. Proximity marketing can incorporate advertising offers, customer support, marketing messages, scheduling, or several other engagement strategies between a cell phone user and their location within a short distance using geofencing solutions. Proximity marketing adoption is rising in various verticals, especially SMEs, to enhance their market presence and customer bases. Such factors will promote the growth of the geofencing software market across the globe in upcoming years.

Restraints: Legal and privacy concerns
The geo-fencing application uses real-time location and data, which will impact the users' privacy and expose them to the potential risk of cyber-bully. This factor will hamper the growth of the geofencing market. Terrorist organizations and hackers can use the location data for various purposes such as theft, money laundering, and other purposes. The third-party offers the software, which will have direct access to the user's real-time locations, day-to-day traveling data, and other related data that breach the user's privacy and can be used against them. Such factors restrain the growth of the market globally.

Opportunities: Rise in use of spatial data and analytical tools
The integration of spatial data with geo-fencing will increase the demand for geo-fencing software during the forecasting period across the globe. Spatial data is the sum of interpretations of geographic phenomena. Data is the main information necessary for geographic information systems, software tools used to analyze spatial data in digital form. Spatial data is a broad term that includes general-purpose data sets such as remote sensing images, digital map data, census descriptions, and more specialized data sets such as seismic profiles, distribution of relics on an archaeological site, or migration statistics. This will allow users to use any location information to allocate nearby places. Geofencing and spatial data combine all the information regarding the position and the coordinates of the earth so that the temporal information even exists. This is used by large business owners and the e-commerce industry to track their delivery partners, employees, and others. Also, this data will be analyzed and used for operational planning for uninterrupted processes, time and cost-saving purposes, and others. This factor will increase the demand for the geofencing software coupled with spatial data tools to enhance operations and be used for strategic marketing techniques.

Scope of the Report
The study categorizes the geo-fencing market-based component, geofencing type, organization size, end-use industries, and regional and global levels.

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By Component (Revenue, USD Billion, 2017-2027)
Software
Services
Deployment and integration services
Support and maintenance services
Consulting and advisory services
API management and testing services
By Geo-fencing Type (Revenue, USD Billion, 2017-2027)
Fixed geofencing
Mobile geofencing
By Organization Size (Revenue, USD Billion, 2017-2027)
Large Enterprises
Small and medium-sized Enterprises
By End-Use industries (Revenue, USD Billion, 2017-2027)
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)
By Region (Revenue, USD Billion, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The component type segment of the geofencing market is projected to account for the largest share in the global market
Based on the component, the geofencing market is segmented into software and services. The service component segment is classified into deployment and integration services, support and maintenance services, consulting and advisory services, and API management and testing services. API management and testing services is estimated to hold a larger market size during the forecast period over services, as it offers application access management, device data communication, and interactive services and security.

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In addition, application operation, production support, version and change support, and middleware product support are also provided by API management services. Application Testing Service Providers provide automated and manual mobile application testing to commercial customers to test native and hybrid mobile applications. Service providers provide mobile application testing services for basic testing functionality; user interface test; testing of mobile applications in wireless disconnection, poor connectivity, WiFi and 2G and 3G networks; memory and battery leak test; and compatibility tests with previous versions of mobile applications. This service segment will fuel the growth of the geofencing market during the forecasting period in the global market.

Asia-Pacific accounts for the highest CAGR during the forecast period in the geofencing market
Based on the regions, the global geofencing market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Four main countries, namely, China, India, Japan, and the Rest of Asia-Pacific, are analyzed in Asia-Pacific. Asia-Pacific is estimated for the highest CAGR during the forecasting period in the geofencing market in the upcoming years. Asia Pacific (APAC) has seen the dynamic and advanced adoption of new technologies and has always been profitable. The region is expected to grow at the highest CAGR during the forecast period in the geofencing market as APAC governments continually invest in geofencing solutions and R&D of location-based and geofencing services. The increase in the use of content management systems and location analytics is the leading growth factor of the APAC market.

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Key Market Players
The geofencing market is mildly concentrated in nature with few numbers global players operating in the market 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), Mobinius Technologies (India), and others. These players have been adopting various winning strategies to gain higher shares or retain leading positions in the globe.

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