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Active Geofencing Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, and Forecast
Active Geofencing Market
According to The Business Research Company's, The active geofencing market size has grown exponentially in recent years. It will grow from $1.46 billion in 2023 to $1.77 billion in 2024 at a compound annual growth rate (CAGR) of 21.4%. The growth in the historic period can be attributed to increasing smartphone penetration, rising demand for personalized marketing strategies, growth of location-based services (LBS), demand for real-time consumer engagement, expanding use of data analytics in marketing.
The active geofencing market size is expected to see exponential growth in the next few years. It will grow to $3.88 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%. The growth in the forecast period can be attributed to expansion of smart city initiatives, rise in mobile commerce transactions, increasing focus on hyper-local marketing, demand for contactless retail experiences, growth of location-based gaming. Major trends in the forecast period include hyper-personalized marketing campaigns, virtual geofencing for remote engagement, geofencing in supply chain management, integration of geofencing with voice assistants and smart speakers.
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Market Drivers and Trends:
The growing adoption of mobile devices is expected to propel the growth of the active geofencing market going forward. A mobile device refers to a portable electronic gadget designed for wireless communication and transmitting data wirelessly. Mobile device adoption is growing due to increased 4G LTE and 5G proliferation, e-commerce growth, and increased affordability, making them accessible to more people globally. Mobile devices are useful for active geofencing, providing accurate location data, facilitating instant communication, and offering a user-friendly interface for interaction with the geofencing system. For instance, in February 2022, according to a report published by the GSM (Global System for Mobile Communications) Association, a UK-based non-profit organization, the global count of mobile service subscriptions reached 5.3 billion by the end of 2021, with projections indicating an additional 400 million new subscribers are expected by 2025. Therefore, the growing adoption of mobile devices is driving the growth of the active geofencing market.
Major companies operating in the active geofencing market are increasing their focus on developing advanced solutions, such as the geofence buzzer solution, to improve real-time alerting capabilities for businesses and organizations. The Geofence Buzzer solution is a type of active geofencing technology that provides real-time alerts or notifications to users when a device enters or exits predefined geographic boundaries, often using GPS or other location-based technologies. For instance, in June 2021, Tagmarshal, a US-based developer of a B2B golf course optimization platform, introduced the Geofence Buzzer solution to actively manage cart tracking and geofencing compliance on golf courses. This innovative system emits a loud warning sound when a golf cart deviates from the designated cart path. The Geofence Buzzer aims to enhance pace of play management by providing visual and audible alerts to players through 2Way screens when a geofence breach occurs. This technology offers an effective way to ensure compliance with geofencing regulations and streamline cart control on the golf course.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Apple Inc, Google LLC, Samsung Electronics Co, Microsoft Corporation, AT&T Inc, Intel Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc, Oracle Corporation, Qualcomm Incorporated, Salesforce Inc, Nokia Corporation, SZ DJI Technology Co, Esri, Upland Software Inc, Simpli.fi, Bluedot Innovation Pty Ltd, Infillion PaeDae Inc, Radar Labs Inc, Pulsate Ltd, tado GmbH, Aware360 Ltd, LocationSmart, Mapcite, mSpy
Active Geofencing Market 2024 Key Insights:
• The active geofencing market size is expected to see exponential growth in the next few years. It will grow to $3.88 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%.
• Impact Of Mobile Device Adoption On The Active Geofencing Market
• Geofence Buzzer Solution For Enhanced Cart Tracking And Compliance Management On Golf Courses
• North America was the largest region in the active geofencing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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