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Geofencing Market Report 2024-2033: Industry Size, Share, Growth, Trends, Mergers, and Forecast
Geofencing Market Report
According to The Business Research Company's, The geofencing market size has grown exponentially in recent years. It will grow from $2.20 billion in 2023 to $2.73 billion in 2024 at a compound annual growth rate (CAGR) of 24.1%. The growth in the historic period can be attributed to increasing demand for location-aware marketing, growing emphasis on personalized advertising, rising adoption of (internet of things) IoT devices, expanding use of smartphones and tablets, and surge in mobile app usage.
The geofencing market size is expected to see exponential growth in the next few years. It will grow to $6.55 billion in 2028 at a compound annual growth rate (CAGR) of 24.4%. The growth in the forecast period can be attributed to increasing focus on real-time location tracking, growth in demand for fleet management solutions, regulatory support for location-based marketing, emergence of hyper-local targeting strategies, and adoption of geofencing in smart cities initiatives. Major trends in the forecast period include expansion of geofencing applications, rise of indoor geofencing solutions, development of geofencing for security and surveillance, proliferation of hybrid geofencing solutions, and integration of augmented reality with geofencing.
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Market Drivers and Trends:
The growth in mobile device penetration is expected to propel the growth of the geofencing market going forward. A mobile device refers to a portable electronic gadget designed for wireless communication and transmitting data wirelessly. Mobile device penetration is increasing due to the popularity of social media platforms and messaging apps, the growth of e-commerce, and affordable data plans and tariffs. Geofencing utilizes mobile device GPS (Global Positioning System) hardware and software to create location-aware applications and integrate with apps for customized notifications and actions based on predefined geographic areas. For instance, in February 2022, according to a report published by the GSM (Global System for Mobile Communications) Association, a UK-based lobby organization that represents the interests of mobile network operators worldwide, 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 growth in mobile device penetration is driving the growth of the geofencing market.
Major companies operating in the geofencing market are focusing on developing advanced solutions such as geofencing capabilities to enhance cybersecurity offerings for managed service providers. Geofencing capabilities refer to the functionalities within a system or application that allow users to define virtual boundaries or geographic areas. These boundaries are then used to trigger actions or notifications when a mobile device enters or exits the specified area. For instance, in March 2024, Trustifi LLC, a US-based cyber security company, launched geofencing capabilities in Australia to provide increased security solutions. This innovative geofencing approach enhances data security by limiting geographical data transmission, particularly in sensitive sectors like healthcare, finance, and legal sectors. Trustifi's geofencing feature ensures that personal data is maintained locally, meets compliance standards, and protects sensitive information by establishing virtual boundaries that restrict data transit geographically.
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 Plc, Microsoft Corporation, Verizon Communications Inc, AT&T Inc, Huawei Technologies Co. Ltd, T-Mobile US Inc, Intel Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc, Oracle Corporation, Xiaomi Corporation, Qualcomm Incorporated, Honeywell International Inc, SAP SE, Ericsson AB, Nokia Corporation, Embratel, Esri, Upland Localytics, Embitel, Bluedot Innovation, Mobinius Technologies, Pulsate Ltd.
Geofencing Market 2024 Key Insights:
• The geofencing market size is expected to see exponential growth in the next few years. It will grow to $6.55 billion in 2028 at a compound annual growth rate (CAGR) of 24.4%.
• Mobile Device Penetration Driving The Geofencing Market Growth
• Increasing Focus On Enhancing Cybersecurity Offerings With Geofencing Capabilities
• North America was the largest region in the 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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