Press release
Major Market Shift in Geofencing Industry: Increasing Focus On Enhancing Cybersecurity Offerings With Geofencing Capabilities
Major Market Shift in Geofencing Industry
The geofencing market will grow from $2.73 billion in 2024 to $3.41 billion in 2025, at a CAGR of 24.7%. The rise in location-aware marketing, the growing adoption of IoT devices, and the increased use of smartphones and mobile apps are key growth drivers.
The geofencing market is set for rapid expansion, growing to $8.14 billion by 2029 at a CAGR of 24.3%. Growth will be supported by increasing demand for real-time location tracking, the rise of fleet management solutions, regulatory backing for location-based marketing, the emergence of hyper-local targeting strategies, and geofencing adoption in smart city projects. Major trends include the expansion of geofencing applications, the rise of indoor geofencing solutions, developments in security and surveillance geofencing, hybrid geofencing models, and AR-enhanced geofencing solutions.
What Factors Are Propelling the Expansion of the Geofencing Market?
The growing penetration of mobile devices is expected to drive the expansion of the geofencing market in the future. A mobile device refers to a portable electronic device designed for wireless communication and data transmission. The increasing penetration of mobile devices is largely due to the popularity of social media platforms, messaging apps, the growth of e-commerce, and affordable data plans and tariffs. Geofencing utilizes GPS hardware and software in mobile devices to create location-based applications and integrate with apps to send customized notifications and perform actions based on predefined geographic areas. For example, in February 2022, a report from the GSM Association, a UK-based lobby group representing mobile network operators, revealed that global mobile service subscriptions reached 5.3 billion by the end of 2021, with projections indicating 400 million new subscribers by 2025. Therefore, the rise in mobile device penetration is driving the growth of the geofencing market.
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Which Businesses Are at the Forefront of Geofencing Market Development?
Major companies operating in the geofencing market are 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.
What Are the Latest Innovations in the Geofencing Market?
In the geofencing market, companies are developing advanced security solutions, like geofencing capabilities, to improve cybersecurity. Trustifi LLC, a U.S.-based cybersecurity firm, introduced geofencing features in Australia in March 2024. These capabilities limit data transmission based on geographic boundaries, ensuring secure data handling, particularly in sectors like healthcare, finance, and legal industries.
How Is the Geofencing Market Segmented?
The geofencing market covered in this report is segmented -
1) By Geofencing Type: Fixed Geofencing, Mobile Geofencing
2) By Component: Solution, Services
3) By Technology: Active Geofencing, Passive Geofencing
4) By Enterprise Size: Small And Medium-Sized Enterprises, Large Enterprises
5) By Industry Vertical: Transportation And Logistics, Retail, Healthcare And Life Sciences, Industrial Manufacturing, Media And Entertainment, Government And Defense, Banking Financial Services and Insurance (BFSI), Other Industry Verticals
Subsegments:
1) By Fixed Geofencing: Perimeter Geofencing, Radius Geofencing, Polygon Geofencing
2) By Mobile Geofencing: Gps-Based Geofencing, Bluetooth-Based Geofencing, Wi-Fi-Based Geofencing
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Where Is the Geofencing Market Growth Most Prominent?
North America was the largest region in the geofencing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geofencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Is Covered In The Geofencing Global Market Report?
- Market Size Analysis: Analyze the Geofencing Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Geofencing Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Geofencing Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Geofencing Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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