Press release
Key Factor Supporting Geofencing Market Development in 2025: Mobile Device Penetration Driving The Geofencing Market Growth
Geofencing
How Large Will the Geofencing Market Size By 2025?
In recent years, the market size for geofencing has seen tremendous expansion. It is projected to inflate from $2.73 billion in 2024 to $3.39 billion in 2025, achieving a compound annual growth rate (CAGR) of 24.0%. The historical growth period's acceleration can be linked to the rise in demand for location-based marketing, an uptick in the focus on personalized advertisements, amplified adoption of IoT devices, wider usage of smartphones and tablets, and a boost in the use of mobile applications.
How Big Is the Geofencing Market Size Expected to Grow by 2029?
The geofencing market is anticipated to witness a significant surge in size over the next few years, with an estimated value of $7.56 billion by 2029, growing at a compound annual growth rate (CAGR) of 22.2%. This predicted expansion during the forecast period can be ascribed to an intensifying emphasis on real-time location monitoring, burgeoning demand for fleet management solutions, favourable regulations for location-oriented marketing, the rise of hyper-local targeting approaches, and the implementation of geofencing in smart city projects. The forecast period also foresees major trends including the broadening scope of geofencing applications, increase in indoor geofencing solutions, advancements in geofencing for security and surveillance, the rapid spread of hybrid geofencing solutions, and the fusion of augmented reality with geofencing.
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Which Key Market Drivers Powering Geofencing Market Expansion and Growth?
The escalating use of mobile devices is predicted to fuel the expansion of the geofencing market in the future. This refers to a portable digital device specifically built for remote communication and data transmission capabilities. The rise in mobile device use can be attributed to the widespread use of social media platforms and messaging apps, the expansion of e-commerce, and cost-effective data plans and tariffs. Geofencing leverages mobile device GPS (Global Positioning System) technology to generate location-based applications and pair with apps for tailored alerts and actions in response to specific geographic areas. For instance, a report by the GSM (Global System for Mobile Communications) Association, a UK-based advocacy group for global mobile network operators, published in February 2022, stated that there were 5.3 billion mobile service subscriptions globally as of the conclusion of 2021. It also forecast an additional influx of 400 million new subscribers by 2025. Hence, the uptick in mobile device use is propelling the geofencing market's rise.
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Which Fast-Growing Trends Are Poised to Disrupt the Geofencing Market?
Leading corporations in the geofencing market are prioritizing the creation of superior solutions such as geofencing functions to improve the cybersecurity suite for managed service providers. Conceptually, geofencing capabilities imply the features within a system or application that allow end-users to establish virtual barriers or geographical zones. These demarcated zones are harnessed for setting off actions or alerts when a mobile gadget enters or leaves the earmarked region. For example, Trustifi LLC, an American cybersecurity firm, introduced geofencing functionalities in Australia in March 2024 to deliver better security solutions. This avant-garde geofencing method bolsters data security by confining geographical data conveyance, specifically in highly sensitive industries like healare, finance, and legal sectors. Trustifi's geofencing characteristic ensures that individual data stays within local premises, complies with standard regulations, and secures critical information by setting up virtual barriers that limit data circulation on a geographical basis.
What Are the Emerging Segments in the Geofencing Market?
The geofencingmarket 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, Healare 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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Who Are the Global Leaders in the Geofencing Market?
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.
Which are the Top Profitable Regional Markets for the Geofencing Industry?
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.
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