Geofencing Market Size, Share, Trends, Growth 2030

Geofencing Market: Industry Perspective

The global geofencing market size was evaluated at $1.7 Billion in 2022 and is slated to hit $9.5 Billion by the end of 2030 with a CAGR of nearly 17.9% between 2023 and 2030.

The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketplace. The report covers the geographical market along with a comprehensive competitive landscape analysis. Additionally, the report explores the investor and stakeholder space to help companies make data-driven decisions.

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Geofencing Market: Synopsis

Geofencing is the application of GPS and RFID technologies for establishing a virtual geographical system, thereby helping the GPS software in triggering a response on smartphones when an unauthorized individual tries to enter or leave a particular location. Geofencing helps a firm or an individual set up triggers based on the data about the location. Citing an instance, when an individual enters a supermarket or a retail store, either a notification or a promotional offering pops up on his smartphone device.  Implementation of georeferencing technology assists the firms in garnering more customer engagement, increasing their sales, and loyal consumers. Reportedly, geofencing is extensively used by various governments and the defense industry with an aim of safeguarding sensitive areas.

Key Insights

• As per the analysis shared by our research analyst, the global geofencing market is projected to expand annually at the annual growth rate of around 17.9% over the forecast timespan (2023-2030)
• In terms of revenue, the global geofencing market was evaluated at nearly $1.7 billion in 2022 and is expected to reach $9.5 billion by 2030
• The geofencing industry is anticipated to record massive growth over the forecast period with a rise in the penetration of web in the emerging economies and a focus of the firms on enhancing organizational performance and operational efficacy
• Based on service, the API management and testing services segment to record the highest CAGR over the forecast period
• In terms of vertical, the transportation & logistics segment is predicted to account for a major share of the global market during the predicted timespan.
• Region-wise, the North American geofencing market is projected to contribute majorly towheads the global market share over the assessment timespan.

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Geofencing Market: Growth Factors

Growing acceptance of geofencing services by retail stores and supermarkets/hypermarkets to embellish global market elevation over 2023-2030

Surge in the use of location-based apps by the end-users and acceptance of spatial data & analytical tools by firms will boost the expansion of the global geofencing market. Apart from this, technological breakthroughs will further push global market trends. Surge in acceptance of geofencing solutions among retail firms along with rising digitization will spur the expansion of the global geofencing market. Rise in the penetration of geofencing solutions in telematics along with its large-scale use in the human resources division will promote the expansion of the market across the globe.

Furthermore, the rise in the penetration of web in the emerging economies and the focus of the firms on enhancing organizational performance and operational efficacy has bolstered the market demand across the globe. Massive use of drones and automated vehicles has helped the geofencing market discover new horizons of growth. The use of self-driven vehicles will also help the global market reach escalating heights of growth in the upcoming years.

Geofencing Market: Hindrances

Low monitoring ability to hinder the expansion of the geofencing industry across the globe

Battery draining issues and lack of preceding caution solutions to inhibit the industry expansion over the forthcoming years. Apart from this, the lack of monitoring ability of geofencing tools in low coverage areas has further inhibited the expansion of the geofencing industry.    

Geofencing Market: Opportunities

Escalating awareness about benefits offered by geofencing solutions will open new vistas of growth for the market across the globe

Growing awareness about the safety of consumers and easy integration of geofencing solutions will open new avenues of growth for the global geofencing market.

Geofencing Market: Challenges

Low availability of strong infrastructure to prove as the biggest challenge for the global geofencing industry

Lack of availability of robust infrastructure facilities in developing countries as well as emerging economies along with the high costs of deploying geofencing tools has proved to be a major challenge in the growth path of the geofencing industry.

Geofencing Market: Segmentation

The global geofencing market is sectored into component, type, organization size, service, vertical, and region.

In terms of service, the global geofencing market is divided into deployment and integration services, API management and testing services, support and maintenance services, and consulting & advisory services segments. Apparently, the API management and testing services segment is set to record the highest CAGR during the forecast timeline. The segmental surge can be credited to the offering of manual & automated smartphone application testing services by app testing service providers to customers. Apart from this, geofencing service providers provide app access management, and device data communication & security solutions to the end-users.

The market, by component, is divided into solutions and services.

The geofencing industry, by type, is segregated fixed and mobile.

The market, by organization size, is segmented into small & medium enterprises (SMEs) and large enterprises.

Based on the vertical, the global geofencing industry is bifurcated into transportation & logistics, retail, healthcare & life sciences, and government & defense, BFSI, media & entertainment, and industrial manufacturing segments. Furthermore, the transportation & logistics segment, which garnered the largest share of the global industry in 2022, will continue to establish its leading position even in foreseeable future. The growth of the segment over the anticipated timespan can be due to a rise in the use of geofencing solutions in asset monitoring, fleet & freight management, commercial transport management, and speed-restricting activities.        

Recent Breakthroughs

• In the first half of 2023, MapmyIndia, an Indian tech firm building digitized map data, location-based SaaS, GIS AI technologies, and telematics solutions, introduced smart helmet kits, GPS trackers, and dash cam that starts at INR 2,990. The move is predicted to contribute majorly towards the growth of the geofencing industry in India and across the Asia-Pacific zone.
• In the first quarter of 2022, Samsung and Telus launched the first next-gen mission-critical push-to-x solutions in Canada by using the Samsung Knox tool. Reportedly, the next-gen mission-critical push-to-x solutions offer new operational features such as geofencing to monitor the activities of individuals. The move is aimed at expanding the scope of growth of the geofencing market in the UK and Europe.

Geofencing Market Report Scope:

Geofencing Market: Regional Insights 

Geofencing Market in North America To Account For A major Share of the Global Market In 2023-2030

The North American region, which contributed a major share of the overall geofencing market in 2022, is set to maintain its market domination during the forecast timeline. The growth of the regional market in the ensuing years can be due to escalating demand for new technologies and the presence of giant players in the countries such as the U.S. and Canada. Moreover, the rise in use of connected things, AI, and advanced sensor & wearable technologies in smartphones will proliferate the size of the geofencing market in the region.

Furthermore, the Asia-Pacific geofencing industry is projected to witness tremendous growth over the forecasting timeframe. The regional market growth over 2023-2030 can be ascribed to surging population and growing internet & smartphone penetration in densely populated countries such as India and China. In addition to this, the surge in allocation of funds by governments of countries such as India, Philippines, China, Taiwan, Australia, and Japan in the military & defense sector will spearhead the expansion of the geofencing industry in the Asia-Pacific zone.

Geofencing Market: Competitive Space

The geofencing market profiles key players such as:

• Apple Inc.
• SuccorfishM2M
• Mobinius Technologies
• Pulsate
• DreamOrbit
• Bluedot Innovation
• Embitel
• Esri
• Factual Inc.
• Nisos Technologies
• Gpswox.com
• GeoMoby
• Localytics
• InVisage
• MAPCITE
• Maven Systems
• MobiOcean Mobility Software Solutions
• Thumbvista
• Plot Projects
• Raveon Technologies
• Swirl Networks
• Simpli fi
• Visioglobe
• Urban Airship.

The global geofencing market is segmented as follows:

By Component

• Solution
• Services

By Type

• Fixed
• Mobile

By Vertical

• Transportation & Logistics
• Retail
• Healthcare & Lifesciences,
• Government & Defense             
• BFSI
• Media & Entertainment
• Industrial Manufacturing

By Organization Size

• Large Enterprises
• Small & Medium Enterprises (SMEs)

By Service

• Deployment and Integration Services
• API Management and Testing Service
• Support and Maintenance Services
• Consulting & Advisory Services

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa