Geofencing Market to Be Worth $12.7 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., Nov. 25, 2024 /PRNewswire/ -- According to a new market research report titled 'Geofencing Market by Offering (Solutions, Services), Type (Fixed Geofencing, Mobile Geofencing), Connectivity Technology (Passive Geofencing), Organization Size, End-use Industry (Retail & Consumer Goods) and Geography—Global Forecast to 2031.'

The geofencing market is projected to reach $12.7 billion by 2031, at a CAGR of 23.6% during the forecast period 2024–2031.

Geofencing is a technology that establishes a virtual perimeter around a physical location using geographic coordinates. It enables automated responses or notifications when a device enters or exits this designated area. This method is widely utilized for various purposes, including targeted marketing, security monitoring, fleet management, and enhancing personalized user experiences.

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The market's growth is driven by factors such as the rising demand for location-based services, the increasing use of spatial data and analytics tools, and the growing demand for geofencing solutions within the retail sector. However, concerns regarding privacy and data security restrain this growth.

Additionally, the growing adoption of geofencing solutions by small and medium-sized enterprises (SMEs) and the integration of these solutions with Internet of Things (IoT) devices are expected to offer market growth opportunities. However, misconceptions and a lack of understanding about geofencing solutions are some of the challenges hindering the market's growth.

The geofencing market is segmented by offering (solutions, services (deployment & integration services, support & maintenance services, consulting and advisory services, and API management and testing services), type (fixed geofencing, mobile geofencing), connectivity technology (active geofencing, passive geofencing), organization size (large enterprises, small & medium-sized enterprises), end-use industry (transportation & logistics, retail & consumer goods, healthcare, media and entertainment, BFSI, government, industrial manufacturing, and other end-use industries). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Among the Offerings studied in this report, the services segment is expected to register a higher CAGR during the forecast period. The rising demand for geofencing services that provide real-time location-based insights, an increasing need for comprehensive implementation and support services to optimize the performance of location-based applications, and a growing need for API management and testing services are expected to support the growth of this segment.

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Among the types studied in this report, the mobile geofencing segment is expected to register a higher CAGR during the forecast period. The increasing number of smartphone users, the rising demand for mobile geofencing to deliver real-time notifications and alerts based on user movements, the integration of mobile geofencing with IoT devices, and the growing use of mobile geofencing to enhance in-store customer experiences are expected to support the growth of this segment.

Among the connectivity technology types studied in this report, the passive geofencing segment is expected to register a higher CAGR during the forecast period. The increasing demand for passive geofencing in attendance tracking, its applications in the retail sector, and the rising need to monitor patients' locations within healthcare settings are expected to support the growth of this segment.

Among the organization sizes studied in this report, the small & medium enterprises segment is expected to register a higher CAGR during the forecast period. The increasing demand for geofencing solutions to enhance operational efficiency and a growing reliance on these technologies to boost productivity are expected to support the growth of this segment.

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Among the end-use industries studied in this report, the transportation & logistics segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing demand for real-time monitoring of vehicles and the need for geofencing to manage traffic conditions. Additionally, geofencing offers numerous benefits to the transportation & logistics industry, including enhanced fleet management, improved operational efficiency, increased safety, and higher customer satisfaction.

Among the regions studied in this report, Asia-Pacific is expected to register the highest CAGR of 25.0% during the forecast period. The growth of this regional market is driven by the increasing demand for geofencing solutions in the retail & consumer goods sector, the rising adoption of these solutions among SMEs, and the integration of geofencing with machine learning and IoT technologies. Additionally, significant infrastructure development in countries such as China, South Korea, Japan, and India, along with the rapid growth of regional economies, technological advancements, and increased investment from market players, are contributing to the growth of this market.

The key players operating in the geofencing market include Bluedot Innovation (U.S.), Radar Labs, Inc. (U.S.), Infillion (U.S.), Mapsted Corp. (Canada), Geomoby Pty Ltd. (Australia), Esri (U.S.), LocationSmart (U.S.), Apple, Inc. (U.S.), GeoComply Solutions Inc. (Canada), Raveon Technologies (U.S.), PlotProjects B.V. (Netherlands), and IBM Corporation (U.S.).

Geofencing Industry Overview: Latest Developments from Key Market Players

• In October 2023, Radar Labs, Inc. (U.S.) launched its fraud detection and geo-compliance solution, a developer-friendly and cost-effective geolocation tool designed for the gaming industry and other sectors.
• In March 2022, Radar Labs, Inc. (U.S.) partnered with Olo (U.S.) to reduce wait times for order-ahead and pickup services for leading quick-service restaurants (QSRs). Radar's geofencing and trip tracking solutions automatically send orders placed through Olo to a restaurant's kitchen when customers are nearing arrival, ensuring order freshness and minimizing customer wait times.

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Scope of the Report:

Geofencing Market Assessment—by Offering

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

Geofencing Market Assessment—by Type

• Fixed Geofencing
• Mobile Geofencing

Geofencing Market Assessment—by Connectivity Technology

• Active Geofencing
• Passive Geofencing

Geofencing Market Assessment—by Organization Size

• Large Enterprises
• Small & Medium-sized Enterprises

Geofencing Market Assessment—by End-use Industry

• Transportation & Logistic
• Fleet Management
• Asset Monitoring
• Route Optimization
• Other Transportation & Logistic Applications
• Retail & Consumer Goods
• Marketing and Promotions
• In-store Navigation
• Inventory Management
• Other Retail & Consumer Goods Applications
• Healthcare
• Patient Management and Engagement
• Emergency Response and Management
• Other Healthcare Applications
• Media & Entertainment
• Event Management and Promotion
• Location-Based Advertising
• Behavior Tracking
• Other Media and Entertainment Applications
• Government and Defense
• Security and Surveillance
• Access Control
• Other Government and Defense Applications
• Industrial Manufacturing
• Workforce Management
• Asset Tracking and Management
• Other Industrial Manufacturing Applications
• BFSI
• Customer Engagement and Marketing
• Insurance
• Other BFSI Applications
• Other End-use Industries

Geofencing Market Assessment—by Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Spain
• Italy
• Switzerland
• Poland
• Rest of Europe
• Asia-Pacific
• China
• Japan
• India
• Singapore
• South Korea
• Australia & New Zealand
• Rest of Asia-Pacific
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• UAE
• Israel
• Rest of Middle East & Africa

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