Global Geofencing Market Report and Forecast 2024-2032

Global Geofencing Market Outlook

The global geofencing market is expected to grow in the forecast period of 2024-2032 at a CAGR of 25%.

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Rising Use of Location-Based Marketing Boosting the Growth of the Geofencing Industry

Smartphone ownership and internet penetration have risen significantly in recent years. The rising popularity of smart, GPS-enabled, and location-aware smartphones is aiding the market growth. Geofencing offers an opportunity to target consumers individually by personalising their advertisements and alerts by sending them at a relevant and real time, hence increasing consumer engagement, which is propelling the industry growth. It also increases the click-rate of notifications if they are location-based and relevant. Geofencing is a cost-effective marketing tool that offers a wide range of options in accordance with financial capacity. Hence, it is increasingly used by various companies, which is propelling the market growth.

Moreover, geofencing campaigns are easy to create and accessible as they do not require technical skills, hence augmenting the industry growth. It also aids in addressing issues and queries of a consumer within a targeted geofence. As geofencing can create a virtual geofence, it can display advertisements on digital and social media to increase awareness. In addition, it can track real-time data and allow businesses to analyse their marketing behaviour, which is further fuelling the market growth. Small and medium enterprises are increasingly using geofencing marketing to retain more consumers and expand their presence. As geofencing can enable marketing for a precise audience, it increases the chances of sales. This is also invigorating the market growth.

Geofencing: Market Segmentation

Geofencing is a location-based service that is used to trigger a marketing action using radio frequency identification (RFID) from an advertisement or other software program. It can be used to track a consumer’s location through Bluetooth, GPS, and beacons, which can be used by marketers to individualise consumer’s advertisements.

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The major components of geofencing are:

• Services
• Solution

Based on service, the market is divided into:

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

The market can be broadly categorised on the basis of its types into:

• Fixed
• Mobile

By connectivity technology, the market is bifurcated into:

• Active
• Passive

On the basis of organisation type, the industry is segmented into:

• Small and Medium Enterprises
• Large Enterprises

The EMR report looks into the regional markets of geofencing like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Demand for Employee Monitoring in Remote Working to Bolster the Market Growth for Geofencing

The demand for geofencing has increased considerably owing to the surge of the coronavirus pandemic. As work from home is becoming the new normal, various companies are switching to long-term remote work. This is increasing the demand for geofencing applications to allow employees to clock in and clock out electronically. It also allows employees to manage their time effectively and aids them in increasing productivity. This is expected to augment the market growth. Due to technological advancements, geofencing is increasingly used for recruitment and employee training. It is used to set up a geofence to search for potential candidates effectively. It also increases the number of applications to allow businesses to choose the best candidate. Moreover, geofencing applications can be designed to send out a push notification with a reminder to check for compliance or safety updates for employee training on remote locations. Geofencing can also be used in the healthcare industry to set for patient updates to doctors and nurses in small areas. This is augmenting the industry growth.

Key Industry Players in the Global Geofencing Market

The report presents a detailed analysis of the following key players in the global geofencing market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Google LLC
• Apple Inc
• IBM Corporation
• Microsoft Corporation
• Bluedot Industries Pty. Ltd.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report