North America is expected to hold a 35.2% market share during the forecast period. Unprecedented growth is also expected for the European region. During the forecast period, the South Asia and Pacific region is expected to develop at a CAGR of 22.5% between 2022 and 2032
NEWARK, Del., Sept. 23, 2022 (GLOBE NEWSWIRE) — During the forecast period, geofencing adoption is expected to increase at a CAGR of 17.8%. The geofencing market is forecast to likely grow from US$ 1,867.2 Mn in 2022 to US$ 9,596.6 Mn in 2032.
Geofencing market share is primarily driven by smartphone usage, and demand for geofencing is growing as it helps in real-time monitoring, which is important for data analysis. In addition, geofencing uses GPS and RHD technology to provide reliable data. Additionally, the increasing use of analytical and geographic tools is accelerating the expansion of the geofencing market.
FMI anticipates that demand for geofencing during the proposed period is likely to be fueled by the technology’s numerous applications to a variety of destinations. Geofencing is also growing in popularity as it helps businesses engage with their customers, attracting more walk-in customers and fostering greater customer loyalty. Businesses can stay in the spotlight and demonstrate a keen understanding of their consumers’ needs by personalizing and tailoring their offerings based on customer data.
However, one of the key limitations identified for the geofencing market is the high cost of geofencing devices. There are also some range limitations and strict maintenance, limiting the use of geofencing. Additionally, the cost of installation can severely restrain the growth of the geofencing market during the forecast period. The geofencing market is expected to expand as it enables businesses to target specific customers by personalizing and disseminating real-time notifications and ads.
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Key takeaways from geofencing market survey
With a 41.0% share, the hardware segment dominates the geofencing market by solution.
The hardware segment has dominated the geofencing market in 2021 due to the wide adoption of these solutions by sectors such as transportation and logistics, retail, automotive and government.
According to technology, active geofencing holds a 57.8% share of the geofencing market. The versatility and usefulness of active geofencing has improved.
The transportation and logistics industry is expected to have the largest market share of 24.2% throughout the forecast period. When it comes to implementing geofencing market solutions, the transportation and logistics segment is one of the most important industries.
North America is expected to take 35.2% of the market in the projected period. The majority of stable and established economies in North America invest heavily in research and development to encourage the development of new technologies.
Extraordinary growth is also forecast for the Europe region. The major players and R&D initiatives are expected to generate more profits in the coming years.
In 2021, India held a 10.5% share of the geofencing market in Asia Pacific.
In 2021, China held a 12.3% share of the Asia-Pacific geofencing market.
During the forecast period, the South Asia and Pacific region is expected to grow at a CAGR of 22.5% between 2022 and 2032.
“The diverse applications of geofencing and technologies for a variety of purposes are to be promoted geofencing Adoption during the projection period. However, the high cost of geofencing Devices is expected to hamper market growth.” –FMI Analyst
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Companies in the geofencing market are working to increase the accuracy and integration functionality of their solutions while expanding their capabilities. These companies develop solutions for a wide range of customer segments for advertising, asset tracking, workforce management and fleet monitoring applications through aggressive advertising and marketing techniques.
Large companies with great brand awareness, successful competitive strategies, and sales dominance include IBM, Microsoft, Google, and Samsung. Overall, geofencing market participants are highly competitive.
Google, Apple, Bluedot Innovation, Thumbvista, Esri, Embitel, Simplifi.fi, Gimbal, Mapcite, UpSnap, Placecast, Swirl Networks, GeoMoby, Localytics, Urban Airship, Pulsate, PlotProjects, Radar Labs and DreamOrbit are some companies in the geofencing Business.
Recent developments in the geofencing Market:
August 2022 – DJI received the world’s first EU Type C1 drone assessment certificate under the European Drone Regulation. This has helped them build a trusted brand image and attract new customers to the organization.
March 2022 – Using the Samsung Knox platform, Samsung and Telus successfully launched Canada’s first next-generation Mission Critical Push-to-X (MCPTX) services, providing information and data, as well as key operational features such as geofencing and video public vault .
In March 2022, Microsoft completed the acquisition of Nuance Communications, Inc., a US-based company, for a total purchase price of $18.8 billion, mostly in cash. Nuance is an artificial intelligence software company with expertise in healthcare and enterprise AI, and the acquisition will most likely help the company expand.
Key segments covered in the geofencing market report
transportation and logistics
Healthcare and Life Sciences
media and entertainment
government and defense
Banking, Financial Services and Insurance (BFSI)
Other (agriculture, education, construction and engineering, and energy and utilities)
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Table of Contents
1.1. Global Market Outlook
1.2. Demand-side trends
1.3. Supply-side trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Restrictions
3. Market background
3.1. market dynamics
3.2. scenario forecast
3.3. Opportunity Map Analysis
3.4. Investment feasibility matrix
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