Global Geofencing Market To Be Driven By Technological Advancements In The Forecast Period Of 2023-2028
Geofencing Market Report and Forecast 2023-2028
The new report by Expert Market Research titled, ‘Global Geofencing Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Geofencing Market, assessing the market based on its segments like components, service, type, connectivity technology, organisation type and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 1.0 billion
- Forecast CAGR (2023-2028): 25%
- Forecast Market Size (2026): USD 3.8 billion
Since smartphone ownership and internet penetration have expanded rapidly in recent years, the demand for customised advertising in order to target the relevant audience has resulted in the global Geofencing market continuously increasing over time.
Geofencing Industry Definition and Major Segments
Geofencing is a location-based service that uses radio frequency identification (RFID) from an advertisement or another software programme to initiate a marketing action. It may be used to track a consumer’s location using Bluetooth, GPS, and beacons, which marketers can use to personalise consumer advertisements.
Geofencing’s major components are:
Based on service, the market is split into:
- Deployment and Integration Services
- Support and Maintenance Services
- Consulting and Advisory Services
- API Management and Testing Services
The market can be broadly classified based on its types into:
By connectivity technology, the market is divided into:
Based on organisation type, the industry is bifurcated into:
- Small and Medium Enterprises
- Large Enterprises
The regional market for Geofencing includes:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Geofencing Market Trends
Globally, North America tops the geofencing market share, followed by Europe. The Asia Pacific economy is mostly driven by the economic dynamics of countries like China and India, however with increasing foreign direct investment for Southeast Asia’s economic development, the existing picture is changing. Southeast Asian countries are experiencing rapid expansion in the aviation and automobile industries, which would in turn propel the growth of the market in the region’s forecast period.
Today’s consumers increasingly use their mobile phones as a de facto link to the outside world, and in many cases, they base their purchasing decisions on mobile marketing. Marketing techniques that recognise and capitalise on this occurrence will almost surely multiply many times over. Proximity marketing is a type of marketing in which consumers are identified near a location (location-based services/location-aware services) and coupons for items or product sales, among other things, are beamed to the user’s device.
This detection using RFID and GPS technologies will be driven by improved detection technology and increased consumer awareness. Global transportation and fleet firms are working on enhancing logistical vehicle management and have begun to use virtual perimeter fencing solutions as an extra security and management tool. Certain scenarios, such as fines for driving in light vehicle-only zones or crossing a national border without authority, can be avoided. For valuable or time-sensitive cargo, fleet managers can utilise geofencing to track a vehicle’s exact route and ensure that it does not deviate from the predefined route. These applications, along with development and implementation of geofencing service will propel the global market in the forecast period.
However, certain constraints such as the implementation of geofencing services can be a high-investment activity, and the large-scale collection and use of location data, as well as the risk of data leakage, have become significantly more difficult and may have potential legal implications depending on usage.
Key Market Players
The major players in the global market are Google LLC, Apple Inc, IBM Corporation, Microsoft Corporation, Bluedot Industries Pty. Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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