Geofencing Market size See Incredible Growth during 2030

The global geofencing market is expected to grow from USD 1.1 billion in 2020 to USD 6.4 billion by 2027, at a CAGR of 27.0from 2021 to 2027The market for geofencing is growing and expanding with the introduction of new software and technologiesGeofencing is a feature integrated with software that uses the Global Positioning System and (GPSor radio frequency identification (RFIDto define geographic boundaries.

Geofencing allows the administrators to define triggers so that when a device enters (or leavesthe boundaries defined by the administrator, an alert is issuedMany geofencing applications integrate with Google Earth, allowing administrators to set boundaries above a satellite view of a specific geographic areaOther applications, mobile or desktopbased, set boundaries by longitude and latitude or through usercreated, webbased maps.

Factors that impact the geofencing market growth include the penetration of new technologies, higher adoption of locationbased applications among consumers, rise in the use of spatial data and analytical tools, and the growth of competitive intelligence, which will promote the growth of the geofencing market by enhancing its activities and capabilities, during the forecasting period across the globePrivacy and legal concerns, cyber security issues will hamper the growth of the market.

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Global Geofencing Market Dynamics

DriversRise in adoption of Proximity Marketing

With the elevating adoption of proximity marketing geofencing, software demand increasesProximity marketing is any system that uses location technologies to communicate directly with customers through their portable devices such as mobile phones, digital wrist bands, tablets, and othersProximity marketing can incorporate advertising offers, customer support, marketing messages, scheduling, or several other engagement strategies between a cell phone user and their location within a short distance using geofencing solutionsProximity marketing adoption is rising in various verticals, especially SMEs, to enhance their market presence and customer basesSuch factors will promote the growth of the geofencing software market across the globe in upcoming years.

RestraintsLegal and privacy concerns

The geofencing application uses realtime location and data, which will impact the users’ privacy and expose them to the potential risk of cyberbullyThis factor will hamper the growth of the geofencing marketTerrorist organizations and hackers can use the location data for various purposes such as theft, money laundering, and other purposesThe third-party offers the software, which will have direct access to the user’s realtime locations, daytoday traveling data, and other related data that breach the user’s privacy and can be used against themSuch factors restrain the growth of the market globally.

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OpportunitiesRise in use of spatial data and analytical tools

The integration of spatial data with geofencing will increase the demand for geofencing software during the forecasting period across the globeSpatial data is the sum of interpretations of geographic phenomenaData is the main information necessary for geographic information systems, software tools used to analyze spatial data in digital formSpatial data is a broad term that includes generalpurpose data sets such as remote sensing images, digital map data, census descriptions, and more specialized data sets such as seismic profiles, distribution of relics on an archaeological site, or migration statisticsThis will allow users to use any location information to allocate nearby placesGeofencing and spatial data combine all the information regarding the position and the coordinates of the earth so that the temporal information even existsThis is used by large business owners and the ecommerce industry to track their delivery partners, employees, and othersAlso, this data will be analyzed and used for operational planning for uninterrupted processes, time and costsaving purposes, and othersThis factor will increase the demand for the geofencing software coupled with spatial data tools to enhance operations and be used for strategic marketing techniques.  

Scope of the Report

The study categorizes the geofencing marketbased component, geofencing type, organization size, enduse industries, and regional and global levels.

By Component (Revenue, USD Billion, 20172027)

  • Software
  • Services
    • Deployment and integration services
    • Support and maintenance services
    • Consulting and advisory services
    • API management and testing services

By Geofencing Type (Revenue, USD Billion, 20172027)

  • Fixed geofencing
  • Mobile geofencing

By Organization Size (Revenue, USD Billion, 20172027)

  • Large Enterprises
  • Small and mediumsized Enterprises

By EndUse industries (Revenue, USD Billion, 20172027)

  • Transportation and logistics
  • Retail
  • Healthcare and life sciences
  • Industrial manufacturing
  • Media and entertainment
  • Government and defense
  • Banking, Financial Services, and Insurance (BFSI)
  • Others (agriculture, education, construction and engineering, and energy and utilities)
     

By Region (Revenue, USD Billion, 20172027)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The component type segment of the geofencing market is projected to account for the largest share in the global market

Based on the component, the geofencing market is segmented into software and services. The service component segment is classified into deployment and integration services, support and maintenance services, consulting and advisory services, and API management and testing services. API management and testing services is estimated to hold a larger market size during the forecast period over services, as it offers application access management, device data communication, and interactive services and security.

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In addition, application operation, production support, version and change support, and middleware product support are also provided by API management services. Application Testing Service Providers provide automated and manual mobile application testing to commercial customers to test native and hybrid mobile applications. Service providers provide mobile application testing services for basic testing functionality; user interface test; testing of mobile applications in wireless disconnection, poor connectivity, WiFi and 2G and 3G networks; memory and battery leak test; and compatibility tests with previous versions of mobile applications. This service segment will fuel the growth of the geofencing market during the forecasting period in the global market.

AsiaPacific accounts for the highest CAGR during the forecast period in the geofencing market

Based on the regions, the global geofencing market has been segmented across North America, AsiaPacific, Europe, South America, and the Middle East & AfricaFour main countries, namely, China, India, Japan, and the Rest of AsiaPacific, are analyzed in AsiaPacificAsiaPacific is estimated for the highest CAGR during the forecasting period in the geofencing market in the upcoming yearsAsia Pacific (APAChas seen the dynamic and advanced adoption of new technologies and has always been profitableThe region is expected to grow at the highest CAGR during the forecast period in the geofencing market as APAC governments continually invest in geofencing solutions and R&D of locationbased and geofencing servicesThe increase in the use of content management systems and location analytics is the leading growth factor of the APAC market.

Key Market Players

The geofencing market is mildly concentrated in nature with few numbers global players operating in the market such as Apple (US), Bluedot Innovation (US), DreamOrbit (India), Embitel (India), Esri (US), Factual (US), GeoMoby (Australia), GPSWOX (UK), InVisage (US), Localytics (US), LocationSmart (US), MAPCITE (UK), Maven Systems (India), Mobinius Technologies (India), and othersThese players have been adopting various winning strategies to gain higher shares or retain leading positions in the globe.

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