Pune,India, Nov. 01, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Geofencing Market Size was valued at USD 1.83 billion in 2022 and is projected to grow from USD 2.20 billion in 2023 to USD 8.89 billion by 2030, exhibiting a CAGR of 22.1% during the forecast period.
Geofencing technology allows organizations and businesses to track, advertise, or notify users when a mobile device enters or exits specific locations. The market is witnessing growth due to the increasing penetration of mobile devices.
Key Industry Development
March 2023: Half Price Books partnered with Reveal Mobile to utilize its digital campaign measurement and geofencing platform. This allowed the retailer to analyze incrementally from paid programmatic and social programs using Reveals' Visit Local solution.
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Key Takeaways-
- Geofencing Market is expected to flourish & reach USD 8.89 Billion in 2030
- Internet usage and mobile device ownership have both significantly increased in recent years.
- Battery draining issues and a lack of professional expertise will hinder the industry's expansion over the upcoming years.
- Geofencing Market Size in North America was USD 0.66 Billion 2030
Discover the Leading Players Featured in the Report-
“Bluedot (U.S.), Radar Labs, Inc. (U.S.), Infillion (U.S.), Esri (U.S.), Eskimi (Lithuania), Thumbvista (U.S.), Simpli.fi (U.S.), Mapsted Corp. (Canada), LocationSmart (U.S.), GeoMoby (Australia)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 22.1% |
| 2030 Value Projection | USD 8.89 Billion |
| Base Year | 2022 |
| Geofencing Market Size in 2022 | USD 1.83 Billion |
| Historical Data for | 2017 to 2021 |
| No. of Pages | 160 |
| Segments covered | Geofencing Type, Technology, Enterprise, End-User, Regional |
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Drivers and Restraints
Increasing Usage of Mobile Devices for Consumer Engagement to Boost Market Growth
Recently, there has been an increase in internet usage and ownership of mobile devices. The growing popularity of GPS-enabled, Smart, and location-aware smartphones allows geo-fencing to target specific customers with real-time personalized notifications and advertising. Increased consumer engagement is a key factor supporting market expansion. Increased consumer engagement is the key factor supporting market expansion.
However, increased privacy concerns for location data are limiting market expansion.
Leading Segments Covered in this Report-
By Geofencing Type
- Fixed
- Mobile
By Technology
- Active
- Passive
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By End-User
- Retail and Consumer Goods
- Government and Defense
- Healthcare
- Transportation and Logistics
- Automotive
- Others (BFSI, Travel, and Hospitality)
Regional Insights
North America Leads Due to Presence of Strong Communication and Internet Infrastructure
North America led the geofencing market share in 2022. The economies of North America, particularly the U.S. and Canada, are among the most developed across the globe. The presence of strong communication and internet infrastructure is driving market growth in the region.
Middle East & Africa is anticipated to register the second-highest growth rate in the market over the forecast timeframe. A rise in technological advancements used for geo-marketing, such as fleet management, is contributing to market expansion in the region.
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Competitive Landscape
Key Companies Focus on Mergers & Acquisitions to Boost Market Growth
Leading companies are engaged in acquiring small and local firms to expand their business presence. They are also focusing on strategic partnerships, investments, and mergers & acquisitions to support market growth.
FAQs
How big is the Geofencing Market?
Geofencing Market size was USD 1.83 Billion in 2022. It is expected to reach USD 8.89 Billion by 2030.
How fast is the Geofencing Market growing?
The Geofencing Market will exhibit a CAGR of 22.1% during the forecast period, 2023-2030
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