Geofencing Market Size, Share & Trends Analysis Report By Component, By Technology, By Type (Fixed Geofencing, Mobile Geofencing), By Organization Size, By Industry Vertical, By Region, And Segment Forecasts, 2023 - 2030

Geofencing Market Size, Share & Trends Analysis Report By Component, By Technology, By Type (Fixed Geofencing, Mobile Geofencing), By Organization Size, By Industry Vertical, By Region, And Segment Forecasts, 2023 - 2030

Geofencing Market Growth & Trends

The global geofencing market size is anticipated to reach USD 9.36 billion by 2030, registering a CAGR of 21.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. Extensive use of location-based marketing accelerates the growth of the market. The demand for geofencing is probably being mostly driven by the newest 5G-capable smartphones with fast data and precise position tracking. As businesses may target specific clients by personalizing and disseminating notifications and adverts in real time, the geofencing industry is predicted to grow.

Major players are focusing on innovations and the development of products to stay ahead in the market. For instance, In February 2023, MapmyIndia, a tech firm in India, building GIS AI technologies, telematics solutions, digitized map data, and location-based SaaS, introduced smart helmet kits, GPS trackers, and dash cam. The new products include smart helmet kits, dash cameras, in-dash navigation systems, and vehicle GPS trackers. Two-wheeler owners use the GPS tracker and smart helmet kits, but the dash camera and in-dash navigation system are intended for cars.

Additionally, automation technologies that use different geofencing methods have become popular due to the widespread acceptance of digital technology and the growing demand for business intelligence tools across numerous industries. Thanks to active geofencing services and real-time location systems, manufacturers can access solutions like real-time process and employee tracking. The demand for these solutions is very high because of the significant manufacturing concentrations in the nation. The market is expanding due in part to the expanded usage of LBS in healthcare. The American healthcare sector is experiencing rapid growth and adoption of automation and IoT technologies.

Due to the widespread acceptance of digital technology and the growing demand for business intelligence tools across numerous industries, automation technologies that use different geofencing methods have seen significant popularity. Manufacturers have access to solutions like real-time process and employee tracking thanks to active geofencing services and real-time location systems. The demand for these solutions is very high because of the significant manufacturing concentrations in the nation. The market is expanding due in part to the expanded usage of LBS in healthcare. The American healthcare sector is experiencing rapid growth and adoption of automation and IoT technologies.

Geofencing Market Report Highlights

• Based on component, the solution segment led the market in 2022, accounting for over 60.4% share of the global revenue. solution describes the programs or systems that let companies and organizations set up, control, and use geofences for various goals. This solution frequently integrates location-based technology with intuitive user interfaces to make the implementation of geofencing methods easier
• Based on technology, the active geofencing segment led the market in 2022, accounting for over 57.3% share of the global revenue. Prominent growth of active geofencing among retailers is fueling the growth. Retailers deliver targeted messages and offers to customers within a predetermined radius of a particular area using active geofencing to entice them to enter the store and make a purchase
• Based on type, the fixed geofencing segment held the largest revenue share of over 58.5% in 2022. Significant innovations and services offered by major players are fueling the growth. For instance, in September 2022, M3 revealed other substantial innovations to its commercial Labor Management software, M3 Labor, including geo-fencing and beacon technologies
• Based on organization size, the large enterprise segment held the largest revenue share of over 65.4% in 2022. When customers enter or move around shop locations, large retail chains, and businesses use geofencing to give them tailored promotions and personalized offers. Hyper-local marketing strategies made possible by geofencing encourage people to visit actual stores and increase sales
• Based on industry vertical, the retail segment is expected to witness prominent growth over the forecast period. Market suppliers are launching cutting-edge solutions to offer retailers more exact, pertinent, and personalized information at the appropriate time and location

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