Active Geofencing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The active geofencing market was valued at USD 930.7 million in 2021, and it is expected to register a CAGR of 23.96% over the forecast period of 2022-2027. The active geofencing market is witnessing growth due to increased use of spatial data, improved real-time location technology, and higher adoption of location-based applications among consumers globally.
Key HighlightsThe active geofencing market is evolving in response to the widespread usage of smartphones, rising adoption of connected devices in various industries (such as transportation and logistics), and increasing worldwide usage of location-based service platforms for various applications, such as maps, check-ins, etc. Although the market studied poses moderate barriers to exit for players in the active geofencing market, several new entrants, such as Gimbal Inc. and Radar Labs Inc., focus on providing better products to help customers make better decisions and location data to gain traction in the market. Moreover, players like IBM, Microsoft, Google, and Samsung have a superior brand identity, powerful competitive strategies, and distribution control. Overall, the intensity of competitive rivalry is high in the active geofencing market.
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