Global Active Geofencing Market Size, Trends and Growth Opportunity, By Organization Size (Small scale, Medium Scale Businesses, Large Scale Businesses), End User Industry (Banking, Financial Services, and Insurance, Retail, Defense, Government, and Milit

Global Active Geofencing Market Size, Trends and Growth Opportunity, By Organization Size (Small scale, Medium Scale Businesses, Large Scale Businesses), End User Industry (Banking, Financial Services, and Insurance, Retail, Defense, Government, and Military, Healthcare, Industrial Manufacturing, Transportation and Logistics and Other End-user Industries.), By Region and Forecast Till 2027.

Global Active Geofencing Market

The market for Global active geofencing was estimated to be worth USD 930.7 million in 2021, and it is anticipated to grow at a CAGR of 7.73% from 2022 to 2027 and reach 1457.6 million by 2027. Due to the rising usage of spatial data, improved real-time location technology, and higher acceptance of location-based apps by consumers worldwide, the active geofencing market is expanding.

Geofencing is a location-based service used by various end users in which an application or software uses technologies such as GPS, PFID, Wi-Fi, or cellular data to trigger a pre-programmed action when the specific device enters or exits a pre-defined virtual boundary in a geographical location which is known as a geofence.

Market Drivers

Growing Adoption of Location-Based Marketing: In recent years, both smartphone and internet usage have seen significant increases. Smart, GPS-enabled, and location-aware cell phones are growing in acceptance, which is fostering market expansion. Businesses can target clients using geofencing by customising their notifications and advertisements and sending them in real time.

Market Restraints

High cost of Devices: One of the main factors cited in the geofencing market prediction is the high cost of devices. It also includes a number of restrictions on things like maintenance difficulty and coverage radius. Additionally, installation costs could significantly impede market expansion in the upcoming years .

Market Segmentation

The Global Active Geofencing Market segmented into the organization size that is small and medium-scale businesses, large-scale businesses and end-user industry BFSI, defense, government and military, healthcare, industrial manufacturing, retail, transportation, and logistics, among others. Active geofencing allows retailers to gain real-time insights into customers' behavior and where they are most likely to participate in certain activities. This data helps retailers precisely target ads and allows them to adapt their marketing strategy based on real-time consumer behaviors.In addition, since geofenced data allows retailers to focus mainly on consumers who are most likely to engage with their services or products, marketing campaigns powered by geofencing tend to yield a higher return on ad spend. Thus, boosting the profit for the retail organizations.

Regional Analysis

The Global Active Geofencing Market segmented into five regions North America, Europe, Latin America, Asia Pacific, Middle East and Africa. The Asian-Pacific region comprises major countries with fast-rising economies like China and India. These countries have significant small and medium enterprises. The rising need for geofencing technology by small and medium enterprises is creating an opportunity for the geofencing market in the region. According to the Asia Pacific Economic Corporation, small and medium-sized businesses are the drivers of growth and innovation in the region. Over 97 % of all businesses and more than half of the labour force in APAC economies. Their contribution to GDP typically ranges from 40% to 60% in most economies, making them a key contributor to economic growth. Government programs like Digital India have also promoted technologies in these nations' commercial sectors.

Key Players

Various key players are listed in this report such as Blue dot Innovation, IBM Corporation, Microsoft Corporation, Radar Labs Inc., Infillion Inc, (GIMBLE), Google LLC, Samsung Electronics Co. Apple Inc etc.

Market Taxonomy

By Organization size

• Small Scale Businesses
• Medium Scale Businesses
• Large Scale Businesses

• Banking, Financial Services, and Insurance
• Retail
• Defense, Government, and Military
• Healthcare
• Industrial Manufacturing
• Transportation and Logistics
• Other End-user Industries

• What are the Key Opportunities in Global Active Geofencing Market?
• What will be the growth rate from 2022 to 2027?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the role of key players in the value chain?
• What is the competitive Landscape in the industry?