Authored By: Sarah
15 Oct 2024

Latest News:- Geofencing Market: Fixed is expected to lead the Product segment during 2024-2028

Geofencing Market to grow at a CAGR of 32.14% during 2024-2028

The Geofencing Market is expected to grow at a CAGR of 32.14% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 6424.5 million. Geofencing, a location-based technology, is experiencing significant adoption across various industries, including logistics, retail, defense, healthcare, manufacturing, and media and entertainment. In logistics, geofencing facilitates asset monitoring, speed limitation, fleet and freight management, and commercial transportation management. Retailers utilize this technology for workforce management, customer satisfaction, location alerts, competitor tracking, logistics management, asset management, and marketing and advertising. The defense sector leverages geofencing for border security, risk assessment, thematic mapping, navigation and tracking, field mapping, defense asset management, hazard site mapping, event security, and border control. 

Get more information on Geofencing Market by requesting a sample report

The Fixed subsegment is expected to dominate the Product segment during the forecast period 

Technavio analysts predict that the Fixed subsegment will lead the Product segment during 2024 and 2028 Fixed geofencing refers to the establishment of a virtual perimeter around a specific location, structure, or asset. When this boundary, also known as a geofence, is surpassed, an alert is triggered and dispatched to the designated user. This alert may take the form of text messages, intricate batches, or real-time reports, providing details about the breach, such as the time of entry or exit, and the duration spent within the vicinity. Fixed geofencing is a valuable tool for various industries, including transportation and logistics, retail, healthcare, hospitality, and industrial manufacturing, enabling enhanced security, streamlined operations, and improved customer engagement.

Here are the various ways based on which the market is segmented: 

  • Product
    • Fixed
    • Mobile
  • Component
    • Services
    • Solutions
  • Geography
    • North America
    • Europe
    • APAC
    • Middle East and Africa
    • South America

Reasons to Purchase the Global Geofencing Market Market Research Report by Technavio. What is in it for you?

  • Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
  • Insight into Current Market Trends: Our research reports provide our readers insights into the latest market intelligence, competitor strategies, market trends, changes taking place in the industry and customer preferences, forecasted market opportunities that influence them to make better business decisions
  • High ROI with Extensive Hands-on Research: Technavio is renowned for offering personalized market research reports as per unique business needs, delving deep into specific markets, product segments and demographics. Additionally, it is also well-known for providing high return on investments through its wide collection of data at pocket-friendly rates

There are several factors that are causing the market to flourish increase in location-based marketing

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

Geofencing is a location-based technology that allows businesses to deliver targeted and timely promotions or notifications to consumers based on their physical location. Geofencing solutions, such as kid location services, use this technology to keep track of children's whereabouts. In the realm of human resources, geofencing is used for employee tracking and management. Package tracking services also utilize geofencing to keep customers informed of their delivery status. Block-chain technology is being integrated with geofencing to ensure secure and transparent tracking. Doorstep deliveries are made more efficient with geofencing, as drones and safe boxes can be programmed to release packages once they enter a specific area. Footfall of customers in retail stores can be measured using geofencing and telematics, providing valuable insights for businesses. Mobile device penetration is driving the adoption of geofencing technology, with consumers receiving ads and notifications on their phone or device based on their location. Cloud computing and Location-Based Services (LBS) are essential for the effective implementation of geofencing. Geofencing uses a virtual perimeter, or geofence, created using cellular data, Wi-Fi, RFID, or GPS. This technology is revolutionizing the way businesses engage with consumers and optimize their operations.

Market Research Overview

The Geofencing Market is a specialized segment within the expansive IT services industry. This market specifically caters to businesses providing location-based services and solutions, utilizing technologies such as GPS, RFID, and Wi-Fi. Companies offering these services encompass geofencing platform providers, hardware manufacturers, and system integrators. According to Technavio's market analysis, the global Internet Services and Infrastructure Market, which includes the Geofencing Market, is projected to grow significantly. This market encompasses organizations delivering services and infrastructure for the Internet industry, including data centers, cloud networking and storage infrastructure, hosting services, IT security services, and cloud computing services. The market size is determined by the consolidated revenue generated by these companies.

The Geofencing Market is experiencing significant growth, fueled by the increase in location-based marketing. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

 

Read News Read Less
Interested in this report?
Get your sample now!

Safe and Secure SSL Encrypted

Technavio

  • 2500 USD

[5 reports/month/user]

  • 5000 USD

close
  • Basic Plan [5000 USD/Year]:

    Single User
    Download 5 Reports/Month
    View 100 Reports/Month
    Add upto 3 Users at 625 USD/user

  • Teams Plan [7500 USD/Year]:

    5 User
    Download 5 Reports/Month/User
    View 100 Reports/Month/User
    Add upto 30 Users at 500 USD/user

*You can upgrade to Teams plan at Subscription page

close
  • Single:

    One user only.
    Quick & easy download option

  • Enterprise:

    Unlimited user access (Within your organization).
    Complimentary Customization Included

*For Enterprise license, go to checkout page

Technavio Get the report (PDF) sent to your email within minutes.