Latest News- Geofencing Market: Fixed is expected to lead the Product segment during 2025-2029

The Geofencing Market is being driven by Increase in location-based marketing

The Geofencing Market is expected to grow at a CAGR of 27.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 6209.5 million. Geofencing, a location-based technology, is gaining significant traction across various industries, including logistics, retail, defense, healthcare, manufacturing, and media and entertainment. In logistics, geofencing is utilized for asset monitoring, speed limiting, fleet and freight management, and commercial transportation management. For instance, the Kerala government's upcoming initiative involves implementing geofencing to regulate vehicle speeds. In retail, geofencing is employed for workforce management, customer satisfaction, user location alerts, competitor tracking, logistics management, asset management, and marketing and advertising. In defense, geofencing plays a crucial role by securing national borders and sensitive areas with multiple virtual perimeters, providing real-time intrusion updates. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Fixed
  • Mobile
• Component
  • Services
  • Solutions
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
    • India
    • Japan
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in location-based marketing
• Increase in demand for indoor navigation services
• Rising need for asset tracking

However, the market also witnesses some limitations, which are as follows:

• High initial setup costs and capital investments
• Rising privacy and security concerns among customers
• Stringent regulatory and compliance standards

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Market Scope in Geofencing Market Research Report

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Research Analysis Overview

Geo-fencing is a technology that utilizes GPS, RFID, Wi-Fi, and cellular data to create virtual boundaries around specific locations using Mobile devices. Businesses leverage this technology through LBS (Location-Based Services) and cloud computing to deliver promotion offerings to consumers when they enter a Geofence. Geofencing solutions also offer package tracking, human resources management, and kid location services. Advanced applications include drones for delivery at doorsteps, telematics for fleet management, and block-chain technology for secure package tracking.

Market Research Overview

In the expansive IT services sector, the geofencing market is a niche yet significant segment. This market encompasses businesses specializing in geofencing solutions utilizing technologies such as GPS, RFID, Wi-Fi, and cellular data. These companies offer services that enable the creation and management of virtual perimeters around specific geographic locations using mobile devices. The geofencing market contributes to the broader global Internet services and infrastructure market, which encompasses providers of data centers, cloud networking and storage infrastructure, hosting services, IT security services, and cloud computing services. Together, these companies generate substantial revenue, making the Internet services and infrastructure market a vital component of the larger IT services industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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/