Global Geofencing Market Overview:
Geofencing is a virtual boundary in the geographical area that employs RFID and GPS which triggers the software to activate a response when a mobile device leaves or enters the area. It consists of software programs that are executed using data from the GPS or RFID. It allows an administrator who has set up the geo-fencing to set up the triggers for events.
As per latest study released by AMA Research, the Global Geofencing market is expected to see growth rate of 19.2%Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Higher Adoption of Location-Based Application among Consumers
Market Growth Drivers:
Growing Technological Advancements and Rise in the Use of Spatial Data and Analytical Tools and Increasing Applications of Geofencing in Numerous Industry Sectors
Challenges:
Lack of Uniform Regulatory Standards and Lack of Awareness, Expertise, and Other Operational Challenges
Restraints:
Legal and Privacy Concerns
Opportunities:
Rising Awareness Regarding Safety and Security among Consumers, Frequent Incidents of National Border Intrusions and Ease of Integration and Deployment of Geofencing Solutions
Competitive Landscape:
Key players are adopting numerous strategies to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnerships to adopt certain technologies, and acquiring small players to finish the competition in the future. As well as investing money in the R&D sector to make technical upgrades to the product.
Some of the key players profiled in the report are Apple Inc. (United States), Bluedot Innovation (United States), Esri (United States), Factual Inc. (United States), GeoMoby (Australia), Gpswox.com (United Kingdom), InVisage (United States), Localytics (United States), LocationSmart (United States) and MAPCITE (United Kingdom). Additionally, following companies can also be profiled that are part of our coverage like Maven Systems (India), Mobinius Technologies (India), MobiOcean Mobility Software Solutions (India), Nisos Technologies (United States), Plot Projects (Netherlands) and Pulsate (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Geofencing market by 2030. Considering Market by Enterprise Size, the sub-segment i.e. Small and Medium-sized Enterprises (SMEs) will boost the Geofencing market. Considering Market by Connectivity, the sub-segment i.e. Active will boost the Geofencing market. Considering Market by Offering, the sub-segment i.e. Solution will boost the Geofencing market.
Latest Market Insights:
In November 2023, Verizon acquires IndoorAtlas, a leading provider of indoor positioning technology, bolstering its geofencing capabilities for location-based services
In October 2023, Google launched "Immersive View" in Maps, offering 360-degree street-level panoramas in select cities, potentially enhancing geofencing accuracy.
What Can be Explored with the Geofencing Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Geofencing Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Geofencing
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Geofencing market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Geofencing market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Geofencing Solution Providers, Software Developers, System Engineers, Potential Investors, End-Use Industry and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.