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Redding, California - October 9, 2024

Geofencing Market to be Worth $12.7 Billion by 2031

Geofencing Market Size, Share, Forecast, & Trends Analysis by Offering (Solutions, Services), Type (Fixed Geofencing, Mobile Geofencing), Connectivity Technology (Passive Geofencing), Organization Size, End-use Industry (Retail & Consumer Goods) and Geography - Global Forecast to 2031

Meticulous Research^®—leading global market research company, published a research report titled, ‘Geofencing Market by Offering (Solutions, Services), Type (Fixed Geofencing, Mobile Geofencing), Connectivity Technology (Passive Geofencing), Organization Size, End-use Industry (Retail & Consumer Goods) and Geography - Global Forecast to 2031.’ According to this latest publication from Meticulous Research^®, the geofencing market is expected to reach $12.7 billion by 2031, at a CAGR of 23.6% during the forecast period 2024–2031.

The growth of the geofencing market is primarily driven by the increasing demand for location-based services, rising utilization of spatial data and analytics tools, and growing demand for geofencing solutions in the retail and consumer goods sectors. However, privacy and data security concerns may restrain the growth of this market.

Moreover, the increasing adoption of geofencing solutions among SMEs and the integration of geofencing with IoT devices are expected to generate growth opportunities for the players operating in this market. However, the misconception and lack of knowledge regarding geofencing solutions is a significant challenge impacting the growth of the geofencing market.

The geofencing market is segmented based on offering, connectivity technology, type, organization, and end-use industry. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering, the geofencing market is segmented into solutions and services. In 2024, the solutions segment is expected to account for a larger share of over 56% of the geofencing market. The segment’s large share is attributed to the increasing demand for location-based services, the rising need to track and manage devices in real-time, a growing focus on solution-centric capabilities, and the growing adoption of geofencing solutions across various industries.

Based on type, the geofencing market is segmented into fixed geofencing and mobile geofencing. In 2024, the fixed geofencing segment is expected to account for a larger share of over 68% of the geofencing market. The segment’s large share is attributed to the increasing need to monitor valuable assets within defined boundaries, the growing demand for securing specific locations by monitoring and controlling access to sensitive areas, and the rising adoption of fixed geofencing solutions in smart building management and the retail sector.

Based on connectivity technology, the geofencing market is segmented into active geofencing and passive geofencing. In 2024, the active geofencing segment is expected to account for a larger share of over 59% of the geofencing market. The segment’s large share is attributed to the increasing demand for real-time notifications and alerts based on users' current locations, advancements in active geofencing technology, a growing need for real-time tracking, and the rising adoption of active geofencing in the media & entertainment sector.

Based on organization size, the geofencing market is segmented into large enterprises and small & medium-sized enterprises. In 2024, the large enterprises segment is expected to account for a larger share of over 71% of the geofencing market. The segment’s large share is attributed to large enterprises’ greater financial and technical resources for investing in advanced technologies, the need for scalable solutions to manage operations across multiple locations, complex operational needs such as supply chain management and fleet tracking, and high-security requirements for protecting large workforces and assets.

Based on end-use industry, the geofencing market is segmented into transportation & logistics, retail & consumer goods, healthcare, media and entertainment, BFSI, government, industrial manufacturing, and other end-use industries. In 2024, the retail & consumer goods segment is expected to account for the largest share of over 25% of the geofencing market. The segment’s large share is attributed to the increasing adoption of geofencing solutions among retailers to enhance customer experiences with tailored offers based on individual preferences and proximity, effectively promote in-store events by alerting nearby shoppers, and improve inventory management with precise tracking and optimization of products.

Based on geography, the geofencing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of over 36% of the geofencing market. North America’s significant market share can be attributed to the presence of major geofencing players such as Bluedot Innovation (U.S.), Radar Labs, Inc. (U.S.), and Infillion (U.S.). Additionally, the rising adoption of location-based services, increased utilization of spatial data and analytics tools, and the growing implementation of geofencing solutions across various sectors are expected to drive the market’s growth in the region.

Key Players

The major players operating in the geofencing market include Bluedot Innovation (U.S.), Radar Labs, Inc. (U.S.), Infillion (U.S.), Mapsted Corp. (Canada), Geomoby Pty Ltd. (Australia), Esri (U.S.), LocationSmart (U.S.), Apple, Inc. (U.S.), GeoComply Solutions Inc. (Canada), Raveon Technologies (U.S.), PlotProjects B.V. (Netherlands), and IBM Corporation (U.S.).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=6016

Key Questions Answered in the Report:

What are the high-growth market segments in terms of offering, type, connectivity technology, organization size, and end-use industry?
What was the historical market size for geofencing globally?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the geofencing market?
Who are the major players in the geofencing market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the geofencing market?
What are the various growth strategies adopted by major market players?
What are the major market trends, and which are the high-growth countries?
Who are the emerging players in the geofencing market, and how do they compete with other players?

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Redding, California - October 9, 2024

Geofencing Market to be Worth $12.7 Billion by 2031

Geofencing Market Size, Share, Forecast, & Trends Analysis by Offering (Solutions, Services), Type (Fixed Geofencing, Mobile Geofencing), Connectivity Technology (Passive Geofencing), Organization Size, End-use Industry (Retail & Consumer Goods) and Geography - Global Forecast to 2031

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