Geofencing Software Global Market Report 2024

The geofencing software market size has grown rapidly in recent years. It will grow from $44.58 billion in 2023 to $49.63 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth observed during the historic period can be linked to several key factors: enhanced smartphone penetration, heightened demand for location-based marketing, expanded adoption of Internet of Things (IoT) technologies, the emergence of smart city projects, and advancements in data privacy regulations.

The geofencing software market size is expected to see rapid growth in the next few years. It will grow to $77.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The anticipated growth in the forecast period is expected to stem from several drivers: the widespread deployment of 5G networks, expansion in e-commerce and online retail, the advent of autonomous vehicles and delivery drones, an increased emphasis on real-time location tracking, and a heightened demand for personalized user experiences. Key trends forecasted include the development of dynamic geofencing for adaptable boundaries, the rise of privacy-focused geofencing solutions, enhanced integration of geofencing with wearables and smart devices, and increased application in environmental monitoring and conservation efforts.

The demand for the Internet of Things (IoT) is accelerating, significantly contributing to the growth of the geofencing software market. IoT involves a network of interconnected devices equipped with sensors and software, which communicate data over the internet. Factors such as increased high-speed internet availability, the need for data analytics, and initiatives in digital transformation and Industry 4 have fueled this demand. When integrated with geofencing software, IoT technology allows companies to offer more sophisticated, reactive, and customized location-based services. According to a report by Akamai Technologies Inc., a prominent internet company in the US, IoT connections are anticipated to grow from 15.1 billion in 2021 to 23.3 billion by 2025. Therefore, the demand for the Internet of Things (IoT) is drives the geofencing software market.

Leading firms in the geofencing software sector are strategically partnering to co-develop innovative solutions such as self-served geofence advertising platforms, thereby securing a competitive advantage. These partnerships enable access to complementary technologies, expand market presence, and enhance the functionality and efficiency of their geofencing offerings. For example, in July 2023, Ethic Advertising Agency, a digital advertising firm based in the US, teamed up with Simpli.fi, a digital advertising platform, to introduce Qujam. This platform marks the first self-served geofence advertising platform designed to empower small businesses and agencies with various advertising tools including mobile app banner ads, OTT CTV advertising, and video pre-rolls. Qujam specifically addresses hurdles such as prohibitive costs, lack of manageable options, and insufficient reporting capabilities for small businesses by providing a user-friendly, fully autonomous platform with immediate reporting features.

In June 2021, in a strategic move to enhance its location-based technology solutions and capitalize on its 5G advancements, Verizon Communications Inc. acquired Senion, a Swedish company specializing in indoor positioning and geofencing systems. The details of the transaction were not disclosed. This acquisition is part of Verizon's broader strategy to integrate sophisticated indoor positioning capabilities with its 5G offerings, thereby enhancing its geofencing solutions and promoting market growth.

Major companies operating in the geofencing software market are Apple Inc., Google LLC (Alphabet Inc.), Samsung Electronics Co., Infosys Ltd., Environmental Systems Research Institute Inc. (Esri), XebiaLabs Inc., HERE Global B.V., GitLab Inc., MoEngage Inc., CloudBees Inc., CollabNet VersionOne Inc. (CollabNet), WebEngage, Mobstac, ConnectALL, GroundTruth, Bluedot Innovation Pty Ltd, Radar Labs Inc., Pulsate Ltd., The Mobile Majority, Leantegra, Plutora, Bleesk, Skyhook Wireless, Logitrack, PlotProjects.

North America was the largest region in the geofencing software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geofencing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the geofencing software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Geofencing software involves applications or computer programs designed to allow users to establish virtual perimeters or geographic zones using GPS (Global Positioning System) or other location-based technologies. These virtual boundaries are set to initiate specific actions, alerts, or notifications when a mobile device or asset crosses into or out of the designated area.

The primary product categories in geofencing software include cloud-based and on-premise solutions. Cloud-based geofencing software is hosted remotely and accessible via the internet, facilitating various applications across industries such as transportation and logistics, retail, healthcare and life sciences, industrial manufacturing, media and entertainment, government and defense, and banking, financial services and insurance (BFSI). These solutions cater to a broad range of end-users, from small and medium enterprises to large enterprises.

The geofencing software market research report is one of a series of new reports that provides geofencing software market statistics, including geofencing software industry global market size, regional shares, competitors with a geofencing software market share, detailed geofencing software market segments, market trends and opportunities, and any further data you may need to thrive in the geofencing software industry. This geofencing software market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The geofencing software market includes revenues earned by entities by providing services such as fleet management, asset tracking, attendance tracking, and analytics and reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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