Geofencing Market to Surpass US$ 9,500 Mn by 2032: Increasing Adoption of Location-Based Marketing to Boost Industry Growth | Future Market Insights, Inc.

September 23, 2022

During the forecast period, North America is likely to hold a 35.2% share of the market. The European region is likewise expected to see unprecedented growth. During the projection period, the South Asia & Pacific region is estimated to develop at a CAGR of 22.5% during 2022-2032

/EIN News/ -- NEWARK, Del, Sept. 23, 2022 (GLOBE NEWSWIRE) -- During the projection period, the adoption of geofencing is anticipated to grow at a CAGR of 17.8%. It is predicted that the geofencing market is likely to grow from US$ 1,867.2 Mn in 2022 to US$ 9,596.6 Mn in 2032.

The geofencing market share is primarily driven by smartphone usage and demand for geofencing is expanding as it helps with real-time monitoring, which is important for data analysis. Additionally, geofencing uses GPS and RHD technology to deliver reliable data. Additionally, the growing use of analytical and geographical tools is accelerating the expansion of the geofencing market.

FMI anticipates that the demand for geofencing throughout the projected period is anticipated to be fueled by the technology's numerous applications for a number of goals. Geofencing is also becoming more popular as it helps businesses interact with their customers, draw in more foot traffic, and foster stronger customer loyalty. Companies may stay in the spotlight and demonstrate a keen understanding of their consumers' needs by personalizing and adapting their offers based on customer data.

However, one of the key constraints identified for the geofencing market is the high cost of geofencing devices. It also has some restrictions in terms of radius coverage and rigorous maintenance, limiting the use of geofencing. Furthermore, installation costs may severely restrict the growth of the geofencing market throughout the projection period. The geofencing market is expected to expand since it enables businesses to target specific customers by personalizing and disseminating notifications and adverts in real-time.

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Key Takeaways from Geofencing Market Study

“The various applications of geofencing and technologies for a variety of goals are expected to promote geofencing adoption throughout the projection period. However, the high cost of geofencing devices is projected to hamper the market growth.” -FMI Analyst

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Competitive Landscape

Companies in the geofencing market are working to increase the accuracy and integration functionality of their solutions while also extending their capabilities. These firms are creating solutions for a wide range of client segments for promotion, asset tracking, workforce management, and fleet monitoring applications through aggressive promotion and marketing techniques.

Major firms with great brand recognition, successful competitive strategies, and distribution dominance include IBM, Microsoft, Google, and Samsung. Overall, the geofencing market players are highly competitive.

Google, Apple, Bluedot Innovation, Thumbvista, Esri, Embitel,, Gimbal, Mapcite, UpSnap, Placecast, Swirl Networks, GeoMoby, Localytics, Urban Airship, Pulsate, PlotProjects, Radar Labs, and DreamOrbit are a few companies in the geofencing business.

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Table of Content

1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand-side Trends

    1.3. Supply-side Trends

    1.4. Technology Roadmap Analysis

    1.5. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Market Background

    3.1. Market Dynamics

    3.2. Scenario Forecast

    3.3. Opportunity Map Analysis

    3.4. Investment Feasibility Matrix

TOC continued...

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