Global Active Geofencing Market Research 2024, Forecast To 2033
23 Jul, 2024
The active geofencing market has seen substantial growth, expanding from $1.46 billion in 2023 to $1.77 billion in 2024, achieving a notable CAGR of 21.4%. This growth is driven by smartphone penetration, personalized marketing demand, location-based services expansion, real-time consumer engagement needs, and data analytics in marketing. Looking forward, the market is expected to maintain a robust growth trajectory, reaching $3.88 billion by 2028 with a CAGR of 21.7%. This anticipated growth is fueled by smart city initiatives, mobile commerce rise, hyper-local marketing, contactless retail, and location-based gaming. Key trends include hyper-personalized marketing, virtual geofencing for remote engagement, geofencing in supply chain management, and integration with voice assistants and smart speakers, reshaping market dynamics.
Major Driver In The Active Geofencing Market
The active geofencing market is poised for growth driven by the increasing adoption of mobile devices globally. Mobile devices are becoming more accessible due to the proliferation of 4G LTE and 5G technologies, boosting their utility in active geofencing applications. These devices provide accurate location data and facilitate instant communication, enhancing user interaction with geofencing systems. For instance, global mobile service subscriptions reached 5.3 billion by the end of 2021, with projections indicating an additional 400 million by 2025. This growth is expected to drive the active geofencing market from $1.46 billion in 2023 to $1.77 billion in 2024, reaching $3.88 billion by 2028.
Request A Free Sample Of The Global Active Geofencing Market ReportActive Geofencing Market Competitive Landscape
Apple Inc, Google LLC, Samsung Electronics Co, Microsoft Corporation, AT&T Inc, Intel Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc, Oracle Corporation, Qualcomm Incorporated, Salesforce Inc, Nokia Corporation, SZ DJI Technology Co, Esri, Upland Software Inc, Simpli.fi, Bluedot Innovation Pty Ltd, Infillion PaeDae Inc, Radar Labs Inc, Pulsate Ltd, tado GmbH, Aware360 Ltd, LocationSmart, Mapcite, mSpy
Key Active Geofencing Market Trend
Major players in the active geofencing market are intensifying their efforts to develop advanced solutions like the Geofence Buzzer solution to enhance real-time alerting capabilities for businesses and organizations. The Geofence Buzzer solution, a type of active geofencing technology, provides real-time alerts or notifications when a device enters or exits predefined geographic boundaries using GPS or other location-based technologies. For example, Tagmarshal, a US-based developer of a B2B golf course optimization platform, introduced the Geofence Buzzer solution in June 2021. This innovative system emits a loud warning sound to manage cart tracking and geofencing compliance on golf courses, improving pace of play management and ensuring geofencing regulations are adhered to.
Purchase The Global Active Geofencing Market Report Directly And Get A Swift DeliveryActive Geofencing Market Segmentation
The active geofencing market covered in this report is segmented –
1) By Type: Fixed, Mobile
2) By Component: Hardware, Services, Software
3) By Communication Technology: Cellular, Global Positioning System (GPS), Radio Frequency Identification (RFID), Wireless Fidelity (Wi-Fi)
4) By Organization Size: Large-Scale Businesses, Small-Scale And Medium-Scale Businesses
5) By End-User Industry: Banking Financial Services And Insurance, Retail, Defense, Government And Military, Healthcare, Industrial Manufacturing, Transportation And Logistics, Other End-User Industries
By Geography:The regions covered in the active geofencing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the active geofencing market in 2023.
The Active Geofencing Global Market Report 2024 furnishes information about the global active geofencing market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.