Geofencing Market to Record 23% Y-O-Y Growth Rate in 2021|Evolving Opportunities with Apple Inc. & Bluedot Industries Pty. Ltd |17000+ Technavio Reports |

NEW YORK, Jan. 3, 2022 /PRNewswire/ — 39% of the growth will originate from North America for the geofencing market. The US and Canada are the key markets for geofencing in North America. Market growth in this region will be faster than the growth of the market in Europe and South America. The growing penetration of smartphones and an increase in social media networking and mobile-based advertising will facilitate the geofencing market growth in North America over the forecast period. The geofencing market size is expected to increase by USD 2.21 billion from 2020 to 2025, registering a CAGR of 23.96% according to the latest research report from Technavio. Geofencing market is expected to record 23% Y-O-Y of growth rate in 2021.

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The geofencing market covers the following areas:

Geofencing Market – Driver

The increase in location-based marketing is one of the critical factors that will drive the geofencing market. Various business organizations and enterprises are adopting geofencing advertising and marketing solutions or proximity marketing as a crucial strategy for location-based marketing. It enables marketers to improve consumer engagement and build brand equity. It also enhances customer service across entertainment parks, public places such as airports, retail stores, and hotels. This is done by connecting with customers through the location of their mobile devices and collecting data on preferences, purchase history, and time to send them personalized commercial messages and customized push notifications.

Geofencing Market – Challenge

The market is capital-intensive, which is primarily attributed to the nascent nature of the market and high infrastructure requirements. The cost of investments for buyers of geofencing solutions is generally high due to extensive hardware requirements. Geofencing services are evolving and constantly changing. The adoption and implementation of location-based solutions like geofencing are expensive and time-consuming. This is because of the complexity of deployment and their integration with existing IT infrastructure across enterprises. Hence, the cost impact on an organization may be considerable, particularly in small enterprises such as small retail stores. Thus, the deployment of such solutions requires extensive planning to mitigate these cost risks, which, in turn, might pose a challenge to vendors during the forecast period. 

Geofencing Market – Segmentation

The Geofencing Market is segmented by Product (fixed and mobile) and Geography (North America, Europe, APAC, MEA, and South America).

Technavio report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.

Companies Mentioned

The geofencing market is fragmented and the vendors are deploying growth strategies such as improving the accuracy and integration capabilities of their products to compete in the market.

  • Apple Inc.
  • Bluedot Industries Pty. Ltd
  • Environmental Systems Research Institute Inc.
  • GPSWOX LTD
  • LocationSmart
  • MAPCITE
  • Pulsate Mobile Ltd.
  • Simplifi Holdings Inc.
  • Thumbvista
  • Upland Software, Inc. 

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Geofencing Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 23.96%

Market growth 2021-2025

USD 2.21 billion

Market structure

Fragmented

YoY growth (%)

23.00

Regional analysis

North America, Europe, APAC, MEA, and South America

Performing market contribution

North America at 39%

Key consumer countries

US, China, Canada, Germany, and UK

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Apple Inc., Bluedot Industries Pty. Ltd, Environmental Systems Research Institute Inc., GPSWOX LTD, LocationSmart, MAPCITE, Pulsate Mobile Ltd., Simplifi Holdings Inc., Thumbvista, and Upland Software, Inc. 

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio

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