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Global Geofencing Market to Grow at a CAGR of 25% During 2021-2026, Driven by Rapid Digitisation in the Retail Sector

According to a new report by EMR titled, ‘Global Geofencing Market Report and Forecast 2021-2026’, the market is expected to grow at a CAGR of 25% in the forecast period of 2021-2026.

The rapid digitisation of the retail sector is contributing significantly to the market growth. Retailers are increasingly using geofencing to increase their sales and promote their products by pushing personalised notifications to consumers. Moreover, automotive retailers use geofencing to track and monitor potential buyers during test driving in order to avoid theft. The emergence of small and medium-sized enterprises is increasing the use of geofencing, as they use location-based marketing to expand their presence in the industry. This is also boosting the market growth. The Asia Pacific region is witnessing robust growth owing to rapid digitisation and the presence of a large market in the area. Moreover, various favourable government initiatives are promoting the deployment of technology in businesses. The market growth is strengthening, hence contributing to the overall industry growth.

Google LLC (NASDAQ: GOOGL), one of the leading players in the market, confirmed that it would make changes for Android users to opt-out of advertisement tracking by not giving developers access to the user’s Advertising ID in June 2021. The company will offer an alternate method for analytics and fraud prevention that does not use Advertising ID, and the app will not be able to collect the identifier if the user has opted out. The company attempts to balance consumer privacy while maintaining personalisation in advertising. The change will begin in late 2021 for Android 12 and in early 2022 for all devices that support Google Play Services. This would enable marketers to target interested and specific consumers. Such initiatives by major companies are expected to augment the market growth for geofencing in the forecast period.

Market Analysis by Component, Service, Type, Connectivity Technology, Organisation Type, and Region:

  • The market, on the basis of component, can be divided into services and solution.
  • By service, the market is segmented into deployment and integration services, support and maintenance services, consulting and advisory services, and API management and testing services.
  • The major types of geofencing are fixed and mobile.
  • Based on connectivity technology, the industry can be divided into active and passive. 
  • The organisation types for geofencing include small and medium enterprises, and large enterprises.
  • The regional markets for geofencing include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The penetration of internet connectivity and rising ownership of location-enabled smartphones is increasing the use of geofencing, hence aiding the market growth. 
  • The rising demand to enhance consumer engagement by targeting consumers individually and personalising their advertisements and alerts by sending them at a relevant and real-time are boosting the market growth.
  • The market is being driven by the surging use of geofencing to monitor employees as work-from-home becomes more prevalent.
  • The use of geofencing in employee training and the healthcare sector for patient updates is expected to boost the industry growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global geofencing market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the components, services, types, connectivity technologies, organisation types, and regions of geofencing.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for geofencing are Google LLC, Apple Inc, IBM Corporation, Microsoft Corporation, and Bluedot Industries Pty. Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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