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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.
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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.
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