Product Code: r17366
Geofencing is a location-based technology that sets up virtual boundaries to trigger automated actions or notifications when a device enters or exits a designated geographical area. It's widely applied in location-based marketing and advertising, delivering personalized messages and offers to users based on their proximity to specific locations.
There are two primary types of geofencing such as fixed and mobile. Fixed geofencing establishes permanent virtual boundaries around designated areas such as retail stores, airports, or construction sites. It encompasses various components, including solutions and services, and operates through technologies such as active and passive geofencing. It finds application across different enterprise sizes, from small and medium-sized enterprises to large corporations, spanning various industry verticals such as transportation and logistics, retail, healthcare, industrial manufacturing, media and entertainment, government and defense, banking, financial services, and insurance (BFSI), among others.
The geofencing market research report is one of a series of new reports from The Business Research Company that provides geofencing market statistics, including geofencing industry global market size, regional shares, competitors with a geofencing market share, detailed geofencing market segments, market trends and opportunities, and any further data you may need to thrive in the geofencing industry. This geofencing market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The geofencing market size has grown exponentially in recent years. It will grow from $2.20 billion in 2023 to $2.73 billion in 2024 at a compound annual growth rate (CAGR) of 24.1%. The growth in the historic period can be attributed to the increasing demand for location-aware marketing, the growing emphasis on personalized advertising, the rising adoption of IoT devices, the expanding use of smartphones and tablets, and the surge in mobile app usage.
The geofencing market size is expected to see exponential growth in the next few years. It will grow to $6.55 billion in 2028 at a compound annual growth rate (CAGR) of 24.4%. The growth in the forecast period can be attributed to the increasing focus on real-time location tracking, the growth in demand for fleet management solutions, regulatory support for location-based marketing, the emergence of hyper-local targeting strategies, and the adoption of geofencing in smart cities initiatives. Major trends in the forecast period include the expansion of geofencing applications, the rise of indoor geofencing solutions, the development of geofencing for security and surveillance, the proliferation of hybrid geofencing solutions, and the integration of augmented reality with geofencing.
The anticipated increase in mobile device penetration is poised to be a significant driver for the expansion of the geofencing market in the foreseeable future. Mobile devices, encompassing portable electronic gadgets designed for wireless communication and data transmission, are experiencing higher adoption rates driven by various factors including the popularity of social media platforms, messaging applications, the surge in e-commerce activities, and the availability of affordable data plans. Geofencing technology leverages the GPS hardware and software within mobile devices to create location-aware applications, integrating with apps to deliver customized notifications and actions based on predefined geographic areas. As per a report by the GSM Association released in February 2022, the global tally of mobile service subscriptions reached 5.3 billion by the conclusion of 2021, with projections indicating an additional 400 million new subscribers expected by 2025. Consequently, the burgeoning mobile device penetration emerges as a pivotal catalyst propelling the expansion of the geofencing market.
Leading players in the geofencing market are directing their efforts towards the development of advanced solutions, particularly focusing on incorporating geofencing capabilities to enhance cybersecurity offerings, especially for managed service providers. Geofencing capabilities entail functionalities embedded within systems or applications enabling users to define virtual boundaries or geographic areas. These delineated boundaries serve as triggers for actions or notifications when a mobile device crosses into or exits the specified area. For example, in March 2024, Trustifi LLC, a US-based cybersecurity firm, rolled out geofencing capabilities in Australia, fortifying its security solutions portfolio. This innovative geofencing approach bolsters data security by confining geographical data transmission, particularly critical in sectors such as healthcare, finance, and legal services. Trustifi's geofencing feature ensures compliance with regulations by locally storing personal data and erects virtual boundaries to restrict the geographical transit of sensitive information.
In October 2021, Reveal Mobile, a prominent US-based provider of geofencing marketing and location intelligence solutions, completed the acquisition of Mira for an undisclosed sum. This strategic acquisition expands Reveal Mobile's capabilities in tracking anonymized cellphone location data and deriving insights into foot traffic and other location-based metrics. Mira, a US-based location intelligence company with a focus on out-of-home (OOH) advertising, brings valuable geofencing capabilities to Reveal Mobile's portfolio, further enhancing its offerings in the burgeoning geofencing market.
Major companies operating in the geofencing market are Apple Inc., Google Plc, Microsoft Corporation, Verizon Communications Inc., AT&T Inc., Huawei Technologies Co. Ltd., T-Mobile US Inc., Intel Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc., Oracle Corporation, Xiaomi Corporation, Qualcomm Incorporated, Honeywell International Inc., SAP SE, Ericsson AB, Nokia Corporation, Embratel, Esri, Upland Localytics, Embitel, Bluedot Innovation, Mobinius Technologies, Pulsate Ltd.
North America was the largest region in the geofencing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geofencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the geofencing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The geofencing market includes revenues earned by entities by providing services such as geotargeted promotions, real-time location tracking services, fleet management solutions, and emergency alerts. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
- Including: 1) By Geofencing Type: Fixed Geofencing; Mobile Geofencing
- 2) By Component: Solution; Services
- 3) By Technology: Active Geofencing; Passive Geofencing
- 4) By Enterprise Size: Small And Medium-Sized Enterprises; Large Enterprises
- 5) By Industry Vertical: Transportation And Logistics; Retail; Healthcare And Life Sciences; Industrial Manufacturing; Media And Entertainment; Government And Defense; Banking Financial Services and Insurance (BFSI)
- Covering: Apple Inc.; Google Plc; Microsoft Corporation; Verizon Communications Inc.; AT&T Inc.
Table of Contents
1. Executive Summary
2. Geofencing Market Characteristics
3. Geofencing Market Trends And Strategies
4. Geofencing Market - Macro Economic Scenario
- 4.1. Impact Of High Inflation On The Market
- 4.2. Ukraine-Russia War Impact On The Market
- 4.3. COVID-19 Impact On The Market
5. Global Geofencing Market Size and Growth
- 5.1. Global Geofencing Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
- 5.2. Global Geofencing Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
- 5.3. Global Geofencing Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Geofencing Market Segmentation
- 6.1. Global Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Fixed Geofencing
- Mobile Geofencing
- 6.2. Global Geofencing Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Solution
- Services
- 6.3. Global Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Active Geofencing
- Passive Geofencing
- 6.4. Global Geofencing Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Small And Medium-Sized Enterprises
- Large Enterprises
- 6.5. Global Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Transportation And Logistics
- Retail
- Healthcare And Life Sciences
- Industrial Manufacturing
- Media And Entertainment
- Government And Defense
- Banking Financial Services and Insurance (BFSI)
- Other Industry Vertical
7. Geofencing Market Regional And Country Analysis
- 7.1. Global Geofencing Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 7.2. Global Geofencing Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. Asia-Pacific Geofencing Market
- 8.1. Asia-Pacific Geofencing Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 8.3. Asia-Pacific Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 8.4. Asia-Pacific Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
9. China Geofencing Market
- 9.1. China Geofencing Market Overview
- 9.2. China Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
- 9.3. China Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
- 9.4. China Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
10. India Geofencing Market
- 10.1. India Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 10.2. India Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 10.3. India Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11. Japan Geofencing Market
- 11.1. Japan Geofencing Market Overview
- 11.2. Japan Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 11.3. Japan Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 11.4. Japan Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12. Australia Geofencing Market
- 12.1. Australia Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 12.2. Australia Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 12.3. Australia Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13. Indonesia Geofencing Market
- 13.1. Indonesia Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 13.2. Indonesia Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 13.3. Indonesia Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14. South Korea Geofencing Market
- 14.1. South Korea Geofencing Market Overview
- 14.2. South Korea Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 14.3. South Korea Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 14.4. South Korea Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. Western Europe Geofencing Market
- 15.1. Western Europe Geofencing Market Overview
- 15.2. Western Europe Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 15.3. Western Europe Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 15.4. Western Europe Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16. UK Geofencing Market
- 16.1. UK Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 16.2. UK Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 16.3. UK Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17. Germany Geofencing Market
- 17.1. Germany Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 17.2. Germany Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 17.3. Germany Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. France Geofencing Market
- 18.1. France Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 18.2. France Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 18.3. France Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19. Italy Geofencing Market
- 19.1. Italy Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 19.2. Italy Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 19.3. Italy Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20. Spain Geofencing Market
- 20.1. Spain Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 20.2. Spain Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 20.3. Spain Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. Eastern Europe Geofencing Market
- 21.1. Eastern Europe Geofencing Market Overview
- 21.2. Eastern Europe Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 21.3. Eastern Europe Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 21.4. Eastern Europe Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22. Russia Geofencing Market
- 22.1. Russia Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 22.2. Russia Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 22.3. Russia Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. North America Geofencing Market
- 23.1. North America Geofencing Market Overview
- 23.2. North America Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 23.3. North America Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 23.4. North America Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. USA Geofencing Market
- 24.1. USA Geofencing Market Overview
- 24.2. USA Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 24.3. USA Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 24.4. USA Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. Canada Geofencing Market
- 25.1. Canada Geofencing Market Overview
- 25.2. Canada Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 25.3. Canada Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 25.4. Canada Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. South America Geofencing Market
- 26.1. South America Geofencing Market Overview
- 26.2. South America Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 26.3. South America Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 26.4. South America Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27. Brazil Geofencing Market
- 27.1. Brazil Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 27.2. Brazil Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 27.3. Brazil Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. Middle East Geofencing Market
- 28.1. Middle East Geofencing Market Overview
- 28.2. Middle East Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 28.3. Middle East Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 28.4. Middle East Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. Africa Geofencing Market
- 29.1. Africa Geofencing Market Overview
- 29.2. Africa Geofencing Market, Segmentation By Geofencing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 29.3. Africa Geofencing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 29.4. Africa Geofencing Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
30. Geofencing Market Competitive Landscape And Company Profiles
- 30.1. Geofencing Market Competitive Landscape
- 30.2. Geofencing Market Company Profiles
- 30.2.1. Apple Inc.
- 30.2.1.1. Overview
- 30.2.1.2. Products and Services
- 30.2.1.3. Strategy
- 30.2.1.4. Financial Performance
- 30.2.2. Google Plc
- 30.2.2.1. Overview
- 30.2.2.2. Products and Services
- 30.2.2.3. Strategy
- 30.2.2.4. Financial Performance
- 30.2.3. Microsoft Corporation
- 30.2.3.1. Overview
- 30.2.3.2. Products and Services
- 30.2.3.3. Strategy
- 30.2.3.4. Financial Performance
- 30.2.4. Verizon Communications Inc.
- 30.2.4.1. Overview
- 30.2.4.2. Products and Services
- 30.2.4.3. Strategy
- 30.2.4.4. Financial Performance
- 30.2.5. AT&T Inc.
- 30.2.5.1. Overview
- 30.2.5.2. Products and Services
- 30.2.5.3. Strategy
- 30.2.5.4. Financial Performance
31. Geofencing Market Other Major And Innovative Companies
- 31.1. Huawei Technologies Co. Ltd.
- 31.2. T-Mobile US Inc.
- 31.3. Intel Corporation
- 31.4. International Business Machines Corporation (IBM)
- 31.5. Cisco Systems Inc.
- 31.6. Oracle Corporation
- 31.7. Xiaomi Corporation
- 31.8. Qualcomm Incorporated
- 31.9. Honeywell International Inc.
- 31.10. SAP SE
- 31.11. Ericsson AB
- 31.12. Nokia Corporation
- 31.13. Embratel
- 31.14. Esri
- 31.15. Upland Localytics
32. Global Geofencing Market Competitive Benchmarking
33. Global Geofencing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Geofencing Market
35. Geofencing Market Future Outlook and Potential Analysis
- 35.1 Geofencing Market In 2028 - Countries Offering Most New Opportunities
- 35.2 Geofencing Market In 2028 - Segments Offering Most New Opportunities
- 35.3 Geofencing Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies
36. Appendix
- 36.1. Abbreviations
- 36.2. Currencies
- 36.3. Historic And Forecast Inflation Rates
- 36.4. Research Inquiries
- 36.5. The Business Research Company
- 36.6. Copyright And Disclaimer