NEW YORK, Jan. 24, 2023 /PRNewswire/ -- According to Technavio, the global geofencing market size is estimated to grow by USD 3,024.7 million from 2022 to 2027. The market is estimated to grow at a CAGR of 22.35% during the forecast period. North America will account for 37% of the growth of the global market during the forecast period. 

Technavio has announced its latest market research report titled Global Geofencing Market 2023-2027

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Global geofencing market - Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers– 

  • Bargaining power of buyers 
  • The threat of new entrants
  • Threat of rivalry
  • Bargaining power of suppliers
  • Threat of substitutes
  • Interpretation of porter's five models helps to strategize the business, for entire details – buy the report!

Global geofencing market – Customer Landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global geofencing market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on the product (Fixed and Mobile), and component (Services and Solutions). 

  • The fixed segment will grow at a significant rate during the forecast period. Fixed geofencing is a virtual boundary around a location, building, or any fixed object. The user gets an alert about the violation when the geofence is breached and a report about the entry or exit of any intruder from a location and the time spent by them in the same position or area. Additionally, a person who enters the fence receives push notifications initiated by the geofencing user. All these factors will accelerate the demand for geofencing, which, in turn, will boost the growth of the market during the forecast period.

Geography Overview
By geography, the global geofencing market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global geofencing market.

  • North America is estimated to account for 37% of the growth of the global market during the forecast period. North America has been the front-runner in terms of the implementation of new advanced technologies in marketing and advertising. The major geofencing platform providers, such as Google, Microsoft, and IBM, are based out of the region. These platform providers help develop new applications and various new geofencing solutions, which, in turn, will contribute to the growth of the market. Also, the integration of social networking platforms and the rise in the use of location-based services in marketing will drive the geofencing market in North America.

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Global geofencing market – Market Dynamics
Key factor driving market growth

  • The increase in demand for indoor navigation services is notably driving the market growth
  • Being more accurate than GPS, enterprise indoor location-based services can enable airport apps to guide passengers around the terminal.
  • For instance, Infsoft provides indoor navigation services for airports. Similarly, in hospitals, enterprise indoor location-based services can guide direct caretakers, patients, and visitors to the appropriate place.
  • This will reduce the workload at the reception desk and help patients to arrive on time for their treatments, thereby improving their overall experience. Thus, improved indoor navigation is expected to drive the market during the forecast period.

Leading trends influencing the market 

  • Increased use of analytics is the primary trend in the market
  • Analytics is being integrated with existing enterprise indoor location-based services systems to derive insights, enabling data-based decision-making on the part of the user.
  • The data can be displayed in the form of diagrams and heat maps. This enables easy evaluation and processing of the available information.
  • Localytics provides geofencing solutions that help users to analyze data on physical locations, which gives access to insights and geotargeting capabilities.
  • The results are helpful in identifying the busiest and least busy hours of the day or week. In addition, analytics is useful in determining the number of people passing through a spot during the day.
  • This is helpful in finalizing the product placement in the retail sector. Therefore, the trend of analytics in geofencing services is expected to gain momentum, which, in turn, will drive the market during the forecast period.

Major challenges hindering the market growth

  • High initial setup costs and capital investments is the major challenge impeding the market growth
  • 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, will pose a challenge to vendors during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact
businesses. Find more insights in a sample report!

What are the key data covered in this geofencing market report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the geofencing market between 2023 and 2027
  • Precise estimation of the size of the geofencing market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the geofencing market industry across North America, Europe, APAC, Middle East and Africa, and South America
  • A thorough analysis of the market's competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of geofencing market vendors

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Geofencing Market Scope

Report Coverage

Details

Page number

154

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 22.35%

Market growth 2023-2027

USD 3,024.7 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

22.16

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 37%

Key countries

US, Canada, China, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Apple Inc., Bluedot Industries Pty Ltd., Embitel Technologies Pvt. Ltd., Esri, Floating Market B.V., Foursquare Labs Inc., GeoMoby Pty. Ltd., GPSWOX LTD., infsoft GmbH, Juniper Networks Inc., Locance Inc., MessageBird BV, Pulsate Mobile Ltd., Radar Labs Inc., Raveon Technologies Corp., Salesforce.com Inc., Simplifi Holdings Inc., Theoblong Global Ltd, 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 recovery analysis and future consumer dynamics, and 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.

Table of contents

1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Component
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis 
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
  • 3.4 Market outlook: Forecast for 2022-2027 
    • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
    • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
    • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
    • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

  • 4.1 Global geofencing market 2017 - 2021 
    • Exhibit 18: Historic Market Size – Data Table on Global geofencing market 2017 - 2021 ($ million)
  • 4.2 Product Segment Analysis 2017 - 2021 
    • Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ million)
  • 4.3 Component Segment Analysis 2017 - 2021 
    • Exhibit 20: Historic Market Size – Component Segment 2017 - 2021 ($ million)
  • 4.4 Geography Segment Analysis 2017 - 2021 
    • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
  • 4.5 Country Segment Analysis 2017 - 2021 
    • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

  • 5.1 Five forces summary
    • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
  • 5.2 Bargaining power of buyers 
    • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
  • 5.3 Bargaining power of suppliers 
    • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
  • 5.4 Threat of new entrants 
    • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
  • 5.5 Threat of substitutes 
    • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
  • 5.6 Threat of rivalry
    • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
  • 5.7 Market condition
    • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

  • 6.1 Market segments
    • Exhibit 30: Chart on Product - Market share 2022-2027 (%)
    • Exhibit 31: Data Table on Product - Market share 2022-2027 (%)
  • 6.2 Comparison by Product 
    • Exhibit 32: Chart on Comparison by Product
    • Exhibit 33: Data Table on Comparison by Product
  • 6.3 Fixed - Market size and forecast 2022-2027 
    • Exhibit 34: Chart on Fixed - Market size and forecast 2022-2027 ($ million)
    • Exhibit 35: Data Table on Fixed - Market size and forecast 2022-2027 ($ million)
    • Exhibit 36: Chart on Fixed - Year-over-year growth 2022-2027 (%)
    • Exhibit 37: Data Table on Fixed - Year-over-year growth 2022-2027 (%)
  • 6.4 Mobile - Market size and forecast 2022-2027 
    • Exhibit 38: Chart on Mobile - Market size and forecast 2022-2027 ($ million)
    • Exhibit 39: Data Table on Mobile - Market size and forecast 2022-2027 ($ million)
    • Exhibit 40: Chart on Mobile - Year-over-year growth 2022-2027 (%)
    • Exhibit 41: Data Table on Mobile - Year-over-year growth 2022-2027 (%)
  • 6.5 Market opportunity by Product 
    • Exhibit 42: Market opportunity by Product ($ million)

7 Market Segmentation by Component

  • 7.1 Market segments
    • Exhibit 43: Chart on Component - Market share 2022-2027 (%)
    • Exhibit 44: Data Table on Component - Market share 2022-2027 (%)
  • 7.2 Comparison by Component 
    • Exhibit 45: Chart on Comparison by Component
    • Exhibit 46: Data Table on Comparison by Component
  • 7.3 Services - Market size and forecast 2022-2027 
    • Exhibit 47: Chart on Services - Market size and forecast 2022-2027 ($ million)
    • Exhibit 48: Data Table on Services - Market size and forecast 2022-2027 ($ million)
    • Exhibit 49: Chart on Services - Year-over-year growth 2022-2027 (%)
    • Exhibit 50: Data Table on Services - Year-over-year growth 2022-2027 (%)
  • 7.4 Solutions - Market size and forecast 2022-2027 
    • Exhibit 51: Chart on Solutions - Market size and forecast 2022-2027 ($ million)
    • Exhibit 52: Data Table on Solutions - Market size and forecast 2022-2027 ($ million)
    • Exhibit 53: Chart on Solutions - Year-over-year growth 2022-2027 (%)
    • Exhibit 54: Data Table on Solutions - Year-over-year growth 2022-2027 (%)
  • 7.5 Market opportunity by Component 
    • Exhibit 55: Market opportunity by Component ($ million)

8 Customer Landscape

  • 8.1 Customer landscape overview 
    • Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

  • 9.1 Geographic segmentation 
    • Exhibit 57: Chart on Market share by geography 2022-2027 (%)
    • Exhibit 58: Data Table on Market share by geography 2022-2027 (%)
  • 9.2 Geographic comparison 
    • Exhibit 59: Chart on Geographic comparison
    • Exhibit 60: Data Table on Geographic comparison
  • 9.3 North America - Market size and forecast 2022-2027 
    • Exhibit 61: Chart on North America - Market size and forecast 2022-2027 ($ million)
    • Exhibit 62: Data Table on North America - Market size and forecast 2022-2027 ($ million)
    • Exhibit 63: Chart on North America - Year-over-year growth 2022-2027 (%)
    • Exhibit 64: Data Table on North America - Year-over-year growth 2022-2027 (%)
  • 9.4 Europe - Market size and forecast 2022-2027 
    • Exhibit 65: Chart on Europe - Market size and forecast 2022-2027 ($ million)
    • Exhibit 66: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
    • Exhibit 67: Chart on Europe - Year-over-year growth 2022-2027 (%)
    • Exhibit 68: Data Table on Europe - Year-over-year growth 2022-2027 (%)
  • 9.5 APAC - Market size and forecast 2022-2027 
    • Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ million)
    • Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
    • Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
    • Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)
  • 9.6 Middle East and Africa - Market size and forecast 2022-2027 
    • Exhibit 73: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
    • Exhibit 74: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
    • Exhibit 75: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • Exhibit 76: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
  • 9.7 South America - Market size and forecast 2022-2027 
    • Exhibit 77: Chart on South America - Market size and forecast 2022-2027 ($ million)
    • Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 ($ million)
    • Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
    • Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)
  • 9.8 US - Market size and forecast 2022-2027 
    • Exhibit 81: Chart on US - Market size and forecast 2022-2027 ($ million)
    • Exhibit 82: Data Table on US - Market size and forecast 2022-2027 ($ million)
    • Exhibit 83: Chart on US - Year-over-year growth 2022-2027 (%)
    • Exhibit 84: Data Table on US - Year-over-year growth 2022-2027 (%)
  • 9.9 China - Market size and forecast 2022-2027 
    • Exhibit 85: Chart on China - Market size and forecast 2022-2027 ($ million)
    • Exhibit 86: Data Table on China - Market size and forecast 2022-2027 ($ million)
    • Exhibit 87: Chart on China - Year-over-year growth 2022-2027 (%)
    • Exhibit 88: Data Table on China - Year-over-year growth 2022-2027 (%)
  • 9.10 Canada - Market size and forecast 2022-2027 
    • Exhibit 89: Chart on Canada - Market size and forecast 2022-2027 ($ million)
    • Exhibit 90: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
    • Exhibit 91: Chart on Canada - Year-over-year growth 2022-2027 (%)
    • Exhibit 92: Data Table on Canada - Year-over-year growth 2022-2027 (%)
  • 9.11 Germany - Market size and forecast 2022-2027 
    • Exhibit 93: Chart on Germany - Market size and forecast 2022-2027 ($ million)
    • Exhibit 94: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
    • Exhibit 95: Chart on Germany - Year-over-year growth 2022-2027 (%)
    • Exhibit 96: Data Table on Germany - Year-over-year growth 2022-2027 (%)
  • 9.12 UK - Market size and forecast 2022-2027 
    • Exhibit 97: Chart on UK - Market size and forecast 2022-2027 ($ million)
    • Exhibit 98: Data Table on UK - Market size and forecast 2022-2027 ($ million)
    • Exhibit 99: Chart on UK - Year-over-year growth 2022-2027 (%)
    • Exhibit 100: Data Table on UK - Year-over-year growth 2022-2027 (%)
  • 9.13 Market opportunity by geography 
    • Exhibit 101: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

  • 10.1 Market drivers
  • 10.2 Market challenges
  • 10.3 Impact of drivers and challenges 
    • Exhibit 102: Impact of drivers and challenges in 2022 and 2027
  • 10.4 Market trends

11 Vendor Landscape

  • 11.1 Overview
  • 11.2 Vendor landscape
    • Exhibit 103: Overview on Criticality of inputs and Factors of differentiation
  • 11.3 Landscape disruption
    • Exhibit 104: Overview on factors of disruption
  • 11.4 Industry risks
    • Exhibit 105: Impact of key risks on business

12 Vendor Analysis

  • 12.1 Vendors covered
    • Exhibit 106: Vendors covered
  • 12.2 Market positioning of vendors 
    • Exhibit 107: Matrix on vendor position and classification
  • 12.3 Apple Inc.
    • Exhibit 108: Apple Inc. - Overview
    • Exhibit 109: Apple Inc. - Business segments
    • Exhibit 110: Apple Inc. - Key news
    • Exhibit 111: Apple Inc. - Key offerings
    • Exhibit 112: Apple Inc. - Segment focus
  • 12.4 Bluedot Industries Pty Ltd. 
    • Exhibit 113: Bluedot Industries Pty Ltd. - Overview
    • Exhibit 114: Bluedot Industries Pty Ltd. - Product / Service
    • Exhibit 115: Bluedot Industries Pty Ltd. - Key offerings
  • 12.5 Embitel Technologies Pvt. Ltd. 
    • Exhibit 116: Embitel Technologies Pvt. Ltd. - Overview
    • Exhibit 117: Embitel Technologies Pvt. Ltd. - Product / Service
    • Exhibit 118: Embitel Technologies Pvt. Ltd. - Key offerings
  • 12.6 Esri
    • Exhibit 119: Esri - Overview
    • Exhibit 120: Esri - Product / Service
    • Exhibit 121: Esri - Key offerings
  • 12.7 Floating Market B.V.
    • Exhibit 122: Floating Market B.V. - Overview
    • Exhibit 123: Floating Market B.V. - Product / Service
    • Exhibit 124: Floating Market B.V. - Key offerings
  • 12.8 Foursquare Labs Inc.
    • Exhibit 125: Foursquare Labs Inc. - Overview
    • Exhibit 126: Foursquare Labs Inc. - Product / Service
    • Exhibit 127: Foursquare Labs Inc. - Key offerings
  • 12.9 GPSWOX LTD.
    • Exhibit 128: GPSWOX LTD. - Overview
    • Exhibit 129: GPSWOX LTD. - Product / Service
    • Exhibit 130: GPSWOX LTD. - Key offerings
  • 12.10 Juniper Networks Inc. 
    • Exhibit 131: Juniper Networks Inc. - Overview
    • Exhibit 132: Juniper Networks Inc. - Product / Service
    • Exhibit 133: Juniper Networks Inc. - Key offerings
  • 12.11 Locance Inc.
    • Exhibit 134: Locance Inc. - Overview
    • Exhibit 135: Locance Inc. - Product / Service
    • Exhibit 136: Locance Inc. - Key offerings
  • 12.12 Pulsate Mobile Ltd.
    • Exhibit 137: Pulsate Mobile Ltd. - Overview
    • Exhibit 138: Pulsate Mobile Ltd. - Product / Service
    • Exhibit 139: Pulsate Mobile Ltd. - Key offerings
  • 12.13 Radar Labs Inc.
    • Exhibit 140: Radar Labs Inc. - Overview
    • Exhibit 141: Radar Labs Inc. - Product / Service
    • Exhibit 142: Radar Labs Inc. - Key offerings
  • 12.14 Simplifi Holdings Inc. 
    • Exhibit 143: Simplifi Holdings Inc. - Overview
    • Exhibit 144: Simplifi Holdings Inc. - Product / Service
    • Exhibit 145: Simplifi Holdings Inc. - Key offerings
  • 12.15 Theoblong Global Ltd
    • Exhibit 146: Theoblong Global Ltd - Overview
    • Exhibit 147: Theoblong Global Ltd - Product / Service
    • Exhibit 148: Theoblong Global Ltd - Key offerings
  • 12.16 Thumbvista
    • Exhibit 149: Thumbvista - Overview
    • Exhibit 150: Thumbvista - Product / Service
    • Exhibit 151: Thumbvista - Key offerings
  • 12.17 Upland Software Inc.
    • Exhibit 152: Upland Software Inc. - Overview
    • Exhibit 153: Upland Software Inc. - Business segments
    • Exhibit 154: Upland Software Inc. - Key news
    • Exhibit 155: Upland Software Inc. - Key offerings
    • Exhibit 156: Upland Software Inc. - Segment focus

13 Appendix

  • 13.1 Scope of the report
  • 13.2 Inclusions and exclusions checklist 
    • Exhibit 157: Inclusions checklist
    • Exhibit 158: Exclusions checklist
  • 13.3 Currency conversion rates for US$ 
    • Exhibit 159: Currency conversion rates for US$
  • 13.4 Research methodology
    • Exhibit 160: Research methodology
    • Exhibit 161: Validation techniques employed for market sizing
    • Exhibit 162: Information sources
  • 13.5 List of abbreviations 
    • Exhibit 163: List of abbreviations

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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Global Geofencing Market 2023-2027

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