Press release
Internet Of Things (IoT) Contribution To Geofencing Software Market Momentum: An Emerging Driver Transforming The Geofencing Software Market Landscape
Geofencing Software
What Is the Projected Growth of the Geofencing Software Market?
The market scale for geofencing software has witnessed rapid expansion lately. The market value is predicted to surge from $49.63 billion in 2024 to $55.54 billion in 2025, manifesting a Compound Annual Growth Rate (CAGR) of 11.9%. The historic surge can be traced back to factors such as the upward trend in smartphone usage, increased interest in location-based marketing, larger acceptance of the internet of things (IoT), the emergence of smart city programs, and enhancements in data privacy laws.
The market size for geofencing software is forecasted to experience significant expansion in the upcoming years. It is projected to reach $86.1 billion by 2029, experiencing a compound annual growth rate (CAGR) of 11.6%. This expected surge during the forecast period can be credited to the spread of 5G networks, increase in e-commerce and online retail operations, emergence of self-driving vehicles and delivery drones, increasing emphasis on real-time location tracking, and the escalating demand for tailored user experiences. Key trends for the forecast period encompass dynamic geofencing for adaptable limits, emergence of privacy-focused geofencing solutions, the union of geofencing with wearable and smart devices, along with environmental surveillance and preservation initiatives.
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What Are the Different Geofencing Software Market Segments?
The geofencing software market covered in this report is segmented -
1) By Product Or Type: Cloud-Based, On-Premise
2) By Application: Transportation And Logistics, Retail, Healthcare And Life Sciences, Industrial Manufacturing, Media And Entertainment, Government And Defense, Banking, Financial Services, And Insurance (BFSI), Other Applications
3) By End-User: Small And Medium Enterprises, Large Enterprises
Subsegments:
1) By Cloud-Based: SaaS (Software-As-A-Service) Solutions, Managed Cloud Services, Multi-Tenant Cloud Platforms
2) By On-Premise: Enterprise-Installed Software, Custom On-Premise Solutions, Single-Tenant On-Premise Platforms
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What Are the Primary Drivers Shaping the Geofencing Software Market?
The geofencing software market is anticipated to grow concurrently with the increasing demand for the Internet of Things (IoT). IoT embodies a network of linked physical devices, all equipped with sensors, software, and other technologies, facilitating data collection and exchange via the internet. The escalating demand for IoT can be attributed to a number of factors such as the widespread availability of high-speed internet, the need for data analysis and insights, and the advent of Industry 4.0 and digital transformation initiatives. The amalgamation of IoT with geofencing software elevates its functionalities, allowing firms to develop smarter, responsive, and tailor-made location-based experiences for the users. Akamai Technologies Inc., an American internet company, for instance, predicted in August 2022 that IoT connections would surge from 15.1 billion in 2021 to 23.3 billion in 2025. Hence, the burgeoning demand for the Internet of Things (IoT) fuels the expansion of the geofencing software market.
Which Companies Are Leading in the Geofencing Software Market?
Major companies operating in the geofencing software market are Apple Inc., Google LLC (Alphabet Inc.), Samsung Electronics Co., Infosys Ltd., Environmental Systems Research Institute Inc. (Esri), XebiaLabs Inc., HERE Global B.V., GitLab Inc., MoEngage Inc., CloudBees Inc., CollabNet VersionOne Inc. (CollabNet), WebEngage, Mobstac, ConnectALL, GroundTruth, Bluedot Innovation Pty Ltd., Radar Labs Inc., Pulsate Ltd., The Mobile Majority, Leantegra, Plutora, Bleesk, Skyhook Wireless, Logitrack, PlotProjects
What Are the Major Trends Shaping the Geofencing Software Market?
Key players in the geofencing software market are prioritizing partnerships and the joint creation of advanced solutions like self-served geofence advertising platforms, in order to secure a competitive advantage. By partnering with other firms, businesses can access supplemental technologies, extend their market influence, and enhance the overall quality and efficacy of their geofencing software. For example, an American digital advertising company, Ethic Advertising Agency, teamed up with Simpli.fi, another US-based digital advertising platform, in July 2023 to unveil the Qujam platform, the first of its kind in self-served geofence advertising, with a mission to bolster small businesses and agencies. This platform supplies a variety of advertising alternatives, such as banner ads on mobile applications and websites, OTT CTV advertising on streaming video apps, and video pre-rolls. The platform counteracts regular issues that small businesses face when applying geofence advertising, including elevated costs, managed-only choices, and an absence of reporting dashboards, by proposing a fully user-friendly platform with the capacity for real-time reporting.
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What Are the Top Revenue-Generating Geographies in the Geofencing Software Market?
North America was the largest region in the geofencing software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geofencing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Geofencing Software Market?
2. What is the CAGR expected in the Geofencing Software Market?
3. What Are the Key Innovations Transforming the Geofencing Software Industry?
4. Which Region Is Leading the Geofencing Software Market?
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