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Geofencing Market Size, Industry Trends, Historical Data, Growth Analysis Forecast to 2030

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The global geofencing market size was evaluated at $1.7 Billion in 2022 and is slated to hit $9.5 Billion by the end of 2030 with a CAGR of nearly 17.9% between 2023 and 2030.

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➤ Retail stores and supermarkets/hypermarkets are increasingly adopting geofencing services to enhance the global market’s growth between 2023 and 2030.

The global geofencing market will experience growth due to the increasing adoption of spatial data and analytical tools by firms and the surge in the use of location-based applications by end-users. In addition, technological innovations will continue to influence global market trends. The global geofencing market will experience growth due to the increasing adoption of geofencing solutions among retail firms and the increasing digitization of the industry. The market will expand globally as a result of the widespread use of geofencing solutions in telematics and their increased penetration in the human resources sector.

➤ The geofencing industry’s global expansion is impeded by its inadequate monitoring capabilities.

The industry’s expansion in the future years will be impeded by battery draining issues and the absence of prior cautionary measures. Additionally, the geofencing industry’s expansion has been further impeded by the absence of monitoring capabilities in low-coverage areas.

➤ The global market will experience new growth opportunities as awareness of the advantages of geofencing solutions increases.

The global geofencing market will experience new growth opportunities as a result of the increasing awareness of consumer safety and the ease of integrating geofencing solutions.

➤ The global geofencing industry’s greatest obstacle is the scarcity of robust infrastructure.

In the geofencing industry, the high costs of deploying geofencing tools, as well as the absence of robust infrastructure facilities in developing countries and emergent economies, have proven to be significant obstacles to growth.

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The Global Geofencing Market is segmented based on product, application and region

Global Geofencing Market: Product Segment Analysis

● Fixed
● Mobile

Global Geofencing Market: Application Segment Analysis

● Transportation & Logistics
● Retail
● Healthcare & Lifesciences,
● Government & Defense
● Media & Entertainment
● Industrial Manufacturing

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The global Geofencing market profiles key players such as:

● Apple Inc.
● SuccorfishM2M
● Mobinius Technologies
● Pulsate
● DreamOrbit
● Bluedot Innovation
● Embitel
● Esri
● Factual Inc.
● Nisos Technologies
● GeoMoby
● Localytics
● InVisage
● Maven Systems

???? Recent Developments

• MapmyIndia, an Indian technology company that specializes in the development of digitized map data, location-based SaaS, GIS AI technologies, and telematics solutions, introduced smart helmet kits, GPS trackers, and dash cams in the first half of 2023. The prices of these products begin at INR 2,990. This action is anticipated to significantly contribute to the expansion of the geofencing industry in India and throughout the Asia-Pacific region.

• The Samsung Knox utility was employed by Samsung and Telus to introduce the first next-generation mission-critical push-to-x solutions in Canada during the first quarter of 2022. It has been reported that the next-generation mission-critical push-to-x solutions provide new operational features, such as geofencing, to monitor the activities of individuals. The objective of this action is to broaden the purview of the geofencing market in the United Kingdom and Europe.

➤ In 2023-2030, the geofencing market in North America is expected to represent a significant portion of the global market.

The North American region is expected to continue to dominate the geofencing market during the forecast timeline, as it contributed a significant portion of the overall market in 2022. The regional market’s expansion in the years ahead may be attributed to the increasing demand for new technologies and the presence of major competitors in countries like the United States and Canada. Additionally, the geofencing market in the region will expand due to the increasing prevalence of connected objects, AI, and advanced sensor and wearable technologies in smartphones..

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