The global geofencing market is set to grow due to rising smartphone ownership, with a forecast CAGR of 25% from 2021 to 2026.
The new report by Expert Market Research titled, ‘Global Geofencing Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global geofencing market, assessing the market based on its segments like components, services, types, connective technologies, organisation types, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.
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The key highlights of the report include:
Market Overview (2016-2026)
The market for geofencing is being aided by the growing smartphone ownership and internet penetration. Factors including rising demand for personalised, real-time advertisements, and push notification for effective marketing have been aiding the growth of the industry. As geofencing increases the click-rate of notifications, it is increasingly adopted by small, medium, and large enterprises to aid sales which are propelling the growth of the geofencing industry. Moreover, the growing use of virtual geofence which can display advertisements on digital and social media to increase awareness is also augmenting the market growth. Geofencing targets precise audience and increases consumer awareness, hence likely to augment the industry growth in the coming years.
Industry Definition and Major Segments
Geofencing is a location-based service that uses GPS, RFID, or internet connectivity to trigger an action when the device enters or exits the geofence. It is used to send relevant push notifications to consumers which are mostly used in marketing to increase engagement, sales, and consumers.
By components, the market is divided into:
Based on service, the market is divided into:
The major types of geofencing are:
On the basis of connective technology, the market is bifurcated into:
The market can be broadly categorised on the basis of its organisation types into:
The regional markets can be divided into the following:
Explore the full report with the table of contents@ https://www.expertmarketresearch.com/reports/geofencing-market
Market Trends
The global geofencing industry is significantly driven by the onset of the coronavirus pandemic. As work-from-home becomes more prevalent, geofencing is increasingly used by employers to track employees’ activities, which is expected to boost the market growth. Moreover, technological advancements and innovations are increasing the applications of geofencing, hence augmenting the industry growth. The adoption of geofencing in employee training to send out a push notification with a reminder to check for compliance or safety updates during remote working areas is driving the market growth. The surging use of geofencing in the healthcare industry to monitor patients’ condition is likely to propel the market growth in the coming years.
Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
Key Market Players
The major players in the market are Google LLC, Apple Inc, IBM Corporation, Microsoft Corporation, and Bluedot Industries Pty. Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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The article discusses the growth of the global geofencing market driven by increased smartphone ownership.
Geofencing is used to send personalized, real-time notifications to consumers, enhancing engagement and sales.
The geofencing market is expected to grow at a CAGR of 25% from 2021 to 2026.
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