Active Geofencing Market Size (2024 - 2029)

Active Geofencing Market Analysis

The Active Geofencing Market size is estimated at USD 1.81 billion in 2024, and is expected to reach USD 5.16 billion by 2029, growing at a CAGR of 23.23% during the forecast period (2024-2029).

Active geofencing is growing due to more effective use of Spatial Data, improving Real Time Location Technologies, and increased adoption worldwide for location-bassed applications by consumers.

• Geofencing is a location-based service used by each end user, for which an application or software uses technologies such as GPS, PFID, WiFI, and mobile data to enable them to trigger preprogrammed actions when the device leaves virtual boundaries of geographical zones known as geofences.
• How people and businesses interact with the world and make huge savings has changed due to the increased use of spatial data and real-time location technologies. All kinds of devices and systems are connected to the Internet, such as phones, Smart buildings, car navigation systems, industries, or fleets of autonomous vehicles. Technology that provides real-time location data is required to maintain the system's proper functioning on a daily basis.
• With technological flexibility and capabilities, advancement in Active Geofencing is increasing. The market's growth is driven by trends such as digital marketing and clustering, autonomous cars, increased adoption of Bring Your Own Device, etc. The market studied, therefore, is expected to remain robust and will have a significant growth contribution from players in the market.
• Increasing concerns and regulations regarding location tracking can threaten active geofencing technologies. Moreover, active geofencing solutions are being held back due to the lack of regulatory bodies dealing with privacy and data collection in various regions.
• The COVID-19 virus increased the use of Active Geofences in several sectors, such as healthcare, industry, and many others. For example, an application had to be submitted by individual companies to identify staff at their premises and communicate with them directly and immediately. Active geofencing has facilitated secure, timely communication during an emergency.

Active Geofencing Industry Segmentation

Geofencing uses GPS, cellular technologies, or Wi-Fi to track the devices required to be monitored against defined geofences. Geofence is the virtual perimeter surrounding the physical location configured using maps. Active geofences need users to opt-in for location services through GPS or radio frequency identification (RFID).

The active geofencing market is segmented by organization size (small and medium-scale businesses and large-scale businesses), end-user industry (BFSI, defense, government and military, healthcare, industrial manufacturing, retail, and transportation and logistics), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa).

The market sizes and forecasts are provided in terms of value (in USD) for all the above segments.