Active Geofencing Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027) – Yahoo Finance


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The Active Geofencing Market was valued at USD 930. 7 million in 2021 and is expected to register a CAGR of 23. 96% over the forecast period of 2022-2027. The particular active geofencing market is witnessing growth due to increased use of spatial data, improved real-time location technology, plus higher adoption of location-based applications among consumers across the world.

New York, Oct. 04, 2022 (GLOBE NEWSWIRE) — Reportlinker. com announces the release of the report “Active Geofencing Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 — 2027)” : https://www.reportlinker.com/p06325593/?utm_source=GNW

Key Highlights
Geofencing is a location-based service used by various end-users in which an application or software uses technologies such as GPS, PFID, Wi-Fi, or cellular data to trigger a pre-programmed action when the specific device enters or exits a pre-defined virtual boundary in a geographical location which is known as a geofence.
The active geofence is utilized in various end-user industries, such as BFSI, defense, government, healthcare, retail, and many more, for uses like marketing, user engagement, IoT, real-time area tracking with regard to on-demand services, asset tracking, health and safety, and many more.
The particular advancements in active geofencing have improved with technological flexibility plus functionality. Styles, such while mobile marketing, focal clustering, autonomous cars, increasing ownership of BYOD, etc ., are driving the market’s development. Thus, the particular market studied is likely to witness steady growth, with the high growth expected in order to be coming from market players.
The rising concerns and regulations related to location monitoring can pose a threat to active geofencing technology. Moreover, the implementation associated with active geofencing solutions will be being restrained due to the lack of a regulatory body on privacy plus data collection in numerous regions.
The COVID-19 pandemic resulted in an upsurge within adopting energetic geofence technologies in different applications this kind of as healthcare, industrial manufacturing, and numerous more. For instance, various companies needed an application to identify the staff on their premises and communicate with them directly and instantly. Energetic geofencing has played a crucial role in ensuring that immediate, targeted communications are usually delivered during a crisis.

Important Market Developments

Retail Segment in order to Witness Significant Growth

Active geofencing enables retailers to recognize customers within a predetermined radius around the specific place and send them customized messages plus special offers designed to encourage them to walk into the store and make a purchase. Additionally, using the advent of digitization across the particular retail sector, the demand for active geofencing will be rapidly increasing in the store industry.
Further, active geofencing allows retailers to gain real-time insights in to customers’ behavior and places where they are most likely to participate in certain activities. This data helps retailers target ads with precision plus allows them to adapt their marketing strategy based on current consumer behaviors.
In addition, since geofenced data allows retailers to focus mainly on consumers who are most likely to engage with their services or products, marketing campaigns powered by geofencing tend to yield a higher return upon ad spend. Thus boosting the profit for the retail organizations.
Moreover, dynamic geofencing has the potential to help retailers connect with their own customers, increase footfall and strengthen customer loyalty. Personalizing and targeting offers depending on customer information allows merchants to stay relevant plus show a good understanding of consumers’ needs.
Retailers within the automotive industry use active geofencing to keep watch on the consumers taking test drives. If the consumer tries to exit the specified geofenced area, an immediate alert can be achieved so that will a quick response can be taken to avoid any asset losses.
Further, in the future, combined along with active geofencing and advanced technologies such as augmented reality (AR) as more mobile devices become wearables, customers expect a more digital-first, personalized shopping experience. This will further boost the adoption associated with active geofencing in store over the particular forecast period. In addition , growing adoption amongst retailers regarding promotion of their offers and advertising provide the promising future for that development of active geofencing marketplace in retail industry more than the prediction period.

Asia Pacific Region to Witness Fastest Development

The Asian countries Pacific region comprises major countries with fast-rising economies like China and India. These countries have significant small and medium enterprises. The growing need intended for geofencing technology by small and medium enterprises is usually creating a good opportunity for your geofencing market in the region.
According in order to the Asia Pacific Economic Corporation, little and medium-sized businesses are the drivers of growth and innovation in the region. Over 97 % of all businesses and more than half of the particular labor force in APAC economies are accounted for simply by them. Their contribution to GDP typically ranges from 40% in order to 60% in most economies, making them a key contributor to economic development. Additionally , authorities programs like Digital Indian have promoted the use of systems in these nations’ commercial sectors.
Inside India, the National Roadways for EV (NHEV) offers been working with several geofencing technology businesses to make the highways theft-proof plus subject in order to 24-hour breakdown service surveillance. For example , the particular Jaipur-Delhi-Agra E-Highway would be geofenced to allow electric vehicles and use a theft-proof relay concept.
Food delivery businesses are rising with the increasing usage of smartphones in the particular region, and all delivery companies are using geofencing technology in their applications to get better communications. For example, in Singapore, Grab Maps uses geofencing to provide motorists with safe transportation. At Grab, they take advantage of geofencing to assist the driver partners inside avoiding locations where traffic has been unexpectedly or momentarily stopped.
The region is definitely witnessing substantial growth in the number associated with commercial vehicles because of the increase in the economy. According to the NITI Aayog report, Road freight transit is growing in Of india. The number will rise from 4 million within 2022 to approximately 17 million trucks by 2050. As a result, geofencing technology providers in the country have a growing market in the united states.

Competitive Landscape

The Dynamic Geofencing Market is evolving in reaction to the particular widespread usage of smartphones, rising adoption of connected devices in various industries (such as transportation and logistics), and improving worldwide utilization of location-based service platforms for numerous applications, for example maps, check-ins, etc. Although the market studied poses moderate barriers in order to exit pertaining to players within the active geofencing market, several new entrants, such as Gimbal Inc. and Radar Labs Incorporation., are focusing on providing better items to assist customers create better decisions with location data to gain traction in the market. Moreover, players like IBM, Microsoft, Google, and Samsung have a superior brand identity, powerful competitive strategies, and distribution control. Overall, the intensity of competitive rivalry is high in the active geofencing market.

March 2022 – Microsoft Corporation completed the particular acquisition associated with Nuance Communications, Inc., an US-based corporation, for a total purchase price of USD 18. 8 billion, primarily in cash. Nuance is an artificial intelligence software program company along with experience in healthcare plus enterprise AI, and the acquisition will expand its industry-specific solutions.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months associated with analyst support
Read the full report: https://www.reportlinker.com/p06325593/?utm_source=GNW

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