PUBLISHER: Grand View Research | PRODUCT CODE: 1363430
PUBLISHER: Grand View Research | PRODUCT CODE: 1363430
The global geofencing market size is anticipated to reach USD 9.36 billion by 2030, registering a CAGR of 21.7% from 2023 to 2030, according to a new report by Grand View Research, Inc.. Extensive use of location-based marketing accelerates the growth of the market. The demand for geofencing is probably being mostly driven by the newest 5G-capable smartphones with fast data and precise position tracking. As businesses may target specific clients by personalizing and disseminating notifications and adverts in real time, the geofencing industry is predicted to grow.
Major players are focusing on innovations and the development of products to stay ahead in the market. For instance, In February 2023, MapmyIndia, a tech firm in India, building GIS AI technologies, telematics solutions, digitized map data, and location-based SaaS, introduced smart helmet kits, GPS trackers, and dash cam. The new products include smart helmet kits, dash cameras, in-dash navigation systems, and vehicle GPS trackers. Two-wheeler owners use the GPS tracker and smart helmet kits, but the dash camera and in-dash navigation system are intended for cars.
Additionally, automation technologies that use different geofencing methods have become popular due to the widespread acceptance of digital technology and the growing demand for business intelligence tools across numerous industries. Thanks to active geofencing services and real-time location systems, manufacturers can access solutions like real-time process and employee tracking. The demand for these solutions is very high because of the significant manufacturing concentrations in the nation. The market is expanding due in part to the expanded usage of LBS in healthcare. The American healthcare sector is experiencing rapid growth and adoption of automation and IoT technologies.
Due to the widespread acceptance of digital technology and the growing demand for business intelligence tools across numerous industries, automation technologies that use different geofencing methods have seen significant popularity. Manufacturers have access to solutions like real-time process and employee tracking thanks to active geofencing services and real-time location systems. The demand for these solutions is very high because of the significant manufacturing concentrations in the nation. The market is expanding due in part to the expanded usage of LBS in healthcare. The American healthcare sector is experiencing rapid growth and adoption of automation and IoT technologies.