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Geofencing Market to Surpass US$ 9,500 Mn by 2032: Increasing Adoption of Location-Based Marketing to Boost Industry Growth | Future Market Insights, Inc.

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2 years ago

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NEWARK, Del, Sept. 23, 2022 (GLOBE NEWSWIRE) — During the projection period, the adoption of geofencing is anticipated to grow at a CAGR of 17.8%. It is predicted that the geofencing market is likely to grow from US$ 1,867.2 Mn in 2022 to US$ 9,596.6 Mn in 2032.

The geofencing market share is primarily driven by smartphone usage and demand for geofencing is expanding as it helps with real-time monitoring, which is important for data analysis. Additionally, geofencing uses GPS and RHD technology to deliver reliable data. Additionally, the growing use of analytical and geographical tools is accelerating the expansion of the geofencing market.

FMI anticipates that the demand for geofencing throughout the projected period is anticipated to be fueled by the technology’s numerous applications for a number of goals. Geofencing is also becoming more popular as it helps businesses interact with their customers, draw in more foot traffic, and foster stronger customer loyalty. Companies may stay in the spotlight and demonstrate a keen understanding of their consumers’ needs by personalizing and adapting their offers based on customer data.

However, one of the key constraints identified for the geofencing market is the high cost of geofencing devices. It also has some restrictions in terms of radius coverage and rigorous maintenance, limiting the use of geofencing. Furthermore, installation costs may severely restrict the growth of the geofencing market throughout the projection period. The geofencing market is expected to expand since it enables businesses to target specific customers by personalizing and disseminating notifications and adverts in real-time.

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Key Takeaways from Geofencing Market Study

  • With a share of 41.0%, the hardware segment dominates the geofencing market by solution.
  • Due to the broad use of these solutions by sectors including transportation and logistics, retail, automotive, and government, the hardware segment dominated the geofencing market in 2021.
  • According to technology, active geofencing holds a 57.8% share of the geofencing market. The versatility and usefulness of active geofencing have improved.
  • The transportation and logistics industry is anticipated to have the largest market share of 24.2% throughout the forecast period. When it comes to the implementation of geofencing market solutions, the transportation and logistics segment is one of the most important industries.
  • North America is expected to occupy 35.2% of the market during the projected period. The majority of stable and established economies in North America spend extensively in R&D, promoting the development of new technology.
  • The Europe region is also predicted to see exceptional growth. The key players and research and development initiatives are projected to generate more profit in the coming years.
  • In 2021, India held a 10.5% share of the Asia Pacific geofencing market.
  • In 2021, China held a 12.3% share of the Asia Pacific geofencing market.
  • During the projected period, the South Asia and Pacific region is expected to grow at a CAGR of 22.5% between 2022 and 2032.

“The various applications of geofencing and technologies for a variety of goals are expected to promote geofencing adoption throughout the projection period. However, the high cost of geofencing devices is projected to hamper the market growth.” –FMI Analyst

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Competitive Landscape

Companies in the geofencing market are working to increase the accuracy and integration functionality of their solutions while also extending their capabilities. These firms are creating solutions for a wide range of client segments for promotion, asset tracking, workforce management, and fleet monitoring applications through aggressive promotion and marketing techniques.

Major firms with great brand recognition, successful competitive strategies, and distribution dominance include IBM, Microsoft, Google, and Samsung. Overall, the geofencing market players are highly competitive.

Google, Apple, Bluedot Innovation, Thumbvista, Esri, Embitel, Simplifi.fi, Gimbal, Mapcite, UpSnap, Placecast, Swirl Networks, GeoMoby, Localytics, Urban Airship, Pulsate, PlotProjects, Radar Labs, and DreamOrbit are a few companies in the geofencing business.

 Latest Developments in the Geofencing Market:

  • August 2022 – DJI received the world’s first C1 EU-type drone evaluation certificate under the European Drone Regulation. This has helped them build a trustworthy brand image and attract new clients for the organization.
  • March 2022 – Using the Samsung Knox platform, Samsung and Telus successfully introduced Canada’s first next-generation Mission Critical Push-to-X (MCPTX) services, which provide information and data as well as important operational features such as geofencing and video to keep the public safe.
  • In March 2022, Microsoft Firm finalized its acquisition of Nuance Communications, Inc., a US-based corporation, for a total purchase price of USD 18.8 billion, mostly in cash. Nuance is an artificial intelligence software firm with experience in healthcare and enterprise AI, and the acquisition is most likely help the company to expand.

Key Segments Covered in the Geofencing Market Report

By Solution:

  • Hardware
  • Software
  • Services

By Technology:

  • Active Geofencing
  • Passive Geofencing

By Industry:

  • Transportation and logistics
  • Retail
  • Healthcare and life sciences
  • Industrial manufacturing
  • Media and entertainment
  • Government and defense
  • Banking, Financial Services, and Insurance (BFSI)
  • Others (agriculture, education, construction and engineering, and energy and utilities)

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific excluding Japan (APEJ)
  • Japan
  • Middle East & Africa (MEA)

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Table of Content

1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand-side Trends

    1.3. Supply-side Trends

    1.4. Technology Roadmap Analysis

    1.5. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Market Background

    3.1. Market Dynamics

    3.2. Scenario Forecast

    3.3. Opportunity Map Analysis

    3.4. Investment Feasibility Matrix

TOC continued…

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: [email protected]

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Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website

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14 hours ago

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May 11, 2024

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LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.

“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”
The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.
With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.
KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.
The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta  Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.
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WIO Taps Gracenote to Revolutionize Television Broadcast Reporting

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1 day ago

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May 11, 2024

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LOS ANGELES, May 11, 2024 /PRNewswire/ — WIO LLC, parent company of the global TV broadcast airings platform, WIOpro™, has announced a new strategic agreement with Gracenote, the global content data business unit of Nielsen, to address the longstanding challenge of accurately tracking and collecting music royalties generated by broadcast television and digital programming, With this agreement, WIO will integrate Gracenote TV program metadata and show airings into its WIOpro™ (“When’s It On – Professional”) platform enabling performance rights organizations, copyright management organizations and other entities to better monitor broadcast schedules and identify when royalties have been earned.

By integrating Gracenote historical program data into WIOpro’s new LookBack™ feature, WIO is enhancing its reporting capabilities and empowering Collection Societies, Rights Management Companies and the royalty-earning community to more easily monitor and export broadcast airings and better understand collections opportunities.
“At WIO, we are committed to empowering collection societies and copyright holders around the world with our platform tools and unprecedented access to the best and most accurate television broadcast and streaming data available,” said Shawn Pierce, Co-Founder and CEO of WIO LLC. “We have enjoyed an incredible relationship with Gracenote for 10 years. With the solidification of this agreement, we are able to deliver an unrivaled dataset to the royalty and residual community in a way that has not been offered before.” said Adam Shafron, Co-Founder and CTO of WIO LLC.
“WIO’s platform developed to solve the difficult matter of royalty tracking only becomes more powerful based on the integration of accurate, timely and comprehensive Gracenote metadata,” said Scott Monahan, Director, Strategic Partnerships, Gracenote. “We look forward to the combination of WIOpro’s technology and Gracenote’s program metadata delivering on the promise of transforming music royalty collection so that rights holders can be fairly compensated for use of their work.”
WIO and Gracenote will be at the MusicBiz 2024 conference in Nashville, TN May 13 – 16. Contact Dave Pelman, COO of WIO LLC at [email protected] for media queries or to book an appointment for a product demonstration.
About WIO:WIO is a technology company dedicated to providing broadcast television and digital programming data tailored specifically for the royalty and residual collection industry. Through its platform WIOpro (wiopro.com), users obtain access to real-time broadcast insights, reporting and curated data delivery.
About Gracenote:Gracenote is the content data business unit of Nielsen providing entertainment metadata, connected IDs and related offerings to the world’s leading creators, distributors and platforms. Gracenote enables advanced content navigation and discovery capabilities helping individuals easily connect to the TV shows, movies, music, podcasts and sports they love while delivering powerful content analytics making complex business decisions simpler.
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IDTechEx Explores Printed Electronics in Electrified and Autonomous Mobility

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May 10, 2024

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BOSTON, May 10, 2024 /PRNewswire/ — Electrification, autonomy, and vehicle ownership saturation are causing a technological revolution in the automotive sector. These automotive meta-trends are driving drastic changes in electronic component requirements and present a high-volume opportunity for printed electronics to capitalize on.

Historically, printed electronics technologies have nurtured a close relationship with the automotive sector, with printed force sensors pioneering passenger safety through seat occupancy and seatbelt detection. As such, the automotive sector continues to represent the lion’s share of the global printed and flexible sensor market, which IDTechEx’s report on the topic evaluates as worth US$421M in 2024. However, if the automotive sector is to continue to be a reliable revenue stream, printed electronics technology providers must adapt to address the emerging technical challenges facing future mobility.
Augmenting autonomous vehicles with printed electronics
As vehicle autonomy levels advance, the increasing number and distribution of spatial mapping sensors required will need continuous performance improvements to ensure passenger safety. Emerging printed electronics technologies can augment these sensors, extending detection bandwidth and maximizing reliability during operation.
Transparent conductive films (TCFs) are being developed to heat and defog LiDAR sensor panels, ensuring the function is unperturbed by external environmental conditions. Properties such as high transparency and low haze are important for defogging. These properties can be easily tuned using the wide variety of material options available for TCFs, including carbon nanotubes and silver nanowires.
IDTechEx identifies printed heating as a leading application of transparent conductive films. This is attributed to diminishing growth prospects in capacitive touch sensing applications. Innovations in thin film coating techniques have enabled indium tin oxide (ITO) to dominate touch sensing applications, all but displacing TCFs completely.
Looking towards the future, printed electronics technologies could play a more active role in advanced autonomous driving. Emerging semiconductive materials, such as quantum dots, printed directly onto conventional silicon image sensor arrays can extend detection range and sensitivity deeper into the infrared region. Augmenting existing image sensor technology with enhanced spectral range could facilitate the competition of hybrid silicon sensors with established InGaAs detectors.
Printed sensors promise granularized battery health monitoring
Vehicle electrification is driving the sustained development and evolution of electronic management systems, particularly in the battery and electric drivetrain. A strong market pull exists for technologies that increase vehicle efficiency, range, and lifetime while reducing recharge times.
Printed pressure and temperature sensors measure battery cell swelling and thermal profiles, providing granularized physical data that can be used to optimize battery deployment and recharging. Moreover, hybrid printed sensors that combine integrated printed heating elements promise a solution to actively address battery temperature. IDTechEx estimates that printed sensor-enabled battery deployment and charging optimizations could be worth up to US$3000 in savings per vehicle.
There remains uncertainty about whether electrification trends will correspond to increased demand for physical sensors in electric vehicle batteries, owing to the utility of existing electronic readouts for managing deployment. Virtual sensors also pose a threat, where AI-enabled software models interpret data to predict and emulate physical sensor functions without the need for discreet components. However, emerging regulations regarding safety and sensor redundancy will likely favor measurable metrics and see automotive makers continue to adopt physical sensors. IDTechEx predicts that virtual sensors are unlikely to displace their physical counterparts – so long as low-cost sensors remain widely available.
Embedding printed electronics in the car of the future
IDTechEx predicts that global car sales will saturate over the next decade, with automakers increasingly looking for premium features and technical innovations to differentiate themselves from the competition. In-cabin technologies will be highly desirable – as the location where passengers reside and interact with the vehicle the most.
Lighting elements are emerging as a prominent differentiator, described as “the new chrome” by Volkswagen’s chief designer. The use of in-mold structural electronics (IMSE) enables the integration of embedded lighting elements using existing manufacturing processes. 3D electronics technologies are intrinsically attractive for automotive integration, as functional layers are conformable and lightweight while easily embedded within existing aesthetic elements.
Despite strong tailwinds, the adoption of in-mold electronics within automotive interiors has been sluggish. This is attributed to the challenges of meeting automotive qualification requirements, as well as stiff competition with less sophisticated alternatives such as applying functional films to thermoformed parts. Nevertheless, momentum is building, with technology providers like Tactotek partnering with Mercedes-Benz and Stallantis to progress the automotive validation of IMSE to TRL5.
Outlook for printed electronics in automotive applications
Just as printed force sensors heralded early passenger safety systems, printed electronics technology is poised to underpin next-generation innovations for the car of the future. But this time, the competition will be stiff. Critical cost requirements must be met, while desirable new functionality must address existing challenges faced by manufacturers. Printed electronics can play a role in supporting emerging electrified and autonomous mobility, such as augmenting LiDAR sensors or optimizing electric battery deployment. Demand for technologies that enhance passenger experience and vehicle aesthetics will continue to grow, and printed electronics can supply low-power, lightweight lighting solutions for these.
Sustained engagement from tier suppliers and manufacturers continues to make the automotive sector key to printed sensor market growth opportunities – a total market IDTechEx predicts will reach US$960M by 2034. Strong partnerships between material providers and printed electronics technology providers are complementary to those of the highly vertically integrated automotive value chains between tier suppliers and OEMs. Leveraging printing techniques to provide solutions that slot into existing manufacturing processes and designs will be crucial. In the medium term, the printed electronics technologies most likely to realize revenue potential are those that can adapt to service emerging challenges already known to the automotive industry.
For more information on IDTechEx’s research on this topic, please see their report, “Printed and Flexible Sensors 2024-2034: Technologies, Players, Markets”. Downloadable sample pages are available for this report.
For the full portfolio of printed and flexible electronics market research from IDTechEx, please visit www.IDTechEx.com/Research/PE.
About IDTechEx:
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com. 
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