Geofencing Market Segmentation:
Component
Based on component, solution segment in the geofencing market is attributed to hold largest revenue share of about 65% during the forecast period. The growth of the segment is because a number of industries, including retail, the transportation and logistics sector, the automobile industry, and the public sector, have widely adopted these solutions. In April 2022 to March 2023, the industry produced 2,59,31,867 vehicles, including passenger cars, commercial vehicles, three-wheelers, two-wheelers, and quadricycles, compared to 2,30,40,066 units in April 2021 to March 2022. The solutions industry has a sizable portion of the overall market owing to enterprises integrating location-based services and growing the solution's functionalities. To facilitate the deployment of geofencing techniques, this software solution typically combines location-based technologies with user-friendly interfaces. The software-enabled app allows developers to create dynamic push alerts that include action buttons, videos, and photographs. By enabling users to take immediate action from the idle screen, this type raises the response rate. Ordering, purchasing, responding, or participating in an activity like filling out a questionnaire are examples of direct actions, depending on the topic.
Technology
Based on technology, active segment in the geofencing market is estimated to hold largest revenue share of about 55% during the forecast period. Using active geofencing, retailers target customers within a predefined radius of a specific location with offers and messaging in an effort to bring them into the store and make a purchase. Additionally, the increasing acceptance of digital technology and the rising need for business intelligence tools across multiple industries have led to the rise in popularity of automation solutions that employ various geofencing techniques. Manufacturers have access to real-time process and workforce tracking solutions because of active geofencing services and real-time location systems.
Our in-depth analysis of the global market includes the following segments:
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