Geofencing Market Size

Geofencing Market size was valued at USD 2.77 billion in 2024 and is set to exceed USD 32.31 billion by 2037, expanding at over 20.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of geofencing is evaluated at USD 3.23 billion.. The growth of the market is owing to the increase in demand for location-based services (LBS). Twenty-eight percent of adult Americans use mobile or social location-based services. 

In addition to this, the need for geofencing has grown dramatically since the coronavirus outbreak. With working from home becoming the new norm, many companies are transitioning to long-term remote employment. Consequently, there is a great demand for geofencing software that enables employees to electronically clock in and depart. Because geofencing enables employees to better manage their time, workers become more productive. Consequently, this factor is anticipated to drive up sales in the geofencing market.