Geofencing Market Trends

Growth Drivers

• Retailers are using geofencing services more frequently- Because digitalization makes it possible for businesses to interact with customers more effectively and remotely, retailers are embracing technology in an effort to build a more devoted client base. With the use of these systems, retailers can track client foot traffic as soon as they enter a geofenced area and use that information to deliver promotional offers to customers, encouraging them to visit the store and make purchases. Retailers are using geofenced services to deliver goods to clients as well.
• Expanding Use of Geofencing In Transportation and Logistics- Over the course of the projection period, it is anticipated that the growing use of geofencing technology in transportation and logistics for proximity-based advertising and marketing will further accelerate market expansion. In addition, a lot of contemporary meal delivery apps and taxi aggregation services rely heavily on technology. At LAX, for instance, Uber Car Hiring Service additionally makes use of geofencing so that locals may easily hail a cab and travel to their location in the matter of minutes. Geo-targeting is presently being used by Domino's in their text message marketing strategy. With more than 10,000 locations across 70 countries, the pizza company needs to deliver geo-targeted text messages to ensure that each client receives relevant content.
• Growing Advancements in Technology- The growing significance of technical advancements in preserving the security and safety of regions and organizations is the fundamental driver of market expansion. The Global Navigation Satellite System (GNSS), wireless technologies that enable Location-Based Services and the Global Positioning System (GPS), as well as ongoing technological developments in cloud computing applications, all greatly contribute to the market's expansion. For 33% of firms, geofencing technology is being used to proactively improve workplace safety as well as to educate staff. For example, geofences are utilized in the construction sector to set off a device alarm when workers get near hazards like overhead powerlines or dangerous materials. In addition to alerting managers when personnel or machinery crosses a border, geofencing allows for quick action in case of an emergency.

Challenges

• Growing Concerns About Privacy- Getting people's locations is the hardest goal to accomplish. Because most people are apprehensive about sharing their location and other personal information, geofencing is more challenging. Geofencing is an invasive type of monitoring that puts people's privacy and liberties at risk. Throughout the course of the projection period, the geofencing market will slow considerably due to technical advancements being resisted by growing privacy concerns and movements supporting individual freedom.
• Problems with battery depletion could hinder market expansion.
• Over the projection period, the industry's growth will be hampered by a shortage of professional skills.