Market Overview

The active geofencing market is projected to register at a CAGR of 24.1% over the forecast period of 2019-2024. Geofencing determines the geographical boundaries using radio frequency identification (RFID) or GPS. The active type of geofencing is dependent on the end user as at any point of time it can be switched on and can be tracked using a smartphone application; whereas, passive geofence runs in the background and use the internet on cellular data or Wi-Fi.

• Geofencing offers safety and security in terms of tracking the exact location of the assets like fleets, inventory, etc. This tracking allows the user to optimize the cost realization and enhance the business profit. The proliferation of smartphone penetration across the globe is driving the adoption of active geofencing technology over the last few years.
• The organizations are now becoming more data-driven in terms of their decision-making process. In result, the use of geospatial data has been increasing over the year. Active geofencing technology features real-time tracking made the use of geospatial data more efficient. Hence, fueling the active geofencing market growth.
• However, the rising awareness among the consumers about the tracking of individual locations from smartphones and consumer concern about their privacy due to the regular data breach cases, are restricting market growth to an extent.

Scope of the Report

The scope of the study for the active geofencing market has considered the application of the technology in a wide range of industries for both small & medium scale as well as large scale businesses globally. 

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Key Market Trends

Retail Segment to Witness Significant Growth

• Retails are eagerly adopting digitalization in order to gain a more loyal customer base as digitalization allows them to engage their customers more efficiently and remotely. Retailers observe customers footfall as soon as they enter the geofenced area and push them with promotional notifications with this active geofencing solution to extract them.
• Automotive retailers use geofencing to keep watch on the customers taking test drives and if the customers try to exit the specified area for the immediate alert can be achieved so that quick response can be taken to avoid asset losses.
• The rise in smartphone by individuals usage globally is encouraging retails to adopt active geofencing technology as they can track even more footfalls in their geofenced region. It is observed that developing countries have better penetration of smartphone with 82% against 80% in developed countries. Also, smartphone shipments are expected to reach 2.2 billion units globally in the year 2019. Hence, the active geofencing market has growth opportunities in developing countries. 
• Retailers are deploying unconventional methods like aerial unmanned drones to deliver products to their customers. For instance, Walmart has planned to deliver products in a safebox using drones rather than a doorstep. The application includes the usage of geofencing and blockchain technology for package tracking and identification.

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