Market Trends of Active Geofencing Industry
Retail Segment to Witness Significant Growth
- An active geofence enables retailers to determine potential customers within a defined radius of any point of sale, sending them personalised notifications and specific offers that they can use in order to make their purchases. In addition, as digitisation continues to spread across all retail sectors, demand for effective geofencing is growing rapidly in the retail sector.
- In view of the fact that retailers can target consumers who are most likely to take part in their services or products, advertising campaigns using geofenced data tend to deliver higher return on investment. This leads to higher profits for retail organisations.
- Moreover, In the future, active geofencing will be combined with augmented reality (AR), customers and advanced technologies andexpect a more digital-first, personalized shopping experience. As more mobile devices become wearables, customers are expected to experience a more digital first and personalised shopping experience. In the coming forecast period, this will lead to a higher uptake of active geofencing in retail.
- Recent research on trends which are shaping the future of shopping, predicts that by 2025, about one third of consumers in the United States will be using AR technologies when purchasing products online. AR technologies enable virtual product viewing when shopping online. The study showed that while in countries like Saudi Arabia and United Arab Emirates, the expected use of AR was as high as 45 percent, in Europe, this share was much lower.
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North America is Expected to Hold the Major Share of the Market
- In North America, active geofencing investments and innovation have been made at various endpoints, such as healthcare, transport, logistics, financial services sector, security, and many others. Market forces push for integrating spatial information and real-time location technologies in this region.
- Further, this region is dominated by companies in the BFSI sector, retail and transport, and logistics sectors capable of using active geofencing. In addition, North America has one of the most developed economies in the world in the form of the United States and Canada. As a result of the strong communication and Internet infrastructure in the region, it is also leading the market.
- In addition, the adoption of automated tools that take different geofence solutions has increased due to the wide deployment of digital technologies and the growing demand for business intelligence tools in all kinds of enterprises.
- However, many regional retailers are increasingly applying active geofencing through digital offers and promotions to strengthen customer loyalty. Retailers can also better understand where their customers are coming from before and after they visit one particular shop.
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