Geofencing Software Statistics 2024


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein β†’
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddyβ„’ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

In an era where technology increasingly defines business strategies, geofencing software is a game-changer poised to revolutionize various industries in 2024. This innovation leverages GPS, RFID, Wi-Fi, or cellular data to create virtual boundaries around physical locations, triggering a response when a device enters or exits the designated area. Understanding the latest statistics on geofencing software is crucial for grasping how businesses can effectively harness this technology to optimize operations, enhance customer engagement, and gain a competitive edge.

Key stakeholders stand to gain significantly from the insights provided by these statistics. Marketing professionals can tailor highly targeted campaigns, retailers can improve customer experiences with personalized offers, and logistics managers can streamline fleet management through real-time tracking. Furthermore, sectors such as healthcare and security can employ geofencing to enhance patient monitoring and safeguard sensitive environments. These statistics not only reveal current trends but also project future developments, highlighting the evolving impact of geofencing software on industry practices.

Access to up-to-date data on geofencing software empowers decision-makers to craft informed strategies that capitalize on emerging opportunities. As industries become progressively interconnected and reliant on real-time data, the ability to analyze and interpret these statistics becomes essential. Whether you’re aiming to refine your marketing tactics or seeking to innovate within your operational frameworks, staying ahead of the curve with actionable insights on geofencing software is indispensable in navigating the dynamic business landscape of 2024.

Check our review: Best LLC Service, LegalZoom LLC Reviews, ZenBusiness Reviews, LegalZoom Competitors

Top Geofencing Software Statistics 2024

☰ Use “CTRL+F” to quickly find Geofencing Software facts. There are total 51 Geofencing Software Statistics on this page πŸ™‚


Smartphone And Application Usage

  • As of 2022, 6.64 billion people, or 83 percent of the world’s population, are smartphone users. [?]
  • Most people check their phones an average of 58 times a day. [1]
  • WhatsApp is the most used app in India with 81.2% penetration, followed by Instagram, Facebook, Telegram, and Twitter. [2]
  • The average consumer spends 5 hours a day on their mobile device. [11]
  • 88% of consumers who do a local search on their smartphone visit or call a store within a day. [8]
  • Nearly 46% of all Google searches are seeking local information. [8]

Geofencing Market Growth And Trends

  • The Location-Based Services Market size is estimated at USD 40.97 billion in 2023 and is expected to reach USD 120.64 billion by 2028, growing at a CAGR of 24.11%. [2]
  • The geofencing market is expected to grow at a compound annual growth rate (CAGR) of over 27%. [3]
  • Adoption of geofencing is envisioned to accelerate at a CAGR of 17.8% over the forecast period. [6]
  • The global geofencing market size was valued at USD 912.14 million in 2022 and is projected to reach USD 3551.49 million by 2031, growing at a CAGR of 16.3%. [12]
  • The global location-based services market generated a revenue of USD 65.79 billion in 2023 and it is estimated to reach USD 462.65 billion by 2032 at a CAGR of 24.2%. [7]
  • The global geofencing market is estimated to be valued at USD 1,867.2 million in 2022 and is projected to reach a valuation of USD 9,596.6 million by 2032. [6]

Check our llc formation guides: Florida LLC, California LLC, Texas LLC, New York LLC, New Jersey LLC, Ohio LLC

Industry-specific Applications

  • Use of geofencing technology in the transportation industry has reduced accidents and incidents by up to 40%. [3]
  • The use of geofencing in the retail industry has increased to 58% and is predicted to grow further by the end of 2030. [3]
  • More than 50 percent of marketers surveyed see restaurants and bars as prime locations to target for purposes of driving foot traffic. [4]
  • The average CPM for location-based audiences is $4.36, markedly lower than the average CPM of $9 for Facebook ads focused on impressions. [4]
  • An estimated 35.2% of the geofencing market is likely to belong to North America. [6]
  • China dominated the Asia Pacific geofencing market with a share of 12.3% in 2021. [6]

Consumer Behavior And Marketing Impact

  • 39 percent of marketers said geofenced audiences perform better, while 22 percent thought they performed worse. [4]
  • The average click-through rate (CTR) for geofenced audiences is 7.5 percent. [4]
  • 47% of consumers surveyed stated that they would be likely to shop from a retailer that offered promotions when they are nearby. [11]
  • Mobile ads with geofencing have double the click-through rate. [11]
  • 53% of shoppers visited a retailer after receiving a location-based message. [11]
  • 77% of customers will follow through with a purchase if a CTA is included in the ad. [11]

Technological Innovations And Partnerships

  • In November 2022, VeriDaaS Corporation announced the acquisition of 4DM, a geo-intelligence company based in Canada. [2]
  • Samsung and Telus officially deployed Canada’s first next-generation Mission Critical Push-to-X (MCPTX) services in March 2022, combining data and information with key organizational capabilities such as geofencing and video. [6]
  • GroundTruth announced cooperation and integration with Yext, Inc., in May 2020, to produce tailored location-based advertising campaigns. [6]
  • Foursquare and Factual Inc. collaborated in April 2020 to offer location-based services globally. [6]
  • In February 2023, Radisys launched Radisys ReachPoint to enable mobile network operators to deliver instant geolocation services, even in areas with limited GPS connectivity. [13]

Legal And Regulatory Aspects

  • In 2023, five states β€” Utah, Washington, Nevada, New York, and Connecticut β€” enacted geofence technology laws. [17]
  • Effective March 31, 2024, the Nevada Consumer Health Data Privacy Law prohibits geofences within 1,750 feet of any medical facility. [17]
  • Since 2016, law enforcement has used ‘geofence warrants’ to obtain geofencing data collected from users by large technology companies to inform criminal investigations. [17]
  • The COVID-19 crisis led some governments to launch phone apps with geolocation tracking to trace an individual’s contacts and determine whether they are complying with quarantine directives. [14]

Revenue And Economic Impact

  • The Location-Based Services Market size was valued at USD 45.4 billion in 2019 and is poised to grow from USD 56.57 billion in 2023 to USD 409.48 billion by 2031, growing at a CAGR of 24.6%. [15]
  • The global location-based services market was estimated at USD 53.2 billion in 2022 and is likely to reach USD 168.22 billion in 2028. [16]
  • The global location-based services (LBS) market is projected to grow from $31.17 billion in 2024 to $129.71 billion by 2032, at a CAGR of 19.5%. [19]
  • The United States location-based services market is valued at USD 11.36 billion in the current year and is expected to register a CAGR of 14.24%. [20]
  • The global location-based services (LBS) market size was valued at USD 55.58 billion in 2022 and is anticipated to witness a CAGR of 18.7% from 2023 to 2030. [18]

Privacy Concerns And Data Security

  • An overwhelming 63% of users are afraid of their location being tracked by apps, with more than 30% disabling location tracking on their devices. [7]
  • 60 percent of employees worry that their confidential data could be shared, and 41 percent have concerns about their personal information being spread in the workplace. [9]
  • In August 2020, a spokesperson for Anomaly Six told the WSJ that the company processes and visualizes location data sourced from mobile devices for analytics and insights. [10]
  • Apple’s iOS 15 includes a feature that keeps a log of all the companies your data is sent from each app. [10]

Industry-specific Case Studies

  • Radiology center received 168 qualified applications for job openings during the first week of a display campaign. [5]
  • University earned 425 leads and over $1 million in estimated tuition through a geofencing campaign. [5]
  • Gym gained 73 new memberships by geofencing competitive locations. [5]
  • National Supermarket saw over 2.7 million unique visitors through a Device ID campaign. [5]

Additional Market Insights

  • The tracking segment held the largest revenue share of 30.9% in 2022. [13]
  • The proximity segment is expected to grow at the fastest CAGR of 17.2% over the forecast period. [13]
  • The location-based advertising services segment accounted for the largest revenue share of 15.0% in 2022. [13]
  • The COVID-19 outbreak is expected to have a positive impact on the expanding location-based services market. [16]
  • The use of location-based services is likely to enable governments to address the impact of social distancing and facilitate tracking patterns of individual movements and traffic patterns with the emergence of COVID-19. [16]

Also Read

Sources

  1. smartbugmedia – https://www.smartbugmedia.com/blog/what-is-geofencing
  2. yahoo – https://finance.yahoo.com/news/location-based-services-market-size-173600525.html
  3. airdroid – https://www.airdroid.com/mdm/manage-workforce-using-geofencing/
  4. revealmobile – https://revealmobile.com/geofence-campaign-statistics/
  5. adcellerant – https://adcellerant.com/geofencing/
  6. futuremarketinsights – https://www.futuremarketinsights.com/reports/geofencing-market
  7. astuteanalytica – https://www.astuteanalytica.com/industry-report/location-based-services-market
  8. objectedge – https://www.objectedge.com/blog/the-power-of-location-data
  9. timeero – https://timeero.com/post/gps-tracking-statistics
  10. themarkup – https://themarkup.org/privacy/2021/09/30/theres-a-multibillion-dollar-market-for-your-phones-location-data
  11. propellant – https://propellant.media/what-is-geofencing/
  12. straitsresearch – https://straitsresearch.com/report/geofencing-market
  13. grandviewresearch – https://www.grandviewresearch.com/industry-analysis/indoor-lbs-market
  14. ey – https://www.ey.com/en_gl/insights/forensic-integrity-services/how-location-tracking-is-raising-the-stakes-on-privacy-protection
  15. skyquestt – https://www.skyquestt.com/report/location-based-services-market
  16. stratviewresearch – https://www.stratviewresearch.com/2695/location-based-services-market.html
  17. dataguidance – https://www.dataguidance.com/opinion/usa-new-geofence-technology-laws
  18. coherentmarketinsights – https://www.coherentmarketinsights.com/market-insight/location-based-services-market-5552
  19. fortunebusinessinsights – https://www.fortunebusinessinsights.com/industry-reports/location-based-services-market-101060
  20. mordorintelligence – https://www.mordorintelligence.com/industry-reports/united-states-location-based-services-market

Leave a Comment