The global geofencing market size was valued at USD 2.20 billion in 2023 and is projected to grow from USD 2.65 billion in 2024 to USD 12.23 billion by 2032, exhibiting a CAGR of 21.0% during the forecast period. North America dominated the global market with a share of 35.91% in 2023. Geofencing is a service that utilizes GPS, RFID, Wi-Fi, and cellular data to trigger preprogrammed actions for apps or other software used on mobile, desktop, or cloud-based platforms. A geofence, which is a virtual boundary, is established around a geographical location to enable this service. Its primary purpose is to allow businesses and companies with apps to track their users, market to them, or send alerts when a mobile device enters or exits a specified area.