Geomarketing Industry To Surpass USD 67.3 Billion at a 19.4% CAGR by 2030 – Report by Market Research Future (MRFR)
Growing Demand for Improved Shopping Experience with Live Commerce Drives Geomarketing Market
New York, US, March 20, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Geomarketing Market Research Report: By Component, Location-tracking Technology, Consumer Location, Deployment Mode, Organization Size – Forecast till 2030”. The geomarketing market is expected to garner rapid revenue growth. The proliferation of mobile phones and the evolving GPS technology would support the market growth. Market Research Future (MRFR) states that the global geomarketing market value is poised to escalate from USD 7.89 billion in 2022 to USD 67.3 billion by 2030, registering a 19.4% CAGR throughout the assessment period (2022-2030).
Geomarketing Market Competitive Analysis
Players leading the global geomarketing market include:
- Adobe Inc. (US)
- Oracle Corporation (US)
- Cisco Systems, Inc. (US)
- Google LLC (US)
- IBM Corporation (US)
- Microsoft Corporation (US)
- Salesforce.com, Inc. (US
- Software AG (Germany)
- Qualcomm Technologies, Inc. (US)
- Xtremepush (Ireland
- Telefonaktiebolaget LM Ericsson (Sweden)
- MobileBridge (Netherlands)
- Plot Projects (Netherlands)
- HYP3R Inc (US)
- Galigeo (France)
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Over recent years, geomarketing and location-based marketing & advertising services have garnered huge prominence. In today’s competitive business environment, geomarketing has become imperative for all brands. Businesses are continually spending on developing new marketing techniques to make their advertising initiatives more effective, precise, and relevant.
Geomarketing provides vast advantages to businesses in reaching out to their customer base in a particular location. It enables advertisers to build high-quality databases and more accurately forecast consumer spending. Its additional features increase consumer connections and audience visibility. Increased utilization of the internet and GPS-enabled mobile devices accelerate market expansion.
Geomarketing Market Report Scope:
|Market Size by 2030||USD 67.3 Billion|
|CAGR during 2022-2030||19.4%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||This market is offering huge growth opportunities for the solution providers to innovate on their offerings and meet diverse use case requirements of their clients.|
Organizations that are streamlining their sales pipelines and shifting their focus from lead generation to customer base are creating huge market demand. This, as a result, accelerates the geomarketing market shares. With the growing adoption of geomarketing in the increasing number of companies offering financial services, the market is likely to perceive a positive outlook in the coming years.
Advances in analytical capabilities in the communications field and expansion of existing 3G/4G and 5G technologies are some factors fuelling the geomarketing market. Moreover, the increasing uptake of geomarketing in healthcare insurance and financial services industries escalates the market on the global platform.
Additional factors influencing the market growth include the proliferation of IoT platform that helps organizations enhance their business operations by providing customer interaction. Furthermore, the penetration of Blockchain technology, which is expected to strengthen location-based advertising in the future, would foster the growth of the market.
The emergence of social media analytics is a primary factor driving the growth of the geomarketing market. Rapidly increasing social media platforms have accelerated the demand for geomarketing to track user interactions on these sites. Geomarketing allows businesses to tailor their advertising campaigns to target their potential client base and make them more effective.
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Geomarketing helps businesses make better marketing decisions by using potential clients’ location data. Implementing geomarketing can be an extensive process; however, selecting and using the right tools and technologies can support the application of geomarketing.
The geomarketing market is segmented into components, location-tracking technologies, consumer locations, deployment modes, organization sizes, industry verticals, and regions. The component segment is sub-segmented into software (content management, location analytics, geofencing, reporting & visualization, others) and services (consulting, implementation & integration, and support & maintenance services).
The location-tracking technology segment is sub-segmented into global positioning systems, Bluetooth, Wi-Fi, and iBeacon. The consumer location segment is sub-segmented into indoor and outdoor. The deployment mode segment is sub-segmented into cloud and on-premise. The organization size segment is sub-segmented into large enterprises and small & medium-sized enterprises (SMEs).
The industry vertical segment is sub-segmented into retail & consumer goods, travel & hospitality, banking, financial services & insurance (BFSI), healthcare, media & entertainment, telecommunications, and others. By regions, the market is sub-segmented into the Asia-Pacific, North America, Europe, and the Rest-of-the-World.
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North America dominates the global geomarketing market with the largest market share. The region is home to many communication technology providers with strong navigation services, which, in turn, impacts the regional market growth. Moreover, the demand for home-based solutions and technological advantages are key drivers for the regional market. Besides, the early adoption of cloud-based deployment services propels the growth of the market.
The geomarketing market in the Asia Pacific region is gradually emerging as a promising market globally. The market has been valued considerably and is expected to create a substantial revenue pocket over the forecast period. Increasing adoption of GPS services and cloud-based services alongside the proliferation of smartphones are providing enormous opportunities across businesses.
Japan, China, and India are rapidly growing APAC countries anticipated to show a rapid rate through the forecast period. The increasing use of navigation and location-based services in the region provides better scope for geomarketing to advance further.
The highly competitive geomarketing market appears fragmented due to the competitive landscape formed by many notable players and new entrants. They continuously launch products and services in developing economies to take advantage of the economic growth in these regions.
Leading technology providers combine 5G technologies and global navigation satellite system (GNSS) technology to accelerate the implementation of geomarketing. Industry players strive to deliver core specification technologies to help drive interoperability across the geomarketing market. Product launch, agreement & partnership, M&A, and expansion are the key strategic initiatives traced from the recent proceedings in the market.
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For instance, on Oct.26, 2022, Cortex, a leading marketing and sales intelligence company, announced the acquisition of a geomarketing company, Geofusion, to bring a new layer of data to its solution, reinforcing its focus on data. Cortex also revealed its plan to add more data and artificial intelligence to the Geofusion platform, which can help manufacturers and distributors identify ideal points of sale and product offerings to maximize their sales.
Geofusion specializes in geomarketing and data intelligence with a focus on geolocation. The acquisition aligns with the company’s strategy to focus on its portfolio and sales intelligence solutions that contribute to increasing customer revenue. The new solution already brings great synergy to Cortex’s business proposal.
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