The location based marketing services market is expected to reach US$ 299.3 Billion by 2032, expanding at a high CAGR of 18.1%. The industry is likely to yield a dollar opportunity worth US$ 252.3 Billion across the 2022-2032 forecast period.
Increasing demand for mobile location-based services, the surge in demand for location-enabled mapping, tracking, and navigation solutions, and the proliferation of social media, smartphones, and location-based applications among consumers are expected to accelerate the market growth during the forecast period.
From 2015 to 2021, location based marketing services demand expanded at a CAGR of 18.8%, yielding US$ 47 Billion. Growth prospects improved further during the COVID-19 pandemic, as the extensive presence of consumers on social media platforms made it easier for industries to target specific customers across different geographies.
Furthermore, regulatory measures to ensure consumer safety, the proliferation of new data sources, and evolving methodology for marketing purposes are likely to promote market growth.
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Moreover, the rise in GPS-enabled precision applications, such as farming, logistics, and automotive, has created a high demand for location-based solutions. Also, the increasing demand for mobile location-based services, the surge in demand for location-enabled mapping, tracking, and navigation solutions, and the proliferation of social media, smartphones, and location-based applications among consumers are providing significant opportunities for the growth of the location-based services market.
Key Takeaways From The Location Based Marketing Services Market Report:
- The global location based marketing services market was valued at US$ 56.5 Billion by 2022-end
- The U.S to account for the highest value share of US$ 90.9 Billion of global market demand until 2032
- My target location, the physical locations category to be most preferred, documenting a CAGR of 18.1%
- China to experience prolific market growth, surpassing US$ 40 Billion by 2032, following a CAGR of 21.1%
- Based on promotion type, search result-based location-based marketing reigns supreme, growing at a 17.3% CAGR
Competitive Landscape:
Players in the global location based marketing services market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market.
Some of the recent developments among the key players are:
- In September 2021, BT and Oracle partnered to optimize their network resources and bring new 5G offerings to market faster. The solution will enable BT to quickly and seamlessly test and implement 5G services.
- In July 2021, TomTom Virtual Horizon was designed for automated and non-automated vehicles, with and without embedded navigation. It provides a seamless connection between digital maps and ADAS functionality.
- In July 2021, IBM and Atos collaborated and built a secured infrastructure for the Dutch Ministry of Defence. This infrastructure provides advanced technologies, and infrastructure services, and safeguards its It system, among others.
Leading Key Players:
- ALCATEL-LUCENT
- APPLE INC.
- AT&T Inc.
- Bharti Airtel Limited
- Cisco Systems, Inc.
- Google LLC
- HERE
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- Qualcomm Technologies, Inc.
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Location Based Marketing Services Market Segmentation:
By Location Type:
- By Physical Location
- By Location of Interest
By Promotion Type:
- Banner Display/Pop-ups Promotion
- Video Promotion
- Search Result Promotion
- E-mail and Message
- Social Media Content Promotion
- Voice Calling Promotion
By Industry Vertical:
- Retail
- Hospitality
- Healthcare
- BFSI
- Education
- Technology and Media
- Transportation and Logistics
- Automotive and Other Industries
By Region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
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