The global geomarketing market size is expected to be worth US$ 82,840.8 Mn by 2032, up from US$ 11,979.6 Mn in 2022. Due to rising demand, the market is estimated to increase at a CAGR of 21.3% over the forecast period.
The primary factors driving the adoption of geomarketing are the growing demand for area-based insights to enhance business outcomes, the use of area investigation and massive data to compile in-depth and segregated information about potential markets and clients, the widespread acceptance of area-based applications among consumers, and the growing interest in advanced marketing as opposed to traditional marketing.
Furthermore, device connection has expanded as a result of the adoption of advanced technologies (IoT, advanced analytics, edge computing, and blockchain). With the growth of digital transformations, firms have begun to shift toward digital marketing solutions that use target customer location information rather than conventional methods, since they provide more affordability and customer engagement. This is estimated to propel the global geomarketing market growth.
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Location-based intelligence services are a solution that uses the geographical location of the device to offer information to the user. Owing to the numerous benefits provided by location-based Intelligence solutions, such as store locators, proximity-based marketing, real-time information such as weather reports, mobile workforce management, roadside assistance, traffic updates, and fraud prevention, the technology has grown in importance and is becoming an integral part of organizations which effectuates the demand for geomarketing.
With the advent of GPS-enabled precision applications such as farming, shipping, and automotive, there is a great need for location-based solutions to boost corporate income. The deployment of cloud-based geomarketing services is favored more often as it lowers the expenses of shipping catalogs or brochures, as well as the costs of multimedia advertising such as radio or television airtime. Companies may save time and improve the effectiveness of internal corporate processes by utilizing cloud-based technologies.
The adoption of geomarketing is rising with regards to social media since social check-ins, which allow users to digitally “check in” to different geofencing zones, may be used to deliver unique offers to consumers who are already in the store, restaurant, or shop, providing for a better experience for a broad audience. For instance, Foursquare is a popular service that leverages location data from end users to drive store visits within geofences.
Geomarketing is used by businesses to identify possible regions where they may target their clients by gathering location-based data. Additionally, it may be utilized to determine consumer behavior in a particular area, which enables companies to alter their marketing strategies and is projected to drive up demand for geomarketing during the projection period.
However, legal issues and data protection dangers, as well as a shortage of experienced operators, are impeding industry expansion. Moreover, because uniform regulatory requirements are lacking in many developed and emerging nations, there are worries about individual data privacy and rising cyber risks, which are important challenges that might stymie the expansion of the global geomarketing market size.
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Key Takeaways:
- India is anticipated to achieve a remunerative CAGR of 24.1% by 2032.
- In 2021, the United States maintained its position as the market leader, with a revenue share that was greater than 23.4%, and is anticipated to achieve a high CAGR of 13.8% by 2032 while maintaining a significant position.
- Owing to cost savings linked with distributing catalogues or brochures, as well as reduced expenses related with multimedia advertising such as radio or television airtime, the “cloud” deployment mode type held the greatest revenue in 2022, accounting for more than 23.7% of total revenue.
- The ability to use location-based promotional activities in a number of ways, such as providing local messages to potential customers’ mobile devices that visit the store via a geomarketing service, the “manufacturing & resources” industry type accounted for more than 17.2% in 2022, and is the most profitable industry type which propels the geomarketing market share.
- With a 16.4% revenue share, Europe is the second largest geomarketing market.
- Germany is a lucrative geomarketing market with a 17.8% CAGR. This is due to significant player mergers and alliances, which assist enhance geo data with official data for 22.5 million buildings with reliable information.
Competitive Landscape:
Industry players are engaging in numerous planned product launches and global expansion to promote the brands. They are also expanding their presence across various geographies and entering new markets, especially in developing regions, to expand their customer base and strengthen their presence. The introduction of new innovative solutions in the market is also being carried out by market players, owing to the surging end-user demands for proper and more efficient location-based services.
- For instance, in 2019, Tinsa acquired DataCentric, a Spanish company, which is specializing in the field of geomarketing, big data, and digital solutions that help with decision-making. The agreement reinforces the innovation and digital profile of Tinsa with the integration of technology from DataCentric. This is anticipated to expand the global geomarketing market size.
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The following companies are key leaders in the global market for geomarketing:
- IBM Corporation
- Microsoft Corporation
- Cisco Systems Inc.
- Oracle Corporation
- Adobe Inc.
- com Inc.
- Qualcomm
- Xtremepush
- Software AG
- MobileBridge
- Saksoft
Key Segments Profiled in the Geomarketing Market Survey
By Solution Type:
- Software
- Service
By Deployment Mode Type:
- Cloud
- On-premises
By Industry Type:
- Distribution Services
- Public Sector
- Finance
- Manufacturing & Resources
- Infrastructure
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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