“The factors such as increasing demand for location-based intelligence in realizing enhanced business outcome and growing investments in digital marketing compared to conventional marketing are some of the factors driving the geomarketing market growth”
The geomarketing market is expected to grow from USD 7.3 billion in 2018 to USD 23.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 26.4% The market is driven by factors such as, an increasing demand for location-based intelligence in realizing enhanced business outcome; location analytics and big data providing comprehensive and differentiated information about potential markets and customers; a wide acceptance of location-based applications among consumers, and growing investments in digital marketing compared to conventional marketing. However, the geomarketing market faces various obstacles, such as legal concerns and privacy threats. The businesses should properly check all legal and privacy-related concerns before using location data gathered by location intelligence tools
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The outdoor segment to hold the highest growth rate during the forecast period
Among location type, the outdoor segment is expected to grow at a higher CAGR during the forecast period, due to the increasing use of geofenced areas and virtual perimeters outside the store to attract customers. Businesses can send push notification to the target audience and provide notification about their offerings. It is an effective way as stores can attract multiple people to their businesses just by creating a virtual perimeter or a fence around the geographical area of interest or a target location or locality.
The cloud deployment mode to have the highest CAGR during the forecast period
This deployment model is preferred for its features, such as better and enhanced security, lower setup costs, easy accessibility, quicker deployment, high scalability, customizability, more storage space, ease of maintenance, automatic upgrade of course materials, and automatic licensing by vendors. The adoption of cloud-deployed geomarketing solutions for training and development processes is growing rapidly, as organizations are focusing on planning cost-effective training programs through the adoption of cloud technology.
Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period
North America is estimated to hold the highest market share in 2018, while APAC is the fastest-growing region in terms of CAGR. The APAC countries are taking aggressive initiatives to upsurge their IT infrastructures, enabling commercial users to adopt cutting-edge technologies. The APAC region emerges as the fastest growing market for geomarketing solutions, which drives the geomarketing market in this region. APAC is expected to grow due to the robust adoption of IoT technologies in the Chinese and Indian transportation sectors, along with the mass adoption of IoT technologies for geomarketing in other developing economies.
The breakup of primary participants is given below:
- By company: Tier 1 – 48%, Tier 2 – 32%, and Tier 3 – 20%
- By designation: C-level – 54%, Director level – 30%, and Others – 16%
- By region: North America – 38%, Europe – 25 APAC – 22%, and RoW- 15%
The major vendors covered in the Geomarketing market, include Google (US), Microsoft (US), IBM (US), Cisco (US), Oracle (US), Adobe (US), Salesforce (US), ESRI (US), Software Ag (Germany), Ericsson (Sweden), Qualcomm (US), Xtremepush (Ireland), Plot Projects (Netherlands), Rover (Canada), Mobile Bridge (Netherlands), Hyper (US), Reveal Mobile (US), Galigeo (Europe), Navigine (US), Clevertap (US), Urban Airship (US), Bluedot Innovation (US), Merkle (US), Foursquare (US), and LocationGuru (India).
The Geomarketing market has been segmented by technology, components (software and services), location, deployment mode, vertical, and regions. A detailed analysis of the key industry players has been done to provide key insights into their business overviews; products and services; key strategies; new product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the geomarketing market.
Key benefits of buying the report
- This report segments the geomarketing market comprehensively and provides the closest approximations of the revenue numbers for the overall market and its sub segments across regions.
- It helps stakeholders understand the pulse of the market and provides them with information about key market drivers, restraints, challenges, and opportunities.
- It helps stakeholders better understand their competitors and gain more insights to enhance their positions in the market.
- The competitive landscape section includes competitors’ ecosystem, new product developments, partnerships, and mergers and acquisitions.