Geolocation-based applications have evolved at a rapid pace in the past decade. IP geolocation solutions have evolved from niche software-based solutions to user-specific applications to important software deployed in computing systems. In the past few years, the uptake for IP geolocation, especially from the business sector is scaling new heights. Businesses around the world are gradually recognizing the potential of IP geolocation and are formulating marketing strategies based on the geographic location of their clients. While the adoption of on-premise IP geolocation solutions is expected to gain momentum in the second half of the forecast period (2019-2027), preference for cloud-based solutions will remain higher during the stipulated timeframe of the study.
With the dawn of the digital era, the IP geolocation solutions market has witnessed considerable growth. Moreover, as demand for online solutions continues to grow at an unprecedented rate, software developers are in the process of rolling out innovative solutions to automate the redundant manual processes and streamline workflow models. As IP geolocation continues to head towards the mainstream, mobile applications are increasingly using these systems to collect geolocation data to pinpoint the geographical location of a device connected to the Internet. These factors are playing a crucial role in the development of the IP geolocation solutions market, which is on course to reach a value of ~US$ 2.1 Bn by the end of 2024.
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Digital Era Marks Beginning of Geo Ad Targeting and Advertising
Due to significant advancements made by IP geolocation solutions, geo advertising has garnered noteworthy popularity in recent times – a trend that is set to continue through the entirety of the forecast period. Brands are leveraging the advantages of location-based advertising such as pay per click campaigns, organic searches, and banner ads to tap into their target audience. Moreover, IP geolocation solutions have emerged as one of the most critical components, which marketers can rely on for their location-based marketing campaigns.
The adoption of IP geolocation solutions is on the rise, as geo ad targeting offers businesses significant cost benefits. Apart from being a cost-effective solution and enabling marketers to run ads in the specified location, geo advertising also plays an important role in enabling brands to reach their target audience effectively. This is expected to drive the IP geolocation solutions market during the forecast period. Moreover, demand for IP geolocation solutions for ad targeting is projected to grow at an impressive CAGR of ~12% during the forecast period, as more brands are leaning toward advanced automation platforms to reach their geolocation-based marketing objectives.
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Surge in Uptake of Security Modules for Fraud Detection
Despite significant advancements in digital technologies and cybersecurity systems, credit and debit frauds across the world continue to pose a major challenge. Detecting and preventing fraud is a major concern within the e-Commerce sector, as e-Commerce companies continue to focus on providing a seamless customer experience, particularly during the payment stage. In addition, according to the Identity Theft Resource Centre (ITRC), credit card fraud is one of the major causes of identity theft in the U.S. The advent of fraud monitoring techniques, including IP geolocation has made significant promise in addressing this problem. IP geolocation solutions assist analysts and fraud investigators to pinpoint the geographical location of the user by offering insights including latitude, longitude, postal code, city, country, time zone, etc. Within the IP geolocation solutions market, the security module segment is expected to have the second-highest market share by 2024.
Stakeholders in the IP geolocation solutions market are expected to forge new strategic alliances to develop innovative IP geolocation solutions for an array of applications. For instance, in November 2019, Sigfox entered into an agreement with Amadeus to streamline luggage tracking. Furthermore, the Sigfox also revealed that by using WiFi and GPS, the company has significantly improved its IP geolocation solution offerings.
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