Global Location Based Marketing Services Market: Snapshot
Majorly fuelling the global location based marketing services market are increasing penetration of GPS equipped smartphones and internet. This enables savvy retailers and other service providers to locate prospective consumers and send them push notifications and other promotional messages accordingly. Posing a challenge to the global location based marketing service market, on the other hand, is the privacy concerns of individuals.
Currently, the global location based marketing services market is in a nascent stage and is expected to expand at a robust pace. This is attracting many new players, which is intensifying the competition. As a result, consolidation seems the way forward. Already, companies are collaborating with one another to improve their product offerings and thus gain a stronger foothold in the market.
As per a report by Transparency Market Research, the global location based marketing services market will rise at a robust 19.9% CAGR during the period between 2017 and 2025. Expanding at this pace, the market which was worth US$19.71 bn in 2016 is projected to become worth US$99.77 bn by 2025.
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Physical Location Segment Holds Maximum Market Share
The global location based marketing service market can be divided based on different parameters. Depending upon location, for example, the market can be bifurcated into physical location and location of interest. Among the two, physical location segment accounted for maximum market share in 2016. However, in terms of growth rate, the location of interest segment is predicted to outshine by clocking a greater CAGR between 2017 and 2025.
Depending upon the type of promotion, the key segments of the market are display/pop ups, video, search result, e-mail and message, social media content, and voice calling. Of them, the segment of search result leads with maximum market share. Vis-à-vis growth rate, the segment of banner display/pop up is predicted to outpace all others.
Joining Hands of Key Companies to Offer Better Products Boosts North America Market
From a geographical standpoint, the global location based marketing services market is dominated by North America. The region’s supremacy has been facilitated by the presence of numerous key industry players, particularly in the U.S., who have joined hands to offer advanced solutions to the customers. For example, in 2017, the U.S.-based location based marketing service provider Placecast announced a partnership with Pinsight Media to introduce independent location verification product for advertisers. Pinsite Media is a provider of consumer intelligence solutions, based in the U.S. By registering a CAGR of 20.1% from 2017 to 2025, the market in North America is anticipated to gross a revenue of US$34.73 bn by 2025.
Europe trails North America in the global location based services market. The region is anticipated to clock a CAGR of 19.3% in the forecast period to pull in a revenue of US$28.46 bn by 2025. Vis-à-vis growth rate, Asia Pacific is likely to surpass all other regions by registering a CAGR of 20.8% from 2017 and 2025. At this pace, the market in the region is forecasted to become worth US$27.19 bn by 2025, revenue-wise. The market in Asia Pacific is being powered primarily by China and Japan. Companies in the region are collaborating with western location based intelligence service providers to up the ante.
Some of the key players operating in the global location based marketing services market are Near Pte. Ltd., Foursquare Labs, Inc., Google Inc, Groupon Inc., Groundtruth, Placecast, PlaceIQ, Scanbuy Inc., Shopkick, Inc., and Telenity, Inc.
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Location Based Market to Rise Significantly Owing to Increasing Penetration of Smartphones
Area based showcasing includes on the web and disconnected strategies intended to help organizations plan and actualize advertising exercises dependent on customers’ geographic area. At the core of area based advertising is the utilization of purchaser information to show important brand informing to an exceptionally focused on crowd that is responsive to that message, consequently driving more focused on clients to a store and possibly more deals.
The general pandemic of the novel COVID19 had a slight influence on the location based market. Critical clinical assessment associations were enchanted in the headway of antivirus to fight the COVID-19 pandemic. Some of the key factors boosting the growth of the global location based market include the rising penetration of smartphones and internet and GPS installed in it. This empowers adroit retailers and other specialist co-ops to find forthcoming purchasers and send them message pop-ups and other limited time messages in like manner. Representing a test to the worldwide area based advertising administration market, then again, is the security worries of people.
In terms of segmentation by location, the market is dominated by physical location in the past. However, the market is likely to attract significant revenues from the location of interest section during the forecast period. Geographically, the market was dominated by North America on account of the presence of many players, especially in the United States. For instance, in 2017, the U.S.- based area based showcasing specialist co-op Placecast reported an organization with Pinsight Media to present autonomous area check item for publicists. On the other hand, the market in Asia Pacific will also gain significant momentum in the coming years on account of major contributions from developing nations such as Japan, and China.