Geomarketing Market Overview: Market Size, Major Drivers And Trends
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The geomarketing market has witnessed exponential growth in recent years, surging from $17.18 billion in 2023 to a projected $21.34 billion in 2024 at a remarkable Compound Annual Growth Rate (CAGR) of 24.2%. The historic growth can be attributed to key factors such as data analytics, location-based services, e-commerce growth, and retail expansion.
Future Projections
Expectations for the geomarketing market remain high, with a forecasted growth to $50.16 billion in 2028, boasting a CAGR of 23.8%. This anticipated surge is fueled by emerging trends such as IoT and connected devices, geomarketing personalization, indoor geomarketing, and the adoption of ethical and transparent practices. Major trends in the forecast period include big data and AI, augmented reality (AR), virtual reality (VR), and data visualization.
Elevated Demand For Personalized Marketing Propels The Geomarketing Market
The rising demand for personalized marketing stands out as a significant driver for the geomarketing market. This marketing strategy, fueled by data analysis and digital technologies, targets clients with tailored messaging and product offers. Geomarketing, in particular, gains prominence for its ability to target clients based on their location, making it a crucial tool for personalized marketing.
Consumer Expectations
According to a survey by Salesforce Inc., around 73% of customers expect companies to understand their unique needs and expectations. Additionally, 61% of customers express satisfaction when businesses use their personal information beneficially and transparently. This underscores the importance of geomarketing in meeting evolving consumer expectations.
Innovative Cloud-Based Location-Based Services Revolutionize Geomarketing Solutions
Major players in the geomarketing market, including Microsoft Corporation, Google LLC, and Cisco Systems Inc., are actively developing technologically advanced solutions. Cloud-based location-based services (LBS) emerge as a key focus area to provide reliable customer service. For instance, INRIX Inc., a US-based software company, introduced INRIX IQ Location Analytics, a cloud-based LBS application designed to offer insights into locations, aiding businesses in decision-making processes.
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Key Features of Cloud-Based LBS
- Location-based Information: Utilizes cloud computing to provide location-based information and services.
- Site Comparison: Enables users to quickly find and compare relevant sites of interest.
- In-depth Insights: Offers in-depth insights into locations and assesses essential parameters for informed decision-making.
Informa D&B Expands Geomarketing Capabilities With Acquisition Of Inatlas
In a strategic move, Informa D&B, a Spain-based financial services provider, acquired inAtlas in January 2022. This acquisition is anticipated to enhance Informa’s geospatial technology capabilities, introducing new product options in the marketing services sector in Spain and Portugal. InAtlas, a provider of location analytics and geomarketing solutions, brings valuable expertise to Informa’s portfolio.
Market Segmentation
The geomarketing market is segmented based on solution, deployment mode, location, and verticals:
- Solution Segmentation
- Software
- Service
- Deployment Mode Segmentation
- Cloud
- On-Premises
- Location Segmentation
- Indoor
- Outdoor
- Verticals Segmentation
- Retail And E-Commerce
- Healthcare And Life Sciences
- Travel And Hospitality
- Banking, Financial Services And Insurance
- Media And Entertainment
- Telecommunication And IT
- Other Verticals
Regional Dynamics
As of 2023, North America leads the geomarketing market, with Asia-Pacific anticipated to be the fastest-growing region in the forecast period.
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The Geomarketing Global Market Report 2023 provides an overview of the geomarketing market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The geomarketing market forecast analyzes geomarketing market size, geomarketing market share, leading competitor and their market positions.
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