Market Highlights
According to Market Research Future (MRFR), the global geomarketing market size is estimated to reach USD 23.89 billion at a CAGR of 24.8% from 2019 to 2024 (forecast period). The study examines the effects of COVID-19 on the industry, including potential opportunities and challenges, drivers and risks, and market growth estimates based on a wide range of scenarios.
Geomarketing is a tool that uses information based on geographical locations to help businesses develop marketing strategies and campaigns. Digital mapping helps marketers evaluate data by region or physical location (e.g., store) to coordinate and display data. Geomarketing is becoming more cost-effective with the introduction of digital technologies, meaning that businesses of any scale can make a profit. Geomarketing involves geographic information systems (GIS) and geographic context information for searching the internet, smartphone research and social media as part of a digital strategy. Several geomarketing services are compatible with different devices, such as smartphones, tablets and PCs.
Market Dynamics
Increased demand for innovative digital marketing technology, increased adoption of big data platforms, and ongoing innovation in business intelligence solutions drive the market. Geomarketing is one of the fastest-growing markets in the global industry, Digital Marketing, where marketing strategies are developed and implemented by integrating the location-intelligence of the target customers. Geomarketing helps companies deliver the right message (information related to product, promotion, price, or place) to the right customer at the right time. This market provides tremendous growth opportunities for solution providers to innovate on their offerings and satisfy their clients' varied business needs. Although the market is gaining considerable momentum in many developed countries, the limited number of retail outlets and shopping malls and the usage of conventional advertising strategies in many emerging economies constrain the growth of the geomarketing industry.
Geomarketing solutions are generally adopted by various industrial verticals, with retail and consumer goods being the dominant market share segment. In contrast, the media and entertainment segment are projected to rise with the highest CAGR from 2019 to 2024.
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Segmentation:
The global market for geomarketing has been segmented into component, location-tracking technology, consumer location, deployment mode, organization size, and industry vertical.
By component, the global geomarketing market has been segmented into software and services. The software segment is further divided into content management, location analytics, geofencing, and reporting, and visualization. The services segment is further divided into implementation and integration services, consulting services, and support and maintenance services.
By location-tracking technology, the global geomarketing market has been segmented into global positioning systems, Bluetooth, Wi-Fi, and iBeacon.
Based on consumer location, the global geomarketing market has been segmented into indoor and outdoor.
By deployment mode, the global geomarketing market has been segmented into the cloud and on-premise.
By organization size, the global geomarketing market has been segmented into large enterprises and small- and medium-sized enterprises (SMEs).
By industry verticals, the global geomarketing market has been segmented into retail and consumer goods, banking, financial services, and insurance (BFSI), travel and hospitality, healthcare, media and entertainment, and telecommunications.
Regional Analysis
The regional analysis of the global geomarketing market has been conducted for North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
North America is expected to drive the geomarketing market during the forecast period. Being the most advanced region in the development and adoption of emerging technologies in the area of digital marketing, North America is predicted to be at the forefront of business growth. In addition, the high adoption of IoT technologies also contributes significantly to the growth of the regional market. The US is predicted to be the leading country-level market in North America and the world during the forecast period.
The Asian Pacific market is projected to expand at the fastest pace during the forecast period. The digitization and the increasing retail and e-commerce sectors are expected to fuel the geomarketing industry's growth in the Asia Pacific region. India, China, Japan, South Korea, Singapore, and Australia have been the leading market share countries in the Asia Pacific region, and this trend is anticipated to remain during the forecast period.
Key Players
Industry giants in the global geomarketing market are Oracle Corporation (US), Adobe Inc. (US), Microsoft Corporation (US), Cisco Systems, Inc. (US), Google LLC (US), Software AG (Germany), IBM Corporation (US), Qualcomm Technologies, Inc. (US), Salesforce.com, Inc. (US), Telefonaktiebolaget LM Ericsson (Sweden), MobileBridge (Netherlands), Galigeo (France), Xtremepush (Ireland), Plot Projects (Netherlands), and HYP3R Inc (US).
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Geomarketing Market Research Report: by Component [Software (Content Management, Location Analytics, Geofencing and Reporting and Visualization) and Services (Consulting Services, Implementation and Integration Services, Support and Maintenance Services)], Location-tracking Technology (Global Positioning System, Bluetooth, Wi-Fi and iBeacon), Consumer Location (Indoor and Outdoor), Deployment Mode (Cloud and On-premises), Organization Size (Large Enterprises and Small and Medium-sized Enterprises) – Forecast till 2027
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