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Geomarketing Global Market Report 2024 - Geomarketing Market Demand And Share, Size
Geomarketing Market
According to The Business Research Company's, The geomarketing market size has grown exponentially in recent years. It will grow from $17.18 billion in 2023 to $21.34 billion in 2024 at a compound annual growth rate (CAGR) of 24.2%. The growth in the historic period can be attributed to data analytics, location-based services, e-commerce growth, retail expansion.
The geomarketing market size is expected to see exponential growth in the next few years. It will grow to $50.16 billion in 2028 at a compound annual growth rate (CAGR) of 23.8%. The growth in the forecast period can be attributed to iot and connected devices, geomarketing personalization, indoor geomarketing, ethical and transparent practices. Major trends in the forecast period include big data and ai, augmented reality (ar) and virtual reality (vr), data visualization.
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Market Drivers and Trends:
The growing demand for personalized marketing is expected to boost the growth of the geomarketing market going forward. Personalized marketing is a marketing strategy targeting current or potential clients with customized messaging and product offers using data analysis and digital technologies. The ability to target clients depending on their location makes geomarketing necessary for personalized marketing. For instance, in May 2022, according to a survey of over 13,000 consumers and nearly 4,000 business buyers by Salesforce Inc., a US-based cloud-based software, around 73% of customers expect the companies to understand their unique needs and expectations and 61% of customers are happy with businesses using their personal information beneficially and transparently. Therefore, the growing demand for personalized marketing is driving the growth of the geomarketing market.
Major companies operating in the geomarketing market are focusing on developing new technologically advanced solutions, such as cloud-based LBS (location-based service), to provide reliable customer service. Cloud-based LBS is a location-based service that uses cloud computing to provide location-based information and services to users. For instance, in July 2021, INRIX Inc., a US-based software company, launched INRIX IQ Location Analytics, a new cloud-based LBS (location-based service) application that gives business experts the knowledge they need to create recent locations, boost sales and maximize return on investment. The unique feature of this Location Analytics is its ability to quickly find pertinent sites of interest. It lets users compare them, whether they are seeking a new company location or curious about activity for firms. It takes the guesswork out of the process by offering in-depth insights into the locations, assessing their essential parameters and automatically surfacing findings.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Microsoft Corporation, Google LLC, International Business Machines Corporation, Cisco Systems Inc., Qualcomm Inc., Oracle Corporation, Salesforce Inc., Ericsson Inc., Adobe Inc., Software AG, GroundTruth, CleverTap, Airship, Saksoft Ltd., Bluedot Innovation Inc., Xtremepush Limited, Cuebiq Inc., Hyp3r Inc., MobileBridge, PlaceIQ Inc., Gimbal Inc., Reveal Mobile Inc., Ubimo Ltd., Cloud4Wi Inc., Plot Projects, Navigine Corp, LocationSmart, Galigeo, ESRI Business Information Solutions Inc., Flame Analytics S.L.
Geomarketing Market 2024 Key Insights:
• The Geomarketing Market is expected to grow to$50.16 billion in 2028 at a compound annual growth rate (CAGR) of 23.8%.
• Elevated Demand For Personalized Marketing Propels The Geomarketing Market
• Innovative Cloud-Based Location-Based Services Revolutionize Geomarketing Solutions
• North America was the largest region in the geomarketing market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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