ID: MRFR/ICT/6601-HCR | February 2021 | Region: Global | 111 pages
Geomarketing market is expected to grow from USD 7.89 billion in 2019 to USD 23.89 Billion by 2024 at a CAGR of 24.8% from 2019 to 2024. Key factors driving the market are increasing demand for advanced digital marketing technologies, increased adoption of big data platforms, and continuous innovation in business intelligence solutions. Geomarketing is one of the fastest emerging areas within the bigger market, Digital Marketing, where the marketing strategies are made and implemented by incorporating the location-intelligence of the target customers. Geomarketing helps businesses in delivering the right message (information related to product, promotion, price, or place) to the right customer at the right time. This market is offering huge growth opportunities for the solution providers to innovate on their offerings and meet diverse use case requirements of their clients. Although, the market is gaining significant traction in many developed countries, the limited number of retail outlets and shopping malls and use of traditional advertisement methods in many developing economies are acting as restraints to the growth of the geomarketing market.
Geomarketing solutions are being widely adopted by various industrial verticals with retail and consumer goods being the dominating segment in terms of the market share while the media and entertainment segment is expected to grow with the highest CAGR from 2019 to 2024.
Geomarketing Market Key Players
The prominent players in geomarketing market are Oracle Corporation (US), Adobe Inc. (US), Cisco Systems, Inc. (US), IBM Corporation (US), Google LLC (US), Microsoft Corporation (US), Software AG (Germany), Salesforce.com, Inc. (US), Qualcomm Technologies, Inc. (US), Telefonaktiebolaget LM Ericsson (Sweden), Xtremepush (Ireland), MobileBridge (Netherlands), Galigeo (France), Plot Projects (Netherlands), and HYP3R Inc (US).Global Geomarketing Market
Source: Secondary Literature, Expert Interviews and MRFR Analysis
The global geomarketing market has been segmented based on component, location-tracking technology, consumer location, deployment mode, organization size, industry vertical, and region/country.
By component, the market has been segmented into software and services. The software segment is further segmented into content management, location analytics, geofencing, and reporting and visualization. The services covered in the study are consulting services, implementation and integration services, and support and maintenance services.
By location-tracking technology, the market has been segmented into global positioning systems, Bluetooth, Wi-Fi, and iBeacon.
Based on consumer location, the market has been bifurcated into indoor and outdoor.
By deployment mode, the market has been segmented into cloud and on-premise.
By organization size, the market has been bifurcated into large enterprises and small- and medium-sized enterprises (SMEs).
The industry verticals covered in this market study include retail and consumer goods; travel and hospitality; banking, financial services, and insurance (BFSI); healthcare; media and entertainment; and telecommunications.
By region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America has further been segmented into the US, Canada, and Mexico; Europe into Germany, the UK, France, and the rest of Europe; and Asia-Pacific into China, India, Japan, and the rest of Asia-Pacific.
The global market for geomarketing is estimated to grow at a fast rate during the forecast period from 2019 to 2024. The geographic 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 dominate the geomarketing market during the forecast period. Being the most advanced region in terms of development and adoption of innovative technologies in the field of digital marketing, North America is expected to be at the forefront of market growth. Moreover, high adoption of IoT technologies is also significantly contributing to the growth of the reigonal market. The US is expected to be the dominating country-level market in North America as well as the entire world during the forecast period.
The market in Asia-Pacific is expected to grow at the fastest rate during the forecast period. Increasing digitalization and growing retail and e-commerce sectors are expected to boost the growth of the geomarketing market in the Asia-Pacific region. China, Japan, India, South Korea, Singapore, and Australia have been the major countries in the Asia-Pacific region in terms of market share, and this trend is expected to continue during the forecast period.
Considering the wide range of use cases of geomarketing, the geomarketing solution providers are significantly investing in research and development (R&D) activities to enhance their expertise and meet the custom requirements of their clients. The prominent players of the global geomarketing market also adopting the strategy of collaboration and partnership to innovate on their service offerings and expand their customer base.
Frequently Asked Questions (FAQ) :
The growth rate expected to be obtained by the market in the coming years is 24.8%.
The market can touch a valuation of USD 23.89 Billion by 2024.
The top players listed in the report are Galigeo (France), IBM Corporation (US), Plot Projects (Netherlands), Adobe Inc. (US), Oracle Corporation (US), Salesforce.com, Inc. (US), Qualcomm Technologies, Inc. (US), Telefonaktiebolaget LM Ericsson (Sweden), Google LLC (US), MobileBridge (Netherlands), HYP3R Inc (US)., Xtremepush (Ireland), Cisco Systems, Inc. (US), Microsoft Corporation (US), Software AG (Germany), and others.
Bluetooth, global positioning systems, iBeacon and Wi-Fi, are the location tracking technologies analyzed in the report.
The consumer locations studied in the report are indoor and outdoor.