- By combining the location data with purchase patterns of the customer, businesses can strategically deliver different advertisements and commercial information to their target audience.
- iBeacon is a fast-emerging technology that allows businesses to conduct marketing campaigns on customer mobile devices at low cost.
- The retail and consumer goods segment spends a huge sum of money on advertisements and enhancing customer engagement.
Geomarketing is an innovative solution in the field of digital marketing that enables enterprises to deliver personalized advertisement contents to their customers based on analysis of their location data. The solution enables them to locate their customers and analyze their past movements across different locations.
By combining the location data with purchase patterns of the customer, businesses can strategically deliver different advertisements and commercial information to their target audience. Development of low-cost location tracking devices and wide adoption of smartphones act as major driving factors for the market. However, the limited number of retail outlets and shopping malls and the use of traditional advertisement methods in many developing economies are restraining growth of the geomarketing market.
The major players in the global 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).
In this study, 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. Geofencing solutions are expected to hold the largest share as they are the core components of the overall geomarketing solution.
Location analytics is expected to grow with the highest CAGR from 2019 to 2024 as enterprises are increasingly adopting analytics solution for various business processes to improve their decision-making abilities.
The services covered in the study are consulting services, implementation and integration services, and support and maintenance services. Implementation and integration services are expected to hold the largest share while support and maintenance services are expected to grow at the highest CAGR during the forecast period as such services are primarily adopted for long term so that enterprises operate with the deployed solutions without any trouble.
By location-tracking technology, the market has been segmented into global positioning systems, Bluetooth, Wi-Fi, and iBeacon. Wi-Fi is expected to account for the largest share in the geomarketing market while iBeacon technology is expected to witness the highest growth in the next five years. iBeacon is a fast-emerging technology that allows businesses to conduct marketing campaigns on customer mobile devices at low cost as compared to other location technologies.
Based on consumer location, the market has been bifurcated into indoor and outdoor. The indoor segment is expected to dominate the market; this is also expected to grow with the higher CAGR as compared to the outdoor segment.
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By deployment mode, the market has been segmented into cloud and on-premise. The on-premise solution is dominating the market while cloud is expected to grow with the higher CAGR during the forecast period due to the increasing adoption of cloud services in digital marketing operations.
By organization size, the market has been bifurcated into large enterprises and small- and medium-sized enterprises (SMEs). Large enterprises are expected to contribute a larger share than SMEs due to higher spending on marketing activities while SMEs are expected to grow with the higher CAGR due to the availability of low cost and effective geomarketing solutions.
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. Among them, the retail and consumer goods segment is expected to be the largest contributor as companies in this segment serve a large population and spend a huge sum of money on advertisements and enhancing customer engagement. The media and entertainment segment is expected to grow with the highest CAGR due to the growing trend of delivering personalized media content to its customers.
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.
North America is expected to dominate the global geomarketing market as it is the earliest adopter of location-based marketing solutions and has adopted several smart solutions to improve their marketing techniques. The US, Canada, and Mexico are the key countries in North America that have adopted geomarketing solutions and services.
The market in Asia-Pacific is expected to exhibit the highest CAGR during the forecast period, 2019 to 2024, due to the growing retail sector and increasing digitization in the region. In Asia-Pacific, China is expected to dominate the market while India is expected to grow with the highest CAGR from 2019 to 2024.
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.