The location-based marketing services market is set to make significant strides, with a projected Compound Annual Growth Rate (CAGR) of 18.1% within the span of 2022 to 2032. Anticipated growth will elevate the market’s value to US$ 299.3 billion by 2032, marking a substantial surge from its 2022 valuation of US$ 56.5 billion.
Suppliers encompassing diverse platforms, ranging from advertising to location services, are increasingly presenting freemium applications to allure advertisers into leveraging their core services. This strategic move is a pivotal catalyst propelling the market’s growth trajectory throughout the analytical span.
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Propelling Factors for Market Expansion
The forecast period is poised to witness an amplified market growth trajectory for location-based services, driven by several interconnected factors.
- Mobile Location-Based Services Surge:The escalating demand for mobile location-based services is expected to be a chief catalyst, as consumers increasingly seek personalized and location-relevant offerings.
- Soaring Demand for Location-Enabled Solutions:The market’s ascent is further fueled by the surging requirement for location-enabled mapping, tracking, and navigation solutions, catering to diverse industries and consumer needs.
- Proliferation of Social Media and Smartphones:The proliferation of social media platforms and widespread smartphone usage is contributing to heightened demand for location-based applications, enriching user experiences.
- Precision Applications Fueling Demand:The rise of GPS-enabled precision applications in fields like farming, logistics, and automotive is creating a substantial demand for accurate and efficient location-based solutions.
- Opportunities through Innovation:The confluence of mobile location-based services, mapping technologies, and social media usage presents lucrative opportunities for market growth, particularly in response to consumer preferences and lifestyle trends.
Key Insights from the Market Analysis
- The global location-based marketing services market concluded the year 2022 with a valuation of US$ 56.5 billion.
- Dominating the global market demand until 2032, the United States is projected to contribute the highest value share of US$ 90.9 billion.
- Among various target locations, the category of physical locations emerges as the most favored, showcasing a robust Compound Annual Growth Rate (CAGR) of 18.1%.
- China is anticipated to undergo remarkable market growth, exceeding US$ 40 billion by 2032, driven by an impressive CAGR of 21.1%.
- In terms of promotion type, search result based location-based marketing is set to reign supreme, displaying a CAGR of 17.3%.
Competitive Landscape
- Key players in the global location-based marketing services market are actively expanding their global presence through strategies like partnerships, collaborations, and investments in Research and Development (R&D). These initiatives aim to infuse innovation into their products, bolstering their standing in the global market.
- Recent noteworthy developments among key players include:
- In September 2021, BT and Oracle entered a partnership to enhance network resources and accelerate the launch of new 5G offerings.
- In July 2021, TomTom introduced Virtual Horizon, designed for both automated and non-automated vehicles, bridging digital maps with Advanced Driver Assistance Systems (ADAS) functionalities.
- In the same month, IBM and Atos collaborated to establish a secure infrastructure for the Dutch Ministry of Defence, delivering advanced technologies, infrastructure services, and system safeguards.
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Key Players:
- ALCATEL-LUCENT
- APPLE INC.
- AT&T Inc.
- Bharti Airtel Limited
- Cisco Systems, Inc.
- Google LLC
- HERE
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- Qualcomm Technologies, Inc.
Key Segments Covered in the Location Based Marketing Services Report
Location Based Marketing Services by Target Location Type
- By Physical Location
- By Location of Interest
Location Based Marketing Services by Promotion Type
- Banner Display/Pop-ups Promotion of Location Based Marketing Services
- Video Promotion of Location Based Marketing Services
- Search Result Promotion of Location Based Marketing Services
- E-mail and Message Promotion of Location Based Marketing Services
- Social Media Content Promotion of Location Based Marketing Services
- Voice Calling Promotion of Location Based Marketing Services
Location Based Marketing Services by Industry Vertical
- Location Based Marketing Services for Retail
- Location Based Marketing Services for Hospitality
- Location Based Marketing Services for Healthcare
- Location Based Marketing Services for BFSI
- Location Based Marketing Services for Education
- Location Based Marketing Services for Technology and Media
- Location Based Marketing Services for Transportation and Logistics
- Location Based Marketing Services for Automotive and Other Industries
Location Based Marketing Services by Region
- North America Location Based Marketing Services Market
- South America Location Based Marketing Services Market
- Europe Location Based Marketing Services Market
- Asia Pacific Location Based Marketing Services Market
- Middle East and Africa Location Based Marketing Services Market
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