Location Based Marketing Market Size, Share, Growth, and Industry Growth by Type (Banner Display/Pop ups, Video, Search Result, E-mail and Message, Social Media Content, Voice Calling, and Location Based Marketing Services) By Application (Retail, Hospitality, Healthcare, BFSI, Education, Technology and Media, Transportation and Logistics, Automotive, and Others) Regional Forecast To 2031

Updated On: 08 April 2024

Location Based Marketing Market REPORT OVERVIEW

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The global location based marketing market size is estimated to be USD 55.790 billion in 2022 and the market is projected to touch USD 200.539 billion by 2030, exhibiting a CAGR of 17.2% during the forecast period.

Location based marketing use location data for the target consumer. It allows a personal level of communication via online or offline mode.

Increased demand for effective marketing to engage interested customers is estimated to drive market growth. Better adoption of digital platforms coupled with a change in consumer behavior. Also, increased rate of Internet of Things (loT) adoption. Along with this, the increased need to develop advanced mobile applications coupled with increased awareness about the benefits of the product is predicted to fuel market growth. Leading need to ensure consumer safety and rise in need for consumer privacy is estimated to propel market performance. High demand for advertisers coupled with high demand for social media marketing is estimated to surge market growth. Increased development in satellite technology and rapid adoption of digital advertising. An increased number of key players and majority of business are adopting digital marketing strategies is projected to fuel market growth in the forthcoming years. Growing penetration of internet and rapid utilization of consumer data is anticipated to accelerate market growth. On the contrary, privacy concern and high cost is anticipated to limit market growth in the forthcoming years.

 The sudden spike in CAGR is attributable to growing demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 Impact: Digitalization and Zero Contact Protocols to Incite Market Growth

The sudden outbreak of the COVID-19 pandemic boosted the demand for digitalization. Increased need for internet and zero contact protocols fuel market growth. The market witnessed positive growth due to the growing penetration of the internet. Businesses adopted online marketing for COVID-19 protocols. Increased development in mobile applications and growing R&D activities to develop new products to foster market growth.

However, lockdown restrictions and the low rate of employees affected market growth during the first stage of the pandemic. 

LATEST TRENDS

"Rapid Digitalization to Fuel Market Growth "

Rapid digitalization and increased need for social media content to engage more customers. Also, the technology helps to connect with the local customers and create great awareness about the brand, offers, and other important businesses. An increased shift of consumers towards digitization and better adoption of digital platforms coupled with a change in consumer behavior. Further, increased rate of Internet of Things (loT) adoption. Additional, the increased need to develop advanced mobile applications coupled with increased awareness about the benefits of the product is predicted to fuel market growth in the forthcoming years. The growing number of vendors coupled with rapid urbanization is predicted to fuel location based marketing market growth.

Location Based Marketing Market SEGMENTATION

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• By Type

Based on type, the market is divided into banner display/pop ups, video, search result, e-mail and message, social media content, voice calling, and location based marketing services.

Location based marketing services are expected to be the top part of the segmentation type.

• By Application

Based on the application, the market is divided into retail, hospitality, healthcare, BFSI, education, technology and media, transportation and logistics, automotive, and others.

DRIVING FACTORS

"Rise in GPS-enabled Precision Applications to Stimulate Market Growth"

Increased adoption of GPS-enabled precision applications such as logistics, farming, and automotive is anticipated to create huge demand for location-based solutions. Further, the growing demand for location-enabled solutions such as mapping is estimated to attract more customers. The device has the capability to trace local customers and convey their message to them. These will help to create awareness and boost business sales.  Increased development in satellite technology and rapid adoption of digital advertising. An increased number of key players and majority of business are adopting digital marketing strategies is projected to fuel market growth in the forthcoming years. Growing penetration of internet and rapid utilization of consumer data is anticipated to accelerate market growth.

"Importance of the Technology and Increased Digital Marketing to Foster Market Growth"

This advanced technology helps to improve marketing strategies. It allows organizations to connect with customers effectively. Customers receive push notifications about local events and promotions. Adoption of the technology brings businesses one step closer to creating brand awareness and generating revenue at a low cost. Further, it helps to drive the business away from completion by creating UX for consumers. It is very cost-effective and helps business owners to know their customers better. Increased demand for digital marketing and the majority of businesses are adopting the strategies for its several advantages. These factors are anticipated to accelerate market growth in the forthcoming years.

RESTRAINING FACTORS

"Privacy Concerns and High Costs Associated with Technology to Harm Market Growth "

Privacy concern and high cost is anticipated to limit market growth over the estimated period.

Location Based Marketing Market REGIONAL INSIGHTS

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North America is anticipated to account for the highest location based marketing market share owing to growing development in satellite. Rapid digitalization coupled with increased penetration of the internet. Presence of prominent market players in the region such as Google LLP, Facebook, and others. Further, the growth of social media users and the rapid adoption of digital marketing are predicted to drive market growth.

Asia Pacific is predicted to witness the fastest growth over the estimated period due to increased users of smartphones, and a rise in e-commerce platforms. Moreover, the rapid adoption of the low-cost model of advertising. The increased need to develop advanced mobile applications coupled with increased awareness about the benefits of the product is predicted to fuel market growth. Leading need to ensure consumer safety and the rise in need for consumer privacy is estimated to propel market performance. High demand for advertisers coupled with high demand for social media marketing is estimated to surge market growth.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Google (U.S.)
• Groupon (U.S.)
• Ground truth (U.S.)
• Placecast (U.S.)
• PlaceIQ (U.S.)
• Scanbuy (U.S.)
• Shopkick (U.S.)
• Telenity (U.S.)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.