According to a recent FMI study, the location based marketing services market is expected to reach US$ 299.3 Billion by 2032, expanding at a high CAGR of 18.1%. The industry is likely to yield a dollar opportunity worth US$ 252.3 Billion across the 2022-2032 forecast period. Increasing demand for mobile location-based services, the surge in demand for location-enabled mapping, tracking, and navigation solutions, and the proliferation of social media, smartphones, and location-based applications among consumers are expected to accelerate the market growth during the forecast period.
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From 2015 to 2021, location based marketing services demand expanded at a CAGR of 18.8%, yielding US$ 47 Billion. Growth prospects improved further during the COVID-19 pandemic, as extensive presence of consumers on social media platforms made it easier for industries to target specific customers across different geographies. Furthermore, regulatory measures to ensure consumer safety, the proliferation of new data sources, and evolving methodology for marketing purposes is likely to promote market growth.
Moreover, the rise in GPS-enabled precision applications, such as farming, logistics, and automotive, has created a high demand for location-based solutions. Also, the increasing demand for mobile location-based services, the surge in demand for location-enabled mapping, tracking, and navigation solutions, and the proliferation of social media, smartphones, and location-based applications among consumers are providing significant opportunities for the growth of the location-based services market.
Key Takeaways from the Market Study
- Global location based marketing services market was valued at US$ 56.5 Billion by 2022-end
- The U.S to account for the highest value share of US$ 90.9 Billion of global market demand until 2032
- By target location, the physical locations category to be most preferred, documenting a CAGR of 18.1%
- China to experience prolific market growth, surpassing US$ 40 Billion by 2032, following a CAGR of 21.1%
- Based on promotion type, search result based location-based marketing to reign supreme, growing at a 17.3% CAGR
Competitive Landscape
Players in the global location based marketing services market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In September 2021, BT and Oracle partnered to optimize its network resources and bring new 5G offerings to market faster. The solution will enable BT to quickly and seamlessly test and implement 5G services.
- In July 2021, TomTom Virtual Horizon is designed for automated and non-automated vehicles, with and without embedded navigation. It provides a seamless connection between digital maps and ADAS functionality.
- In July 2021, IBM and Atos collaborated and built a secured infrastructure for the Dutch Ministry of Defence. This infrastructure provides advanced technologies, infrastructure services, and safeguards its It system, among others.
Know More About What the Location Based Marketing Services Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Location Based Marketing Services Market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the Location Based Marketing Services Market, the market is segmented on the basis of target location type, promotion type, and industry vertical across five major regions.
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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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