The global location-based marketing services market is on a significant growth trajectory, with an estimated valuation of USD 69.0 billion in 2024. According to industry forecasts, the market is projected to surge to USD 293.0 billion by 2034, driven by a robust CAGR of 15.6% over the forecast period. This growth is largely attributed to the rapid advancements in technology and the widespread adoption of smart, data-driven strategies by businesses worldwide.
Location-based marketing services have transformed the way businesses interact with their customers, enabling more personalized and timely communication. By leveraging location data, companies can engage customers more effectively through real-time notifications, whether it’s informing them about nearby retail stores or upcoming events in their vicinity.
This targeted approach is fueling the expansion of the location-based marketing services sector as consumers increasingly prefer receiving relevant information based on their immediate surroundings.
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Personalized and Timely Advertising
One of the key advantages of location-based social media advertising is its ability to provide personalized and timely messages to consumers. By tailoring promotions to users’ current locations, businesses can serve relevant ads, such as region-specific offers, nearby stores, or local events. This targeted approach enhances the overall consumer experience, making ads more meaningful and increasing the likelihood of customer engagement.
For example, restaurants can use location-based advertising during lunch hours to target users in specific areas with exclusive discounts and promotions. Similarly, retail stores can advertise in-store deals or the arrival of new products to customers in the vicinity, driving foot traffic and increasing sales.
Driving Growth in Location-Based Marketing
As businesses continue to adopt this dynamic form of advertising, the growth of location-based marketing services is poised to accelerate. By delivering ads that align with users’ real-time needs and desires, companies can foster stronger relationships with consumers, ultimately leading to higher conversion rates and increased revenue.
Key Takeaways from the Location Based Marketing Services Market Report:
- The location-based marketing services industry reached a value of USD 59.7 billion in 2023, showcasing positive growth.
- Germany is projected to experience a strong CAGR of 14.8% from 2024 to 2034 in the location-based marketing services market.
- North America, led by the United States, holds around 76.3% share of the regional location-based marketing services industry.
- China is expected to record a notable CAGR of 15.4% from 2024 to 2034 in the location-based marketing services market.
- The services segment within the market is estimated to grow at a robust CAGR of 17.1% until 2034.
Competitive Landscape
Key players in this industry are investing in modern technology and forming collaborations. Key location-based marketing services providers have also been acquiring smaller businesses to expand their position and enter the market across numerous geographies.
Key Players of Location Based Marketing Services Industry
- Google, Inc.
- Apple, Inc.
- Microsoft Corporation
- HERE Technologies
- Cisco Systems
- Oracle Corporation
- Bharti Airtel Ltd
- Groupon
- Gimbal
- Bluedot
- Radar
- PlotProjects
- PlaceIQ
- Groundtruth
- BrightLocal
Recent Industry Developments in Location Based Marketing Services Market
- In January 2024, digital marketing transformation (DMT) company, LS Digital launched a comprehensive framework Marketing Data Infrastructure (MDI), to enable businesses to gain valuable insights from the consumer data and drive their business with higher profitability.
- In April 2023, marketing solution provider, Basis Technologies announced that it added location-Based data partners to its cookie less data offerings from Peer39, a quality solutions for modern marketer’s provider to assist advertisers to utilize this data to reach the targeted audience.
- In October 2022, transport company, Uber Technologies, Inc. launched advertising division and introduced Uber Journey Ads, in which brands can engage with the customers throughout the Uber rides in the USA.
Key Segments of Location Based Marketing Services Industry
By Service Type:
The industry is divided into geo-fencing marketing, beacon-based marketing, location-based push notifications, location-based SMS marketing, location-based mobile ads, location-based search ads, location-based social media marketing, and others.
By Enterprise Size:
The segment is segregated into small and medium enterprises and large enterprises.
By Industry:
The landscape is classified as retail and ecommerce, travel and hospitality, media and entertainment, healthcare, transportation and logistics, financial services, and other industries.
By Region:
A regional analysis has been carried out in key countries of North America, Latin America, Asia Pacific, Middle East and Africa (MEA), and Europe.
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