Location-Based Marketing Services Industry to reach US$ 299.3 Billion in 2032; Search Result-based Promotion to take the Cake: FMI
According to a recent FMI analysis, the location-based marketing services business is expected to grow at a CAGR of 18.1 percent to US$ 299.3 billion by 2032. The sector is predicted to provide a monetary opportunity worth US$ 252.3 billion between 2022 and 2032. Rising demand for mobile location-based services, a 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 all expected to drive market growth during the forecast period.
From 2015 to 2021, demand for location-based marketing services increased at an annual pace of 18.8%, totaling US$ 47 billion. The widespread use of social media platforms allowed businesses to target individual clients across many locations during the COVID-19 pandemic, which increased growth prospects even more. Furthermore, governmental initiatives to ensure consumer safety, the proliferation of new data sources, and improved marketing strategies are expected to promote industry development.
Key Takeaways from the Market Study
- Global location-basedreigns 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
Players in the worldwide location-based marketing services market use a variety of techniques to increase their global presence, including partnerships, collaborations, and partnerships. The players are also investing heavily in R&D to include new features into their goods, which will help them enhance their position in the worldwide market. The following are some recent developments among the important players:
- 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, and infrastructure services, and safeguards its It system, among others.