According to a recent FMI study, the market for location-based marketing services is expected to reach US$ 299.3 billion by 2032, expanding at a rapid 18.1% CAGR. During the forecast period of 2022-2032, the industry is expected to generate a dollar opportunity worth US$ 252.3 billion.
Increased demand for mobile location-based services, a surge in demand for location-enabled mapping, tracking, and navigation solutions, and consumer adoption of social media, smartphones, and location-based applications are expected to drive market growth during the forecast period.
From 2015 to 2021, the demand for location-based marketing services increased at an 18.8% CAGR, totaling US$ 47 billion. During the COVID-19 pandemic, growth prospects improved even more, as the widespread presence of consumers on social media platforms made it easier for industries to target specific customers across multiple geographies. Furthermore, regulatory measures to ensure consumer safety, the proliferation of new data sources, and evolving marketing methodology are expected to drive market growth.
Furthermore, the rise of GPS-enabled precision applications like farming, logistics, and automotive has created a high demand for location-based solutions. Furthermore, the growing 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 all creating significant opportunities for the location-based services market to grow.
The Market Study’s Key Findings
- Global location-based marketing services market was valued at US$ 56.5 Billion by 2022-end
- The United States will account for the highest value share of global market demand (US$ 90.9 billion) until 2032.
- The physical locations category is the most preferred by target location, with a CAGR of 18.1%.
- China’s market will grow rapidly, surpassing US$ 40 billion by 2032, with a CAGR of 21.1%.
- Search result-based location-based marketing will reign supreme in terms of promotion type, growing at a 17.3% CAGR.
- APPLE INC.
- AT&T Inc.
- Bharti Airtel Limited
- Cisco Systems, Inc.
- Google LLC