According to a new report published by Allied Market Research, titled, “Geomarketing Market by Component (Software and Services), Technology (Bluetooth, Global Positioning System, Radiofrequency Identification, Wi-Fi, Near-field Communication, and iBeacon), Deployment (Cloud and On-premise), Location (Indoor and Outdoor), and Industry Vertical (Retail, BFSI, Healthcare, Travel & Hospitality, IT & Telecommunications, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2029″.
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Increasing adoption of emerging technologies in the marketing sector is a key factor boosting the growth of the geomarketing market. Also, the emergence of location analytics and big data to generate useful insights from data silos among various marketing organizations is a factor driving the growth of the geomarketing market.
Growing demand for location-based intelligence that includes functionalities such as spatial analysis, objective decisions, generating added value for your data, identifying relationships more easily, individual benefit, and many more is a factor expected to support the growth of the market globally.
Retail business are using location-based promotional activities in multiple ways, such as sending proximity messages and using a geomarketing solution to the mobile devices of potential customers who pass by the store to locate the target audience. Moreover, on arrival of customers near stores, storekeepers can be notified so that goods ordered online by customers can be kept ready for pickup increasing ease of use to end users. Such kind of promotional activities help in reaching consumers at the right place and at the right time.
Geomarketing campaigns help enhance the customer experience through targeted reach. Location analytics helps marketers find the most profitable customers and identify more such customers for generating revenue opportunities. For instance, Timberland was able to increase store visits by 6% by targeting urban adventurers near their stores. Also, Currys PC World used a similar approach, combining audience and location targeting to increase store visits by 12%.
Social check-ins that allow users to digitally “check in” to various geofencing locations can be used to send special offers to customers who are currently in store, restaurant, or shop targeting a large audience for better experience. Foursquare is a popular app that offers these services to drive store visits in geofences set by end users location data.
Major players analyzed in the market include Adobe Inc., Cisco Systems Inc., CleverTap, Google LLC, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.com Inc., Software AG, and Telefonaktiebolaget LM Ericsson.
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