The geomarketing market size was valued at $11.4 billion in 2021, and is estimated to reach $78.9 billion by 2031, growing at a CAGR of 21.5% from 2022 to 2031.
Geomarketing involves delivering the right message to the right person in the right location. This marketing concept uses location data to deliver its messages to the most relevant audience at the right time. The key to geomarketing is the use of targeting and segmentation. In this case, marketers are segmenting by geographic location and then targeting consumers inside of that boundary.
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Growing investment in digital marketing compared to conventional marketing and increasing demand for location-based intelligence are boosting the growth of the global geomarketing market. In addition, enhance customer targeting with the help of AI, Location analytics, and big data positively impacts the growth of the market. However, legal concerns & data privacy threats and lack of skilled operators are hampering the market growth. On the contrary, high demand for mobile computing and treading social media is expected to offer remunerative opportunities for expansion of the market during the forecast period.
Depending on Location type, outdoor segment holds the largest share of the geomarketing market, owing to rise in digital marketing and reach to a greater number of people in outdoor. However, the indoor segment is expected to grow at the highest rate during the forecast period, owing the adoption of geomarketing by verticals such as retail and hospitality sector is providing ample growth opportunities for indoor segment in geomarketing market.
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Region wise, the geomarketing market forecast was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the growing adoption of location-based services in various sectors such as retailing, manufacturing in North America region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to adoption of advanced technologies and continued innovations in the location-based services play a vital role in driving the growth of the market in this region.
The outbreak of COVID-19 has led to the large-scale transfer of sales from physical stores to digital stores, leading to large scale data usage by consumers of various sectors. Organizations are keeping up with their technology enhancement and investment to engage customer in times of panic buying and stay at home guidelines at global level. Organizations have succeeded in keeping productivity declines at minimal, with businesses providing all the essential infrastructure and technology support to their customers by adopting advertising and marketing strategies through digital media. Such factors have led to organizations adopting more geomarketing solutions leading to growth of the Geomarketing Industry.
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The key players profiled in the geomarketing market analysis are Adobe, Cisco Systems, Inc., CleverTap, ESRI, Galigeo, Google LLC., HYP3R, Inc., IBM, Microsoft, Oracle, PlotProjects, Qualcomm Technologies, Inc., Saksoft, Salesforce, Inc., Software AG, Telefonaktiebolaget LM Ericsson, and Xtremepush. These players have adopted various strategies to increase their market penetration and strengthen their position in the Geomarketing Industry.
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