LONDON, Dec. 26, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Geomarketing Global Market Report 2024, the Geomarketing market has witnessed exponential growth in recent years, with the market size escalating from $17.18 billion in 2023 to $21.34 billion in 2024, marking a compound annual growth rate (CAGR) of 24.2%. This impressive trajectory is attributed to the adoption of data analytics, the proliferation of location-based services, the rapid expansion of e-commerce, and the strategic growth of the retail sector. The Geomarketing market is poised for continued success, projecting substantial growth to $50.16 billion by 2028 at a CAGR of 23.8%.
Key Regions Steering Market Dynamics: North America Dominates, Asia-Pacific Emerges as Growth Leader
Geographic Overview
In 2023, North America emerged as the dominant force in the Geomarketing market, holding the position of the largest region. However, the forecast period anticipates Asia-Pacific to emerge as the fastest-growing region, underscoring the global potential and demand for Geomarketing solutions.
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Segments Defining Market Landscape: Software, Services, Cloud, On-Premises, Indoor, Outdoor
Segmentation Insight
The Geomarketing market is segmented based on solutions, deployment modes, location categories, and verticals:
- Solution: Software, Service
- Deployment Mode: Cloud, On-Premises
- Location: Indoor, Outdoor
- Verticals: Retail And E-Commerce, Healthcare And Life Sciences, Travel And Hospitality, Banking, Financial Services And Insurance, Media And Entertainment, Telecommunication And IT, Other Verticals
Driving Forces Behind Market Growth: IoT, Personalization, Indoor Geomarketing, and Ethical Practices
Strategic Enablers
The forecasted growth of the Geomarketing market is propelled by the integration of IoT and connected devices, personalized geomarketing strategies, the emergence of indoor geomarketing, and an increased emphasis on ethical and transparent practices. Key trends for the forecast period include the incorporation of big data and AI, augmented reality (AR) and virtual reality (VR), as well as advanced data visualization techniques.
Rising Demand for Personalized Marketing Driving Market Expansion
Consumer-Centric Approach
The escalating demand for personalized marketing is expected to be a key driver for the Geomarketing market. Personalized marketing strategies, reliant on data analysis and digital technologies, are crucial in targeting clients based on their geographical location. For instance, a survey by Salesforce Inc. in May 2022 revealed that 73% of customers expect companies to understand their unique needs, highlighting the significance of personalized marketing. This trend is a driving force behind the continued growth of the Geomarketing market.
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Industry Leaders Pioneering Technological Advances: Cloud-Based LBS to Enhance Customer Service
Market Pioneers
Major players in the Geomarketing market, including Microsoft Corporation, Google LLC, and Salesforce Inc., are at the forefront of technological advancements. These industry leaders are developing cutting-edge solutions, such as cloud-based Location-Based Services (LBS), to provide reliable and efficient customer service. For instance, INRIX Inc. launched INRIX IQ Location Analytics, a cloud-based LBS application that empowers business experts with in-depth insights into locations, helping them make informed decisions and maximize return on investment.
This Geomarketing market comprehensive report equips businesses in the Geomarketing sector with valuable insights into market dynamics, emerging trends, and growth drivers. Companies can utilize this information to make informed decisions, identify strategic opportunities, and stay ahead in the competitive landscape. From technological innovations to market segmentation insights, the report serves as a strategic tool for businesses aiming to capitalize on the exponential growth prospects within the Geomarketing market.
Geomarketing Global Market Report 2024 by The Business Research Company provides insights on the geomarketing market size, geomarketing market segments, geomarketing market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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