What Is The Current and Historic Market Size Analysis Of The Geomarketing Market?
The geomarketing market has seen considerable growth due to a variety of factors.
• There has been a significant surge in the size of the geomarketing market in the past few years. The market which is expected to be worth $21.34 billion in 2024, is predicted to escalate to $26.48 billion in 2025, reflecting a compound annual growth rate (CAGR) of 24.1%.
Factors such as data analytics, location-based services, the expansion of e-commerce and retail are the key drivers for the notable growth observed in the historic period.
What Are The Predictions for The Geomarketing Market in the Coming Years?
The geomarketing market is expected to maintain its strong growth trajectory in upcoming years.
• A significant increase is projected in the geomarketing market size in the coming years. The market is estimated to expand to $62.89 billion by 2029, boasting a compound annual growth rate (CAGR) of 24.1%.
The surge in this projection period can be linked to factors such as IoT and connected devices, geomarketing personalization, indoor geomarketing, and the adoption of ethical and transparent practices. The main trends for this period include the incorporation of big data and AI, augmented reality (AR) and virtual reality (VR), as well as data visualization.
Which Drivers Are Accelerating Growth In The Geomarketing Market?
The rise in demand for tailor-made marketing is predicted to stimulate the progress of the geomarketing market. Custom marketing, powered by data scrutiny and the latest digital tools, is intended to reach new or existing customers with individualized messages and provides unique offerings. The use of geomarketing becomes pivotal for personalizing marketing as it allows customers to be targeted based on their geographic location. For instance, a study carried out in May 2022 by Salesforce Inc., an American cloud-based software company, surveyed around 13,000 consumers and nearly 4,000 business buyers. It found that about 73% of customers anticipate companies to grasp their special needs and expectations, and 61% are content with firms using their personal data in a beneficial and transparent manner. Consequently, the market for geomarketing is being encouraged to grow due to this uptick in demand for personalized marketing. The escalating use of mobile devices is likely to push forward the growth of the geomarketing market. Mobile devices like smartphones or tablets are handheld electronic gadgets that permit people to easily connect to the internet, engage in communication, and operate applications without needing wired connections. The use of these mobile tools is on the rise owing to their ease of access, enhanced connectivity, and the dependency on apps for interaction, professional tasks, and leisure. In the realm of geomarketing, mobile devices hold significance as they are employed to track the real-time locations of users, thus allowing companies to share ads and promotional material based on geographic data. As per Uswitch Limited, a financial conduct watchdog in the UK, the total mobile connections in the UK increased to 71.8 million in February 2024, marking a 3.8% jump (approximately 2.6 million connections) when compared to 2021. By 2025, about 95% of the projected UK population of 68.3 million people (roughly 65 million individuals) are expected to own smartphones. This expected surge in mobile device usage will boost the growth of the geomarketing industry.
What Are The Core Segments Of The Global Geomarketing Market?
The geo marketing market covered in this report is segmented –
1) By Solution: Software, Service
2) By Deployment Mode: Cloud, On-Premises
3) By Location: Indoor, Outdoor
4) By 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
Subsegments:
1) By Software: Location Analytics Software, Geofencing Software, Mapping Software, Reporting And Visualization Software
2) By Service: Consulting Services, Deployment And Integration Services, Support And Maintenance Services
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How Are New Trends Impacting The Size Of The Geomarketing Market?
In the geomarketing industry, leading corporations are prioritizing the development and implementation of newly advanced technological solutions, like AI-based location services technology, to provide consistent and superior client service. These AI-integrated location-based services (LBS) utilize artificial intelligence to interpret location information and offer personalized experiences to consumers. As an illustration, INRIX Inc., an American software firm, introduced a groundbreaking AI-driven technology, INRIX Compass, in November 2023 to dramatically transform transportation intelligence. Compass employs INRIX's vast 50-petabyte data lake coupled with generative artificial intelligence (GenAI), specifically designed to tackle transportation-related issues effectively. This technological advancement acts as a boon to INRIX IQ (a leading suite of applications based in the cloud), as it simplifies the process of gaining action-oriented insights from location-specific data.
Who Are the Key Players In The Geomarketing Market?
Major companies operating in the geomarketing market are:
• Microsoft Corporation
• Google LLC
• International Business Machines Corporation
• Cisco Systems Inc.
• Qualcomm Inc.
• Oracle Corporation
• Salesforce Inc.
• Ericsson Inc.
• Adobe Inc.
• Software AG
• GroundTruth
• CleverTap
• Airship
• Saksoft Ltd.
• Bluedot Innovation Inc.
• Xtremepush Limited
• Cuebiq Inc.
• Hyp3r Inc.
• MobileBridge
• PlaceIQ Inc.
• Gimbal Inc.
• Reveal Mobile Inc.
• Ubimo Ltd.
• Cloud4Wi Inc.
• Plot Projects
• Navigine Corp
• LocationSmart
• Galigeo
• ESRI Business Information Solutions Inc.
• Flame Analytics S.L.
What Are The Regional Insights Into The Geomarketing Market?
North America was the largest region in the geomarketing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in geomarketing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
