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The GeoMarket is a multi-dimensional entity influenced by several market factors that shape its landscape and determine its future direction. These include economic, social, technological, political, and environmental aspects. Supply and demand dynamics have a profound impact on the GeoMarket in economic terms. This is due to changes in commodity prices, currency exchange rates, and general global economic conditions. Social drivers also play an important part in GeoMarket dynamics. Consumer behavior and market preferences are significantly influenced by changing demographics, cultural preference patterns, and societal attitudes. Any business that would like to impress local customers should understand how different these two factors can be within the same country. Moreover, the lifestyle changes among people, plus their expectations when buying from other companies, also determine how successful these firms would be.
Technological advancements are instrumental in shaping the GeoMarket, fostering innovation, and driving competitiveness. The level of technological infrastructure, digitalization, and access to information and communication technologies are key determinants of GeoMarket's capacity to participate in the global economy. Political issues have a direct effect on this market since they gauge its performance through regulation policies and trade ties, among others. Political stability creates an enabling environment for businesses to operate effectively. Tax laws or agreements between nations regarding the importation of goods (FedEx), as well as foreign direct investments, can make any given geomarket more attractive for both local and international investors.
Environmental considerations are increasingly becoming integral to the GeoMarket's dynamics. Sustainability practices, climate change policies, and environmental regulations play a pivotal role in shaping business strategies. Consumers are becoming more environmentally conscious, and businesses that prioritize sustainable practices often gain a competitive edge in the market. Moreover, the GeoMarket is not an isolated entity; it is interconnected with the broader global market. International events, trade relations, and geopolitical tensions can have ripple effects on the GeoMarket. Global economic downturns or upswings can impact the GeoMarket's performance, underscoring the interconnectedness of economies and markets worldwide.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | By Component, services |
Geomarketing Market Highlights:
Geomarketing Market Overview
The Geomarketing Market industry is projected to grow from USD 22.1 Billion in 2023 to USD 137.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 22.50% during the forecast period (2023 - 2032). Key factors driving the market are increasing demand for advanced digital marketing technologies, increased adoption of big data platforms, and continuous innovation in business intelligence solutions. Geomarketing is one of the fastest emerging areas within the bigger market, Digital Marketing, where the marketing strategies are made and implemented by incorporating the location-intelligence of the target customers. Geomarketing helps businesses in delivering the right message (information related to product, promotion, price, or place) to the right customer at the right time.
Figure1: Geomarketing Market, 2018 - 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
This market is offering huge growth opportunities for the solution providers to innovate on their offerings and meet diverse use case requirements of their clients. Although, the market is gaining significant traction in many developed countries, the limited number of retail outlets and shopping malls and use of traditional advertisement methods in many developing economies are acting as restraints to the growth of the geomarketing market.Geomarketing solutions are being widely adopted by various industrial verticals with retail and consumer goods being the dominating segment in terms of the market share while the media and entertainment segment is expected to grow with the highest CAGR from 2023 to 2032.
Market Segmentation
The global geomarketing market has been segmented based on component, location-tracking technology, consumer location, deployment mode, organization size, industry vertical, and region/country.
By component, the market has been segmented into software and services. The software segment is further segmented into content management, location analytics, geofencing, and reporting and visualization. The services covered in the study are consulting services, implementation and integration services, and support and maintenance services.
- By location-tracking technology, the market has been segmented into global positioning systems, Bluetooth, Wi-Fi, and iBeacon.
- Based on consumer location, the market has been bifurcated into indoor and outdoor.
- By deployment mode, the market has been segmented into cloud and on-premise.
- By organization size, the market has been bifurcated into large enterprises and small- and medium-sized enterprises (SMEs).
The industry verticals covered in this market study include retail and consumer goods; travel and hospitality; banking, financial services, and insurance (BFSI); healthcare; media and entertainment; and telecommunications.
By region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America has further been segmented into the US, Canada, and Mexico; Europe into Germany, the UK, France, and the rest of Europe; and Asia-Pacific into China, India, Japan, and the rest of Asia-Pacific.
Regional Analysis
The global market for geomarketing is estimated to grow at a fast rate during the forecast period from 2019 to 2024. The geographic analysis of the global geomarketing market has been conducted for North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
North America is expected to dominate the geomarketing market during the forecast period. Being the most advanced region in terms of development and adoption of innovative technologies in the field of digital marketing, North America is expected to be at the forefront of market growth. Moreover, high adoption of IoT technologies is also significantly contributing to the growth of the reigonal market. The US is expected to be the dominating country-level market in North America as well as the entire world during the forecast period.
The market in Asia-Pacific is expected to grow at the fastest rate during the forecast period. Increasing digitalization and growing retail and e-commerce sectors are expected to boost the growth of the geomarketing market in the Asia-Pacific region. China, Japan, India, South Korea, Singapore, and Australia have been the major countries in the Asia-Pacific region in terms of market share, and this trend is expected to continue during the forecast period.
Competitive Analysis
Considering the wide range of use cases of geomarketing, the geomarketing solution providers are significantly investing in research and development (R&D) activities to enhance their expertise and meet the custom requirements of their clients. The prominent players of the global geomarketing market also adopting the strategy of collaboration and partnership to innovate on their service offerings and expand their customer base.
Geomarketing Market Key Players
The prominent players in geomarketing market are
- Oracle Corporation (US)
- Adobe Inc. (US)
- Cisco Systems, Inc. (US)
- IBM Corporation (US)
- Google LLC (US)
- Microsoft Corporation (US)
- Software AG (Germany)
- Salesforce (US)
- Qualcomm Technologies (US)
- Telefonaktiebolaget LM Ericsson (Sweden)
- Xtremepush (Ireland)
- Plot Projects (Netherlands)
- MobileBridge (Netherlands)
- Galigeo (France)
- HYP3R Inc (US)
Geomarketing Industry Developments
October 2023:
The October edition of the Microsoft Advertising product roundup highlights several key updates, including significant enhancements to Audience Ads. These updates include expanded targeting capabilities, such as Maximise Conversions and Target CPA, along with predictive targeting to reach relevant audiences more effectively. Microsoft Advertising's Performance Max open beta is highlighted as an opportunity for advertisers to test predictive solutions and automated workflows for their campaigns.
November 2022:
Meraki Go introduces a free QR code generator for small businesses, offering customization and security backed by Cisco. The newsletter highlights 8 ways QR codes can enhance marketing efforts. Additionally, it emphasizes the importance of WiFi 6 for small businesses to support the increasing number of connected devices.
August 2023:
IBM Watsonx empowers businesses with AI-driven geo-marketing data. It is a cutting-edge enterprise-focused artificial intelligence and data platform. This platform is crucial for geomarketing purposes as it enables businesses to leverage AI-driven insights and models to enhance customer targeting, personalize marketing strategies, and optimize location-based campaigns for better results.
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