Location-Based Search and Advertising Market in the US is Booming: TechNavio Research
A penetration rate of more than 65 percent for location-enabled smartphones is the primary market growth driver.
Location-based services (LBS) use location, determined by a user's mobile device, to search for and promote products and services near the user. Location-based advertising is based on the integration of three variables: What (the user’s requirement), where (their location) and now (a user’s necessity for real-time information).
In recent years, the penetration and sales of GPS-enabled smartphones and tablets have increased significantly in the US. In 2013, the US reported a penetration rate of more than 65 percent for location-enabled smartphones, and this is expected to increase to over 90 percent by 2016.
“The huge number of smartphones being used in the US acts as a catalyst for the incremental adoption of mobile LBS applications such as location discovering, friend finder and location-based advertising, shopping and networking,” says Faisal Ghaus, Vice President of TechNavio.
Enterprises have realized the value in offering adverts specific to their customer’s location and are adopting LBS to attract new customers.
Companies such as Starbucks Corp., L’Oreal Inc., and PepsiCo Inc. are all testing the feasibility of location-based marketing campaigns. For instance, L’Oreal has launched its location-based advertising as a pilot marketing campaign.
“This kind of location-based mobile advertising offers huge growth potential and is much more cost-effective than traditional print and even electronic media,” says Ghaus.
“Given the relatively low cost of location-based advertising, enterprises are witnessing cost benefits from related marketing activities and transferring these benefits to their customers. It also helps enterprises understand their customers and offer real-time deals to attract new clients.”
To determine these market scenarios over the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Location-Based Search and Advertising Market in the US please send an e-mail to media@TechNavio.com.
TechNavio is a leading global technology research and advisory company. Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year. We cover more than 500 technologies across 80 countries.
We focus on emerging trends that can shape a market, and model these trends using a mix of quantitative and qualitative tools in our proprietary research methodologies in order to build forecasts across market segments and geographies. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a constantly changing technology market scenario.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Our analysts obtain the information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
Our large and growing base of happy customers include technology suppliers, end users, consulting companies, investment firms, research institutes and media worldwide.
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