Press release
Geomarketing Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Geomarketing
What Is the Expected CAGR for the Geomarketing Market Through 2025?
The dimensions of the geomarketing market have expanded at a rapid rate in the past few years. It is projected that its worth will escalate from $21.34 billion in 2024 to reach $26.38 billion in 2025, showing a compound annual growth rate (CAGR) of 23.6%. The notable expansion during the historic period is largely due to factors such as data analytics, location-centric services, the proliferation of e-commerce, and retail sector enlargement.
What's the Projected Size of the Global Geomarketing Market by 2029?
In the coming years, the size of the geomarketing market is predicted to witness significant growth, expanding to a whopping $63.06 billion in 2029 with a compound annual growth rate (CAGR) of 24.3%. Factors such as IoT and connected devices, geomarketing personalization, indoor geomarketing, as well as ethical and transparent practices are expected to drive this growth in the predicted period. Moreover, the forecast period is likely to see emerging trends such as big data and AI, augmented reality (AR) and virtual reality (VR), and data visualization.
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Top Growth Drivers in the Geomarketing Industry: What's Accelerating the Market?
The burgeoning need for personalized advertising is anticipated to fuel the expansion of the geomarketing sector going forward. Personalized marketing, which employs data analytics and digital technology to offer product messages tailor-made for current or potential customers, relies heavily on geomarketing for its effectiveness in targeting customers based on their location. For instance, a survey conducted in May 2022 by Salesforce Inc., an American cloud software company, which included over 13,000 consumers and almost 4,000 business buyers, concluded that about 73% of customers wish that companies understand their individual requirements and anticipations. Simultaneously, 61% of customers appreciated businesses using their personal information in a beneficial and transparent manner. As a result, the escalating need for personalized advertising serves as a driving force behind the growth of the geomarketing sector.
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What Trends Will Shape the Geomarketing Market Through 2029 and Beyond?
Prominent businesses in the geomarketing industry are prioritizing the development of innovative high-tech solutions, such as AI-driven location-based service technologies, to deliver dependable customer service. AI-managed location-based services harness the power of AI to study location data and create tailored user experiences. For example, INRIX Inc., an American software firm, unveiled INRIX Compass- a cutting-edge AI-integrated tool designed to transform transportation intelligence, in November 2023. Compass leverages nearly 50 petabytes of data from INRIX's pool, and a generative artificial intelligence system (GenAI), to effectively tackle transportation issues. This pioneering tool enhances INRIX IQ, a leading range of cloud-based applications, by providing effortless access to practical knowledge from location-derived data.
What Are the Main Segments in the Geomarketing Market?
The geomarketingmarket 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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Which Top Companies are Driving Growth 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.
Which Regions Will Dominate the Geomarketing Market Through 2029?
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.
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