Geomarketing Global Market Report 2024

The global geomarketing market has grown exponentially in recent years. It will grow from $17.18 billion in 2023 to $21.34 billion in 2024 at a compound annual growth rate (CAGR) of 24.2%. The growth in the historic period can be attributed to data analytics, location-based services, e-commerce growth, retail expansion.

The global geomarketing market is expected to see exponential growth in the next few years. It will grow to $50.16 billion in 2028 at a compound annual growth rate (CAGR) of 23.8%. The growth in the forecast period can be attributed to iot and connected devices, geomarketing personalization, indoor geomarketing, ethical and transparent practices. Major trends in the forecast period include big data and ai, augmented reality (ar) and virtual reality (vr), data visualization.

The burgeoning need for personalized marketing is poised to propel the geomarketing market's expansion in the foreseeable future. Personalized marketing involves tailoring marketing strategies to address the unique needs of current or potential customers through data analysis and digital technologies. Geomarketing plays a crucial role in personalized marketing by enabling businesses to target customers based on their geographical location. For example, in May 2022, a survey conducted by Salesforce Inc., a US-based provider of cloud-based software, involving over 13,000 consumers and nearly 4,000 business buyers, revealed that approximately 73% of customers expect companies to comprehend their distinct requirements and expectations. Additionally, 61% of customers express satisfaction when businesses use their personal information in a beneficial and transparent manner. Consequently, the increasing demand for personalized marketing is a driving force behind the growth of the geomarketing market.

The growing adoption of location-based services is anticipated to boost the geomarketing market's development in the coming years. Location-based services (LBS) are software services that leverage a user's geographic position to offer pertinent information or services. Geomarketing finds practical application within location-based services (LBS) to target mobile users with advertisements for nearby products or services. As an illustration, a survey conducted by 451 Alliance, a US-based exclusive membership organization, in July 2021, revealed that 30% of respondents consistently activate location-based services, while an additional 37% do so selectively for specific applications. Hence, the increased utilization of location-based services plays a pivotal role in propelling the growth of the geomarketing market.

Economic downturns are exerting a negative influence on the geomarketing market's growth during the forecast period. These downturns represent prolonged periods of significant economic decline, during which businesses typically curtail their marketing expenditures. Geomarketing initiatives that require substantial investments in technology, data analysis, and advertising are often among the first to be suspended. For instance, in April 2023, the International Monetary Fund, a US-based financial agency, projected a pronounced economic downturn for advanced economies, with growth rates plummeting from 2.7% in 2022 to 1.3% in 2023. An alternative scenario, factoring in increased stress in the financial sector, suggests a global GDP drop to around 2.5% by 2023, with growth rates in advanced economies falling below 1%. As a result, economic downturns are impeding the geomarketing market's growth.

Prominent companies in the geomarketing market are concentrating on the development of cutting-edge solutions, such as cloud-based Location-Based Services (LBS), to enhance customer service reliability. Cloud-based LBS leverages cloud computing to deliver location-based information and services to users. For example, in July 2021, INRIX Inc., a US-based software company, introduced INRIX IQ Location Analytics, a novel cloud-based LBS application designed to equip business experts with the insights needed to identify new locations, enhance sales, and optimize return on investment. One distinctive feature of this Location Analytics solution is its rapid identification of relevant points of interest, making it easier for users to compare locations, whether they are in search of a new business site or seeking information on company activities. This technology eliminates guesswork by providing comprehensive insights into locations, evaluating their essential parameters, and automatically presenting findings.

In January 2022, Informa D&B, a Spain-based financial services provider, acquired inAtlas for an undisclosed sum. This strategic acquisition is expected to enable Informa to integrate new proprietary geospatial technology, expanding its product offerings in the marketing services sector in Spain and Portugal. inAtlas is a Spain-based provider of location analytics and geomarketing solutions.

Major players 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.

North America was the largest region in the geomarketing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in geomarketing report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the geomarketing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The geomarketing encompasses two primary solution categories, software and services. Software refers to a set of programs or a collection of instructions designed to execute specific tasks in response to user requests. These solutions offer various deployment options, including cloud-based and on-premises installations, suitable for both indoor and outdoor applications. Geomarketing serves a range of industry verticals, including retail and e-commerce, healthcare and life sciences, travel and hospitality, banking, financial services and insurance, media and entertainment, telecommunication and IT, as well as other sectors.

This report provides geomarketing market statistics, including geomarketing industry global market size, regional shares, competitors with a geomarketing market share, detailed geomarketing market segments, market trends and opportunities and any further data you may need to thrive in the geomarketing industry. This geomarketing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The geomarketing market consists of revenues earned by entities by providing services such as GPS (Global Positioning System) tracking, GSM (Global System for Mobile communication) localization, site selection and related services. The market value includes the value of related goods sold by the service provider or included within the service offering. The geomarketing market also includes sales of geolocation devices, drones, LiDAR scanners and aerial cameras. which are used in providing geomarketing services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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