Geomarketing Market expected to surpass $23.7 billion by 2023

Geomarketing Market worth $23.7 billion by 2023

geomarketing market

According to a market research report “Geomarketing Market by Software (Location and Predictive Analytics, Reporting, and Geofencing), Services, Technology (Wi-Fi, Bluetooth, Beacons, NFC, and GPS), Location (Indoor, and Outdoor), Deployment Mode, Vertical, and Region – Global Forecast to 2023”, published by MarketsandMarkets, the global market for Geomarketing is expected to grow from USD 7.3 billion in 2018 to USD 23.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 26.4% during the forecast period.

Increasing demand for location-based intelligence to enhance business outcome and use of location analytics and big data to collect comprehensive and differentiated information about potential markets and customers are the major driving factors of the geomarketing market.

Browse and in-depth TOC on “Geomarketing Market”

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The software segment to hold the higher market share

The software segment is expected to gain traction in the geomarketing market during the forecast period. Geomarketing software is usually deployed as a stand-alone solution as per application requirements. It mainly consists of 4 subcomponents, namely, content management, location and predictive analytics, geofencing, and reporting and data visualization. This solution helps businesses generate their revenues by implementing it across industry verticals, such as retail, healthcare, logistics, and transportation. Additionally, it can be integrated with the existing centralized system.

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Among services, deployment and integration segment is gaining traction

Deployment and integration services help in reducing the time required for deploying and integrating virtual classroom solutions. These services ensure safety and security of integration of mobile devices with the geomarketing ecosystem. Service providers safeguard and confirm the integration and installation of the geomarketing solutions for quality assurance.

North America to hold the highest market share during the forecast period

North America is one of the major contributors to the market, due to technological developments. The US and Canada are the top contributing countries to the geomarketing market in this region. These countries have established economies, which empower them to invest in Research And Development (R&D) activities strongly. Moreover, the rapid development of the startup culture and high adoption of technologies in education are expected to fuel the growth of the market in North America. Moreover, the companies in this region are focusing more on analytics strategies because nowadays customers are accessing multiple touch points. For instance, smartphone buyers first perform secondary research about devices over the internet. After researching, they go through product specifications and review other users’ feedback.

The major vendors covered in the Geomarketing market, include Google (US), Microsoft (US), IBM (US), Cisco (US), Oracle (US), Adobe(US),Salesforce(US), ESRI(US), Software Ag (Germany), Ericsson(Sweden), Qualcomm(US), XTREMEPUSH(Ireland), Plot Projects(Netherlands), Rover(Canada), Mobile Bridge(Netherlands), Hyper(US), Reveal Mobile(US), Galigeo(Europe), Navigine(US), Clevertap(US), Urban Airship(US), Bluedot Innovation(US), Merkle(US), Foursquare(US), and LocationGuru (India).

About MarketsandMarkets™

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