till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Geo marketing Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017. In this sector, the ICT services account for the major share as it is predicted to be ten times larger than the share held by ICT manufacturing. ICT services consist of computer programming, consultancy and related activities which held about 49.1% share while the telecommunications activities held around 30.3% share in the segment in 2017. These factors are estimated to impact the market growth in a positive manner in the next few years.
Market Synopsis
Globally, the geomarketing market is expected to grow from USD 7.89 billion in 2019 to USD 23.89 Billion by 2024 at a CAGR of 24.8% from 2019 to 2024. 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.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Geomarketing helps businesses in delivering the right message (information related to product, promotion, price, or place) to the right customer at the right time. 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 2019 to 2024.
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.com, Inc. (US), Qualcomm Technologies, Inc. (US), Telefonaktiebolaget LM Ericsson (Sweden), Xtremepush (Ireland), MobileBridge (Netherlands), Galigeo (France), Plot Projects (Netherlands), and HYP3R Inc (US).
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.
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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.
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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.
Intended Audience
Digital Marketing Solution Providers
Mobile App Developers
Marketing Consultants
Marketing Hardware Device Manufacturers
Banks
Retail Outlets
Shopping Malls
Multiplexes
About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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