More than 270 million people in the United States carry devices that are geolocation-enabled. Approximately 67% of them use maps and other location-based applications on a monthly basis. Most of them don't turn off geolocation since it's useful to constantly be able to access location information or nearby points of interest.
As per Allied Market Research, the global market for location-based services is predicted to reach $318 billion in 2030, growing at a 24.3% compound annual growth rate between 2020 and 2030.
Incredibly impressive statistics, aren't they? It's a mistake for modern firms to ignore them. Applications that use location data are gold mines.
They have the potential to become useful tools for better meeting the demands of customers, providing more valuable services, and developing more accurate buyer personas. When taken as a whole, these elements may serve as a solid foundation for your company and help it grow faster.
According to Statista, Smartphone users will rise from 6.259 billion in 2021 to 7.690 billion in 2027. It signifies that there are many potential clients for firms to serve.
According to the Location Based Marketing Association (LBMA), 95% of worldwide companies utilize geolocator Furthermore, it has applications to reach new consumers. Let's take a look at how companies might profit from geolocation apps: