Jan 27, 2021 (AmericaNewsHour) -- Kenneth Research has recently added a market research study on Geomarketing Market 2024 which provides a complete comprehensive analysis including the data by Segmentations, by Geography and as well as the competitive landscape of the top 10 Vendors in this market
In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Geomarketing Market over the period 2019-2026.
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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
