DUBLIN, August 05, 2021--(BUSINESS WIRE)--The "Geomarketing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The geomarketing market is expected to reach USD 18.21 billion by 2026 from the present estimate of USD 7.35 billion in 2020 at a CAGR of 16.32% during the forecast period.
Cisco Systems, Inc.
Adobe Systems Inc.
ESRI Business Information Solutions Inc
Key Market Trends
Location Based Services is Expected to Witness Significant Growth and Drive the Market
Technological advancement in smart devices (smartphones, smart wearables, laptops), wireless connectivity, Internet of Things, cloud computing, has successfully increased the traffic and has driven the demand for analytical services due to their ability to analyze and deliver real-time geo-data.
Moreover, increasing brand dependence on location-based service providers to determine customers' requirements and to verify customers' needs and their offerings are on the same level in order to remain one step ahead of competitors has driven the growth of the market. Companies also utilize location-based technology, advanced analytics, and automation to highly personalized customer experience and build brand loyalty to reduce churn rate due to ongoing competition.
According to the study, brand loyalty aid companies to achieve revenue gains of 5% to 10% and reduce its costs by 15% to 25% within two or three years as new customer acquisition costs five times as to retain the current old customer.
Further, location-based services have gained significant attention across various industrial sectors such as government authorities, telecommunications, transportation, and retailers, and have empowered players to offer promotional services based on customer's lifestyle and proximity. For instance, Uber, an American ride-hailing company offering services, works on customer's and driver's location information through smartphones. Location features help the company to improve its services, including pickups, navigation, customer support and promotional servies. So, it is expected that many businesses will gain promising insights through location-based services and will drive the market in the future.
North America Will Experience Significant Growth and Drive the Market
North America is expected to dominate the market studied over the forecast period, mainly due to the increasing IT spending, acceptance of innovative and advanced technologies, and the presence of a large number of significant market vendors in the region.
According to the report, IT spending on products and services in North America is forecast to grow 3.7% in 2019, will exceed USD 1 trillion in 2020, and will account for 40% of all worldwide revenues over the period. Further, United States spending on software will grow at a healthy 7.9% CAGR over the forecast period, making it the largest category by 2020.
Moreover, changing technology, regulations, and customer expectations are transforming financial services pushing financial institutions to be more agile and open while maintaining tight security and data privacy. Now nearly two out of every three Americans own a smartphone, so financial institutions have a vast array of opportunities to capitalize by delivering products and services tailored to customers based on location, which has led to the collaboration of many BFSI organizations with IT providers. For instance, in 2018, Mastercard collaborated with Carto, software company, to develop packaged mapping solution, Mastercard Retail Location Insights, that is a multi-sectoral and very flexible solution which allows the analysis of key variables for accurate decision making, related to the assessment of territories, properties and other aspects of geolocation, which are essential for business success.
COVID-19 has accelerated the growth of IT services and hence fueled the demand for geomarketing market. As the countries are under lockdown and people are restricted from going shopping, movies, restaurants, etc. so most of the companies are utilizing geomarketing tools to deliver customer-based services and increase their revenue source.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Adoption of Emerging Technologies in Marketing Sector
4.2.2 Increasing Demand for Location-Based Intelligence to Enhance the Business Revenue
4.3 Market Restraints
4.3.1 Increasing Security and Privacy Concerns Among Enterprises
4.4 Porters 5 Force Analysis
5 MARKET SEGMENTATION
5.1 By Components
5.2 By Deployment
5.3 By Location
5.4 By End-User Industry
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/rgqhfh
View source version on businesswire.com: https://www.businesswire.com/news/home/20210805005502/en/
Laura Wood, Senior Press Manager
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