Location-Based Advertising Market Is Projected To Grow At Significant CAGR Close To 12%


(MENAFN- EIN Presswire)

The location-based advertising market is estimated to grow at a CAGR of 12.11% during the forecast period.

The location-based advertising market is estimated to grow at a CAGR of 12.11% during the forecast period.” - Knowledge Sourcing IntelligenceNOIDA, UTTAR PRADESH, INDIA, February 13, 2024 /EINPresswire / -- According to a new study published by Knowledge Sourcing Intelligence, the location-based advertising market is projected to grow at a CAGR of 12.11% between 2022 and 2029.

Location-based advertising is a dynamic marketing strategy that uses location data to tailor advertisements to specific consumer segments. This approach allows businesses to target individuals based on their precise geographical location, delivering personalized and contextually relevant online or offline messages. By leveraging insights from this data, marketing teams gain a deeper understanding of customer behavior, refining outreach strategies and enhancing the overall consumer journey. This strategy is particularly effective in driving foot traffic for local businesses, such as retail outlets and food services , by notifying potential customers in their vicinity with tailored promotions. Additionally, targeting customers during moments of likely need enhances the overall user experience. Location-based marketing is widely applied across various sectors, including retail, food service, real estate, hospitality, and automotive industries, facilitating targeted engagement and improved customer satisfaction. The future of location-based marketing is expected to be influenced by factors like regulatory frameworks, new data sources, and the importance of accurate attribution. However, it's crucial to address privacy concerns, ensuring the adoption of privacy-compliant practices to protect consumer privacy while delivering effective and relevant advertising experiences. In May 2022, AT&T, collaborating with Intrado, introduced location-based routing for wireless 9-1-1 calls. This innovative technology enables AT&T to promptly and precisely determine the location of a wireless 9-1-1 caller, ensuring the call is directed to the appropriate public safety answering point (PSAP).

Access sample report or view details:

The location-based advertising market encompasses various advertising types, with two prominent categories being push advertising and pull advertising. Push advertising involves businesses proactively sending messages, notifications, or promotions to individuals based on their specific geographical location. This approach is characterized by the active dissemination of content to potential customers within a defined proximity, aiming to capture their attention and influence their purchasing decisions. On the other hand, pull advertising involves consumers actively seeking information or promotions based on their current location. This may include individuals using location-based apps or services to discover nearby businesses, products, or deals. Both push and pull advertising strategies leverage location data to tailor marketing efforts to the real-time context of the consumer, fostering personalized and contextually relevant engagements. The choice between push and pull advertising often depends on the marketing objectives, target audience, and the nature of the products or services being promoted. Overall, the combination of these advertising types contributes to the dynamic and effective landscape of location-based marketing.

The location-based advertising market encompasses diverse promotion types, each offering unique ways to engage with target audiences. Banner Display/Pop-ups Promotion involves visually striking advertisements that appear on mobile apps or websites when users are in a specific geographic location, aiming to capture their attention and drive interaction. Video Promotion utilizes location data to deliver targeted video content to users, providing a visually compelling and immersive advertising experience. Search Result Promotion tailors search engine results based on the user's location, ensuring that relevant products, services, or businesses appear prominently in search listings. E-mail and Messages leverage location data to send personalized promotional messages or offers to users within a specific area, fostering direct communication. Social Media Content Promotion involves tailoring content on social media platforms to users' locations, delivering targeted and relevant advertisements within their feeds. Voice Calling Promotion utilizes location-based data to personalize voice call promotions, reaching users with location-specific offers or information. Collectively, these diverse promotion types harness the power of location data to enhance the effectiveness and relevance of marketing efforts across various channels, contributing to the dynamic landscape of location-based advertising.

The location-based advertising market distinguishes between Indoor and Outdoor advertising strategies, each catering to specific contexts and consumer experiences. Indoor location-based advertising focuses on targeting consumers within enclosed spaces, such as shopping malls, airports, or retail stores. Through this approach, businesses can deliver highly personalized advertisements to consumers based on their precise indoor location, enhancing the relevance of promotions and encouraging in-the-moment engagement. This is particularly effective for influencing purchasing decisions and driving foot traffic within specific indoor environments. On the other hand, Outdoor location-based advertising extends the reach to open spaces, streets, and public areas, leveraging the location data of users moving through these environments. Outdoor advertising thrives on the mobility of consumers, delivering contextually relevant messages based on their geographical location. Whether through digital billboards, transit ads, or geofencing technologies, outdoor location-based advertising aims to capture the attention of individuals in transit, making it a powerful tool for brand visibility and awareness in the broader outdoor landscape. As businesses continue to explore the dynamic possibilities of location-based advertising, the combination of Indoor and Outdoor strategies provides a comprehensive approach to engage consumers in diverse settings, fostering a seamless and impactful advertising experience.

The retail sector is witnessing notable growth within the location-based advertising market, primarily driven by its manifold advantages. A key merit lies in its potential to drive foot traffic by notifying local users of proximity and enticing them with exclusive offers, proving particularly beneficial for small businesses aiming to target customers in their immediate surroundings. Furthermore, the personalized nature of location-based advertising enables retailers to tailor ads based on the user's location, ensuring increased relevance and, consequently, elevating the likelihood of achieving higher conversion rates. Targeting specific audiences based on their location emerges as a valuable tool for retailers seeking to capture the attention of potential customers near their stores. Contextualization adds another critical dimension, delivering ads to consumers precisely when they are in a specific location, significantly amplifying their relevance and appeal. Additionally, the highly measurable attributes of location-based advertising empower retailers to comprehensively monitor campaign performance, facilitating necessary adjustments to optimize ad spend and ultimately enhance return on investment (ROI).

The Asia Pacific region is poised to command a substantial share of the location-based advertising market, driven by several pivotal factors. Firstly, the region has witnessed a significant surge in smartphone users and improved internet connectivity, fostering a widespread adoption of location-based advertising. This trend is further amplified by the growing popularity of cost-effective online advertising options for local business owners in the region. As these business owners recognize the potential efficacy of such advertising methods, the location-based advertising market experiences notable growth. Additionally, there is a noteworthy increase in the presence of key players offering location-based business services in the region. This presence not only fortifies the market's infrastructure but also propels its overall growth trajectory. Concurrently, the Asia Pacific region sees a continual expansion in the penetration rate of social media, creating fertile ground for the flourishing of the location-based advertising market. With more individuals engaging with social media platforms, the potential for targeted location-based advertising has expanded significantly, contributing to a robust and dynamic market landscape in the Asia Pacific region.

In the realm of location-based advertising, various notable players contribute to shaping the landscape. Cidewalk Technologies Inc., Enradius, Emodo by Placecast, Facebook under Meta Platforms Inc., Foursquare, Google LLC, GroundTruth, IBM Corporation, Telenity, Yelp Inc., and Cuebiq Group LLC are among the key entities driving advancements and innovations in this dynamic market. Each of these entities plays a distinctive role, leveraging their expertise and technologies to offer diverse solutions and services in the location-based advertising sphere. Their collective efforts contribute to the evolution and expansion of the market, providing businesses with valuable tools to reach their target audiences more effectively.

The market analytics report segments the location-based advertising market on the following basis:

.By Advertising Type

oPush Advertising
oPull Advertising

.By Promotion Type

oBanner Display/Pop-ups Promotion
oVideo Promotion
oSearch Result Promotion
oE-mail and Messages
oSocial Media Content Promotion
oVoice Calling Promotion

.By Location

oIndoor
oOutdoor

.By End-User Industry

oRetail
oHospitality
oHealthcare
oBFSI
oEducation
oTechnology & Media
oTransportation & Logistics
oAutomotive
oEntertainment
oOthers

.By Geography

oNorth America

.United States
.Canada
.Mexico

oSouth America

.Brazil
.Argentina
.Others

oEurope

.United Kingdom
.Germany
.France
.Spain
.Others

oMiddle East and Africa

.Saudi Arabia
.UAE
.Israel
.Others

oAsia Pacific

.Japan
.China
.India
.South Korea
.Indonesia
.Thailand
.Others

Companies Profiled:

.Cidewalk Technologies Inc.
.Enradius
.Emodo (Placecast)
.Facebook (Meta Platforms Inc.)
.Foursquare
.Google LLC
.GroundTruth
.IBM Corporation
.Telenity
.Yelp Inc.
.Cuebiq Group LLC

Explore others reports

.Mobile Advertising Market:

.Podcast Advertising Market:

.Global Audio Advertising Market:

Ankit Mishra
Knowledge Sourcing Intelligence
+1 850-250-1698
...
Visit us on social media:
Facebook
Twitter
LinkedIn

MENAFN13022024003118003196ID1107845823


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.