Location-based Advertising Market Size Projected to Garner USD 375.2 Billion by 2032 growing at 14.8% CAGR - Exclusive Report by Acumen Research and Consulting
The Global Location-based Advertising Market Size is predicted to reach USD 375.2 Billion by 2032 from USD 96.2 Billion in 2022, at a CAGR of 14.8% between 2023 and 2032, as per the Acumen Research and Consulting
Location-based advertising has experienced significant growth in recent years, fueled by advancements in mobile technology and the widespread adoption of smartphones. The integration of GPS technology in mobile devices allows advertisers to target users based on their real-time location, enabling more personalized and relevant marketing messages. This form of advertising leverages geolocation data to deliver targeted promotions, discounts, and information to users when they are in close proximity to a specific business or point of interest.
The rise of location-based advertising can be attributed to its ability to enhance the overall consumer experience by delivering contextually relevant content. Businesses can send timely and location-specific offers, making their advertising efforts more effective and increasing the likelihood of customer engagement. Additionally, the data collected through location-based advertising allows marketers to gain valuable insights into consumer behavior, helping them refine their strategies and better understand their target audience. As technology continues to advance, we can expect further innovations in location-based advertising, providing both businesses and consumers with increasingly sophisticated and tailored experiences. Furthermore, the popularity of location-based social media platforms and apps has contributed to the growth of location-based advertising.
Location-based Advertising Market Statistics
- Global Location-based Advertising Market value was worth USD 96.2 Billion in 2022, with a 14.8% CAGR from 2023 to 2032
- North America Location-based Advertising Market share occupied around 35% in 2022
- Asia-Pacific region is expected to expand at the highest CAGR between 2023 and 2032
- By component, the geofencing segment captured the largest market share in 2022
- Increasing demand for personalized and relevant advertising, propel the Location-based Advertising Market Revenue
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Location-based Advertising Market Trends
The location-based advertising market has been experiencing robust growth, driven by the increasing prevalence of mobile devices and the growing significance of personalized marketing strategies. With the majority of consumers now using smartphones equipped with GPS technology, advertisers have seized the opportunity to target users with location-specific and contextually relevant ads. This trend has been particularly notable in sectors such as retail, hospitality, and entertainment, where businesses aim to attract nearby customers with timely promotions and offers.
The market growth has also been fueled by advancements in data analytics and machine learning, enabling advertisers to analyze vast amounts of location data to gain deeper insights into consumer behavior. This, in turn, allows for more precise targeting and the delivery of highly personalized advertisements. Additionally, the integration of augmented reality (AR) and virtual reality (VR) technologies in location-based advertising has provided innovative ways for brands to engage with consumers, creating immersive and interactive experiences.
The ongoing evolution of 5G technology is expected to further boost the location-based advertising market growth. The faster and more reliable connectivity offered by 5G networks enhances the capabilities of location-based services, allowing for more seamless and real-time interactions between consumers and advertisers. Overall, the location-based advertising market is likely to continue its growth trajectory, driven by technological advancements, increasing consumer reliance on mobile devices, and the demand for more personalized and contextually relevant advertising experiences.
Location-based Advertising Market Segmentation
Acumen Research and Consulting has segmented the global Location-based Advertising Market by component, promotion type, advertisement type, application, industry vertical, and region.
- By component, the industry is categorized into geofencing, beacon advertising, geotargeting, and geoconquesting.
- By promotion type, the market is divided into banner display/pop-ups promotion, search result promotion, video promotion, e-mail and messages, voice calling promotion, and social media content promotion.
- By advertisement type, the market is classified into pull advertising, and push advertising.
- By application, the market is split into retail outlets, airports, public spaces, and others.
- By industry vertical, the market is bifurcated into retail, healthcare, hospitality, bfsi, technology & media, education, transportation & logistics, multimedia & entertainment, automotive, and others.
- By region, the market is classified into Asia-Pacific, North America, Europe, Latin America, and the MEA.
Location-based Advertising Market Regional Overview
According to the location-based advertising industry analysis, the Asia-Pacific region has emerged as a dynamic and rapidly growing market for location-based advertising, driven by a combination of factors that make it conducive to the expansion of this industry. The proliferation of smartphones and mobile internet connectivity across the region has played a pivotal role, with a large and increasingly tech-savvy population contributing to the widespread adoption of location-enabled devices. This widespread smartphone usage has provided advertisers with a vast and diverse audience to target with location-based campaigns, allowing for more personalized and contextually relevant advertising experiences. Furthermore, the Asia-Pacific region is characterized by a diverse set of markets with varying levels of economic development, presenting a broad spectrum of opportunities for location-based advertising.
Location-based Advertising Market Players
Some of the prominent Location-based Advertising Market companies are Cidewalk Technologies Inc., Emodo (Placecast), Enradius, Facebook (Meta Platforms Inc.), Google LLC, Foursquare, GroundTruth, Near Intelligence Inc., IBM Corporation, PlaceIQ, Cuebiq Group LLC, and Yelp Inc.
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