COVID-19 is Likely to Make Significant Impact in the Adoption of Location Based Advertising Market and is Anticipated to Witness Growth During the Forecast Period

Introduction

Location-based advertising integrates mobile advertising with location-based services. It offers a broad range of attributes to its consumers, which includes reaching consumers when they are receptive, boosting businesses during quiet periods, connecting more consumers, and expanding exposures to audiences. Also, Location based advertising enables enterprises to easily cater the attractions consumer and enhance its footprint within minimum budgets.

The global Location Based Advertising market is emerging market and is presumed to grow during the forecast period. The global Location Based Advertising market was valued USD 64.1 Billion in 2019 and is presumed to grow at a CAGR 17.1% during the forecast period. The growth is attributed to surge in demand for digitization globally. Furthermore, increase in internet penetration rate is also one of the factors propelling the market growth. Moreover, location based advertising is exponentially increasing on account of surge in demand for electronics devices among the enterprises.

Additionally, increasing usage of consumer’s data by marketers also adds to the growth of location based advertising market. However, data security and privacy concern hinders the market growth.

Key Highlights

• By type, push segment holds higher CAGR and is expected to witness growth during the forecast period. The growth is attributed to emergence of technologies such as Artificial Intelligence (AI) and Machine Learning (ML) among others.
• By content, multimedia segment holds dominant position and is presumed to grow during forecast period on account of surge in usage of social media platform by consumers.
• By application, public spaces hold higher CAGR and are anticipated to witness growth during the forecast period on account of increase in adoption of digital advertising platforms by industry verticals.
• By region, North America holds higher CAGR and is anticipated to witness growth during forecast period on account of presence of major players in the region offering location based advertisement.
• Asia-Pacific is the fastest growing region in location based advertising and is expected to witness growth during forecast period on account of increasing internet penetration rate in developing economies.

Competitive Players

1. Cidewalk Technologies Inc.
2. Enradius, Emodo (Placecast)
3. Facebook (Meta Platforms Inc.)
4. Foursquare
5. Google LLC
6. GroundTruth
7. IBM Corporation
8. Near Intelligence Inc.
9. PlaceIQ
10. Telenity
11. Yelp Inc.
12. Cuebiq Group LLC.

Recent Developments

• January 2024- Google introduced vehicle ads, a fresh advertising format in search, enabling automotive advertisers to showcase their vehicle inventory to users browsing for cars on Google.
• May 2024-Foursquare launched Foursquare Graphs, a product designed to enhance data accuracy by improving information like geocodes and scores, including Venue Reality Score. This tool assists businesses in answering crucial questions while navigating evolving privacy concerns and respecting consumer privacy.

Segmentation

1. By Component
   1. Geofencing 
   2. Geotargeting 
   3. Beacon Advertising
   4. Geoconquesting 
2. By Promotion Type
   1. Banner Display/Pop-ups Promotion 
   2. Video Promotion
   3. Search Result Promotion
   4. E-mail and Messages
   5. Social Media Content Promotion
   6. Voice Calling Promotion
3. By Advertisement Type
   1. Push Advertising
   2. Pull Advertising
4. By Applications
   1. Retail Outlets
   2. Public Spaces
   3. Airports
   4. Others
5. By End-User
   1. Retail
   2. Hospitality
   3. Healthcare
   4. BFSI
   5. Education
   6. Technology & Media
   7. Transportation & Logistics
   8. Automotive
   9. Multimedia & Entertainment
   10. Others