Originally published on Technavio:Geomarketing Software Market Analysis for North America, APAC, Europe, Middle East, and Africa, South America - US, China, Japan, UK, Germany - Size and Forecast 2024-2028

The Geomarketing Software Market is projected to grow by USD 29.5 billion at a CAGR of 25.77% from 2023 to 2028. This growth is driven by factors such as increased adoption of advanced mobile devices, rising use of location-based decision-making, and the imperative to enhance business efficiency.

The comprehensive market growth and forecasting report feature detailed analyses of key players in the market, profiling 10 companies including Bluedot Industries Pty Ltd., CartoDB Inc., Cisco Systems Inc.
Market Growth Analysis Driver
The market's growth is fueled by the increasing adoption of advanced mobile devices globally, driven by the growing number of mobile subscribers. This surge in mobile device usage has led to a rise in location-based data generation from smart device users. Improved user interfaces in mobile apps and the prevalence of location-enabled devices, such as smartphones and tablets, have further boosted the adoption of marketing software worldwide. Enterprises providing employees with handheld devices for business purposes contribute to the generation of location data, prompting mobile device manufacturers to develop new devices capable of generating location-based data from business applications.

Market Growth and Trends:
An emerging trend in the market is the evolution of programmatic advertisement buying. This approach allows consumers to automate decision-making for purchasing digital advertisements, targeting specific demographic segments and audiences. Programmatic advertisements leverage geomarketing software for buying digital ads, making the buying process more efficient and cost-effective by eliminating human intervention. Real-time bidding (RTB) and AI are utilized for online display, mobile and video campaigns, and social media campaigning.

Market Restraint:
The market faces a challenge due to rising privacy and security concerns regarding sensitive data. Geomarketing software involves handling sensitive customer location data, leading to concerns about information leaks and potential misuse or manipulation of data. Customers express apprehension about the lack of transparency in the use and processing of this data. These issues can result in legal and security challenges related to infrastructure, access control, identity management, risk management, regulatory compliance, auditing, and logging.

Market Segmentation by Location:
The outdoor segment is anticipated to witness significant growth during the forecast period, driven by increasing demand from sectors such as telecommunications, retail, BFSI, travel and tourism, and transportation in developing economies like India, the US, Qatar, the UAE, China, and Brazil. Outdoor geomarketing software, deployed at optimal store locations, assists retailers in identifying target customer groups and analyzing their behavior through customer data. The benefits of using geomarketing software include real-time global geographic visibility, intelligent linking and mapping, and sophisticated sourcing across all locations.

Market Segmentation by Deployment:
The cloud-based segment is expected to experience high growth, fueled by the increasing popularity of cloud platforms among end-users. Market players, including Egon and UrbiStat Srl, offer geomarketing software based on the Software as a Service (SaaS) model. Cloud-based solutions are cost-effective compared to on-premises software, as they do not require the installation of hardware and software at end-users' premises. Instead, they are maintained at the company's data center, accessible by end-users on a subscription basis.

Regional Overview

North America is projected to contribute 39% to the global market growth during the forecast period. Analysts attribute this growth to the increasing adoption of advanced technologies in various sectors, including telecommunication, retail, healthcare, media, and entertainment. The US and Canada are prominent contributors to the region's growth. North America's significant presence of location software providers is augmenting the adoption of customer management and engagement solutions, driving demand for efficient geomarketing software and solutions. In the US, marketers across various sectors use mobile, display, and search ads to promote products and services, with increasing spending on mobile advertisements.

Market Customer Landscape:
The market forecasting report encompasses the adoption lifecycle, spanning from the innovator's stage to the laggard's stage, analyzing adoption rates in different regions based on penetration. Key purchase criteria and drivers of price sensitivity are included to help companies assess and develop market growth strategies.

Market Players:
Companies are implementing strategies such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches to enhance their market presence.

Alphabet Inc.: The company offers geomarketing software through its subsidiary Google, such as Google Ads geofencing.

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Qualitative and quantitative analysis of companies has been conducted in the market analysis and report to help clients understand the broader business environment and strengths and weaknesses of key market players. Companies are categorized as pure play, category-focused, industry-focused, and diversified, with quantitative analysis classifying them as dominant, leading, strong, tentative, or weak.
The market research report forecasts revenue-based market growth at global, regional, and country levels, providing an analysis of the latest trends and growth opportunities from 2018 to 2028.

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