The global location based marketing services market features a largely consolidated vendor landscape with the presence of some large well-established players. Currently in a nascent stage, the market is poised to grow at a rapid pace in the upcoming years. Consequently, the entry of big and small players will serve to heat up competition and eat in share of established players in the market. Savvy players are also foreseen to enter into partnerships to establish a solid footing in the market. For example, electronics and technology companies in Asia Pacific are collaborating with Western location service providers to incorporate the latter’s technology into their products. South Korean electronics giant Samsung partnered with Foursquare Labs Inc. is a case in point.
Key companies to name in the global location based marketing services market are Near Pte Ltd., Google Inc., Groundtruth Placecast, Scanbuy Inc., Foursquare Labs Inc., Groupon Inc., PlaceIQ, Shopkick Inc., and Telenity Inc.
As per a report by Transparency Market Research (TMR), the global location based services market is predicted to rise at a robust 19.9% CAGR between 2017 and 2025 for the market to be worth US$99.77 bn by 2025. The demand in the market translated into a revenue of US$19.71 bn in 2016. By location, physical location segment held the leading market share in 2016. Based on type of promotion, search result segment holds the maximum share. The segment of pop up/banner display, however is predicted to surpass all other vis-à-vis growth rate.
In terms of geography, North America, currently holds supremacy with maximum market share. The U.S. is home to some key companies that partner with one another to provide superior solutions. This has served to boost the North America location based marketing services market. The region is likely to clock a CAGR of 20.1% between 2017 and 2025 to remain at the fore in the years ahead too.
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Seamless Mobile Internet Connectivity Benefits Market
Majorly fuelling the location based marketing services market is rising penetration of GPS outfitted smartphones and mobile devices. Savvy retailers and marketers are leveraging this to locate prospective customers and entice them with promotions, discounts to translate in to sales. Seamless mobile internet connectivity is anticipated to result in increased number of users using map applications. Marketers are using this to stream location-based high definition video advertisements to connected devices. Seamless internet connectivity and improved data streaming speed are serving to boost the location based marketing services market.
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Privacy Concerns Hamper Market
Providing headwinds to the global market for location based marketing services are privacy concerns of individuals. “The debate is on if obtaining GPS coordinates of a GPS device user without consent is a breach of privacy rights of an individual. Due to privacy concerns many people decline the request of apps to share their location coordinates to service providers.