Geomarketing can be utilized in the process of implementation and planning of marketing activities. It is integrating geographical data into marketing to deliver marketing messages related to the target audience’s location. The global Geomarketing market is estimated to experience an increase over the forecast period due to multiple factors such as rising demand for location-based intelligence to improve the business outcome, and the use of big data and location analytics to generate information about potential customers.
Geomarketing provides valuable information for making business decisions using geographical information systems. Geomarketing solutions also helps to find out marketing opportunities by evaluating geographical information such as location residential areas, and topography.
What are the Key Trends Impacting Growth of the Geomarketing Market?
The more and more diverse data and web technologies are creating potential growth opportunities for the Geomarketing market. Geomarketing offers various benefits such as spatial analysis, rationalization, and objectification of decision-making processes, generate added value for users data, identify relationships more easily, and supporting company processes. The reliability of such benefits drives the growth of the Geomarketing market.
Furthermore, Geomarketing can be used for targeting mobile and social media users by using techniques such as social check-ins to create more respective offers. It can be easy to engage the audience with quality, relevant content that targeted customers need for their respective areas. The demand for geomarketing solutions is increasing due to the improvement of the business decision for customer targeting.
How is the Retail Marketing Strategy Reshaping the Geomarketing Market?
The need for figuring out customer behavior based on shopping habits in retail sectors is driving the growth of the Geomarketing market. Geomarketing also provides relevance and personalization to the next level by marketing to customers based on a combination of present and historical visitation behavior scenarios. Geomarketing is also used for a retail marketing strategy to identify the tactical points for strategic locations and analyze the market and the competition. Such factors are fueling the Geomarketing market growth during the forecast period.
Geomarketing is also improving customer loyalty by customizing services and also improving the layout of points of sales. By using Geomarketing prediction the vendor offers special offers and discount vouchers to increase product sales. It offers a wide range of applications such as improve customer cooperation, solve problems regarding the location of a new retail outlet, and creating sales territories.
What are the major driving factors for Geomarketing Market?
Geomarketing offers a wide range of applications for the production, promotion of goods and services to identifying promising points of sale and unoccupied territories. It is also used for gas stations and service stations to the evaluation of the effectiveness of the location of dealers and service centers. Such major factors drive the growth of the Geomarketing Market. Also, the cost-effective technological advancements going on in the cloud computing applications, the wireless technologies, and Global Navigation Satellite System (GNSS), which are supporting the Global Positioning System (GPS), Location-Based Services (LBS), are contributing considerably in driving the demand for the Geomarketing.
What are the Key Challenges that may Restrain Growth of the Geomarketing Market?
Some of the major challenges hampering the growth of the global Geomarketing market are legal concerns and data privacy threats and other operational challenges. Geomarketing faces various challenges such as users must opt-In, relevancy, privacy concerns, grabbing attention, and accuracy. Such major challenges are hindering the growth of the Geomarketing market.
Key players such as
- IBM Corporation
- Microsoft Corporation
- Cisco Systems, Inc.
- Oracle Corporation
- Adobe Inc.
- Salesforce.com, Inc.
- Software AG
are actively involved in offering Geomarketing solution for different applications.
What Strategies are the Key Players Adopting for Increasing their Market Share in the Geomarketing Market?
The Geomarketing solution provider’s strategy has been consistent with its more conservative approach to product innovation, which enables customers to integrate newer technologies in an evolutionary manner. This strategy also helps the Geomarketing provider enhance its customer base and product offerings.
In August2020, MyCRM, a real estate managing firm has announced to launch of a new mapping software.The new geospatial cloud platform, enables the businesses to connect live data from Salesforce, SugarCRM, Microsoft Dynamics and Google Maps, and store it securely in the cloud.
The key players actively support industry collaborations in the digital marketing sector. This advanced standard support helps companies to work on their customers and bring the product/solution faster in the market. The strategy followed by the companies to invests resources and participates in a variety of development committees and industry associations groups, leading to good revenue generation in the projects where it is not currently focusing, on leading to side revenue generation through industry collaborations.
In December 2019, Cisco Systems, Inc. collaborated with Aislelabs Inc.to launch three of its enterprise-grade Aislelabs Flow applications on Cisco DNA Spaces App Center.This allows enterprises to go beyond wireless connectivity, revealing insights and visibility of their customers or visitors.
What are the Key Opportunities for Geomarketing Market?
Geomarketing is a technology using marketing research for managing decision-making by using spatial data that allows to consider the development and dynamic trends and to analyze competitive behavior. Continuous developments and implementation of new solutions such as geographic information systems and Geomarketing technologies for various applications such as location and branch network planning, to create potential opportunities for market growth.
Advantages and benefits such as business productivity to offer useful content, higher conversion rate, and management of enterprises to conduct business, are the primary factors resulting in an increasing number of Geomarketing solution providers offering new and innovative products for business continuity. The integration of technologies such as IoT, machine learning, artificial intelligence, and others can be expected to lead to the development of the Geomarketing market with much more capabilities and improved performance.
Why the U.S. is a Big Market for Geomarketing Market?
The U.S. is estimated to be the dominant market in 2021 in terms of revenue sales for the Geomarketing market. Product launches and product innovation is expected to remain as the key strategy of key players in this region to increase their sales growth.
Enterprises in the U.S. are developing and introducing new products/solutions of marketing research to make conceptual, strategic, and managerial solutions based on the approaches of geographic analysis of different spatially-distributed objects and phenomena. Also, the factors such as enhanced financial support from governments, continuous technological advancements, and improved industry standards is promoting the growth of the U.S. Geomarketing market.
Why China has high growth opportunities for Geomarketing Market?
China, Japan, and India are creating potential growth opportunities for the growth of the Geomarketing market owing to the growing adoption of fast, affordable, and high accuracy tools of automation of marketing research systems. The BFSI, media & retail sectors are growing rapidly in the East Asia region owing to a high number of Tier II & Tier III solution providers, which in-turn has increase the demand for Geomarketing in the region drastically.
China has built a wide-ranging digital infrastructure to improve engagement with customers and employees and provide an unrivaled customer experience. Digital transformation will reform some of the business activities that will transform business processes and provide new revenue models using digital technologies, which include big data and analytics, cloud technologies, social media, and mobility. Significant use of the Geomarketing platform offers different benefits such as improves critical thinking and technical skills and advertising and media planning, which are set to drive the Geomarketing market over the forecasted period in the East Asia region.
What is the impact of COVID-19 Pandemic Outbreak on Geomarketing Market?
The COVID-19 pandemic outbreak has disrupted many industries, including the Geomarketing market. During a time of crisis, methodological tools of Geomarketing including spatial analysis, economic-statistical methods (correlation and regression analysis), construction of buffer zones, and analysis of accessibility of the outlet, that could be a disruption for customers and brands.
Geomarketing solution providers are keeping up with their cost-effective technology advancement and spending to engage customers during a period of panic buying and stay-at-home guiding principle at the global level. Key vendors have succeeded in keeping productivity declines at least, with businesses providing technology and infrastructure support to consumers by implementing advertising and marketing strategies through digital media. Such factors have led to organizations adopting more Geomarketing solutions leading to the growth of the market. Historically, the market for Geomarketing has grown by almost 20%-22% globally in the past 5 years. In 2020, the total value of Geomarketing is estimated to be nearly US$ 10 Bn to 12 Bn globally. Due to the COVID-19 outbreak, adoption for Geomarketing is expected to increases by nearly 24%-26% in Q2-Q3 2021, as the demand for location-based intelligence is expected to grow over the forecasted period.
Key Segments of Geomarketing Market Covered in the Report
Based on Solution:
- Geomarketing Software
- Support & Maintenance
- Consulting Services
Based on Deployment Mode:
Based on Industry:
- Telecom & IT
- Media & Entertainment
Based on the Region:
- North America
- Latin America
- South Asia& Pacific
- East Asia
- Middle East & Africa
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