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Retailers are adopting modern marketing techniques such as location-based advertising (LBA) to target their potential customers who can reach their stores to checkout the advertised products. According to Facual’s 2019 location-based marketing report, 9 out of 10 businesses believe that location-based advertising leads to growth in sales, increases customer database and increases customer engagement. These factors are likely to drive the location based advertising market.
Location based advertising enables the businesses to understand customer behaviour. It also enables the marketers to send marketing messages to the customers within a certain vicinity. Leveraging the customer location data and analyzing the customer buying patterns helps the business to boost sales. Location based advertising (LBA) can be used as a personlaized form of advertising to directly address the targeted audience.
Hyper contextual targeting, geo-targeting or geo-aware targeting, geo-fencing among others are the some of the location based advertising techniques. These techniques use real-time customer location data to target the customers in a predefined area. [n1] However, lack of of knowledge about the location based advertising solutions and security & privacy concerns are expected to be the significant factors responsible to restrict the market growth.
Key Market Driver -
Increasing demand to understand customer behaviour to draw actionable marketing strategies to drive the market growth.
Key Market Restraint -
Lack of knowledge about the location based advertising solutions and security & privacy concerns to restrict the market growth.
Outbreak of COVID-19 is likely to inhibit the market growth for a short time internal. Many small and mid-sized businesses have limited their IT spendings and tech budgets due to global economic downturn. However, in the long-term location based advertising services is expected to exhibit significant growth. COVID-19 has surged the E-commerce services which has generated a huge online customer database. These factors are more likely to contribute to the market growth in the coming years.
The major companies in the global location based advertising market report xAd, Inc. dba GroundTruth., AdMoove, AdNear., Foursquare, Alphabet Inc., Proximus, Scanbuy, Inc., Shopkick, Inc., YOOSE Pte. Ltd., Aislelabs, IBM Corporation and others.
The market has been segmented into five major regions including North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America is likely to dominate the global market. Availability of well-established IT infrastructure and substantial investments in advanced technologies such as cloud computing, machine learning, and geo-location technology is likely to support the market growth across the region.
Asia Pacific is projected to embrace a remarkable growth rate during the forecast period. China, India and Japan leverage robust geo-location capabilities for various services. Hence, substantial availability of location services is expected to support the market growth across the region. Europe is anticipated to hold a major share followed by North America. Mandatory laws and regulations imposed by the European Union such as the general data protection regulation (GDPR), is likely to demand for more secured location based advertising solutions.
Middle East and Africa is anticipated to exhibit a moderate growth rate. The businesses across the regions are taking active initiatives to transform the in-store experiences and personalize the user experience. Latin America is likely to hold significant business opportunities for the location-based advertising market players in the coming years. The outbreak of COVID-19 has boosted the online sales across the region. This has paved the way for new opportuniites across the region.
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