LONDON–According to the latest research report by Technavio, the location-based search and advertising market in the US is predicted to grow at a CAGR of over 38% by 2020.
Location-based search and advertising market in the US is predicted to grow at a CAGR of over 38% by 2020.
This research report titled ’Location-based Search and Advertising Market in the US 2016-2020‘ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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“Integration of location-based search with social networking websites, such as Facebook, Twitter, and Flickr on mobile platforms is driving the popularity of LBS for advertising. To leverage this market trend, handset manufacturers and location-based service providers are developing applications that integrate location-enabled search with social networking sites. With this, location-based, mobile, and social and networking services offered by LBS service providers such as GeoSolutions Holding NV, Pelago, and Loopt are expected to generate significant demand from advertisers during the forecast period,” said Technavio’s senior industry analyst for M2M devices, Rakesh Panda.
Some other driving forces behind the growth of the location-based search and advertising in US are:
- Increased use of effective marketing techniques
- Rapid deployment of beacons
- Growth of proximity-based mobile advertising business
Increased use of effective marketing techniques
LBS gives information such as the buying behavior, lifestyle pattern, and daily routine of consumers, which helps organizations understand their customers better and customize products and services as per their requirements. Location-based search and advertising solutions involve very low implementation cost and zero uncertainty.
With an increased per capita income in the US, customers are more focused on quality of service and personalization. Organizations are leveraging this consumer behavior with the help of location-based pull marketing techniques to enhance their product visibility through advertisements and online campaigns.
Rapid deployment of beacons
Marketers are increasingly adopting technological advancements such as beacon-triggered marketing into their business strategies to reach their target audience with relevant advertisements and content. Beacon is a low-cost device that is attached to store shelves to ensure effective communication with customer smartphones. This is used by retail stores to reach out to customers with indoor retail maps, payments services, and product catalogues.
Beacon-triggered marketing works by utilizing the Bluetooth signal from a beacon located within the store. These beacons help advertisers in providing the right message to the specific customer at the right time. Due to their easy deployment and inexpensive features, the adoption rate of beacons has increased significantly, states the report.
Growth of proximity-based mobile advertising business
Proximity-based mobile marketing and advertising provides numerous opportunities for businesses and allows for rich customer experience and engagement in shopping activities. In this process, the required information about the nearest restaurants, services, shopping malls, bars, and lounges is delivered to customers through proximity marketing services based on user location.
Proximity-based solution providers not only provide relevant offers and information to customers, but also help companies track data of people at different venues and locations and discover common traffic patterns to understand and analyze consumer behavior. The growing use of these services in the hospitality industry to determine the optimal cleaning schedules for rest rooms and other areas is yet another key application of LBS that is expected to buoy its demand in the US over the next four years.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.