Albany, NY -- (SBWIRE) -- 12/12/2017 -- The global location based marketing services market, which is in a nascent stage, is primed grow at a cracking pace in the years ahead. Sensing an opportunity in it, many players – big and small – are entering the fray. This is serving to heat up competition and will likely bring about consolidation. Savvy companies are also entering into partnerships to gain a solid foothold in the market. For example, electronics and technology companies in Asia Pacific are seen collaborating with western location intelligence service providers to integrate the latter's technology into their products to make up for the limited search engine and location intelligence service providers in Asia Pacific. South Korean electronics giant Samsung's partnering with Foursquare Labs, Inc. is a case in point.
Near Pte. Ltd., Foursquare Labs, Inc., Google Inc, Groupon Inc., Groundtruth, Placecast, PlaceIQ, Scanbuy Inc., Shopkick, Inc., and Telenity, Inc. are to name a few key players in the global location based marketing services market.
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A report by Transparency Market Research, predicts the global location based marketing services market to rise at a robust 19.9% CAGR from 2017 to 2025 to become worth US$99.77 bn by 2025 from US$19.71 bn in 2016.
Based upon location, the global location based marketing services market can be bifurcated into physical location and location of interest. Among the two, physical location accounted for a leading share in the market in 2016.
Geographically, the key segments of the global location based marketing services market are North America, South America, Europe, Asia Pacific, and the Middle East and Africa. North America, currently, holds a sway over the market with maximum share. The market in the region is being driven primarily by the U.S. followed by Canada. A large number of prominent companies domiciled the U.S. and partnering with one another to provide superior solutions to customers has served to provide a major boost to the market in the region. By registering a CAGR of 20.1% from 2017 to 2025, the market in North America is anticipated to maintain its dominant position in the years ahead too.
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Proliferation of Smartphones Drives Market
At the forefront of driving the global location based marketing services market are increasing penetration of GPS equipped smartphones and internet. This enables savvy retailers and other service providers to locate prospective consumers and send them push notifications and other advertisements. Elaborates the lead analyst of TMR report, "Expanded internet connectivity is expected to result in increased number of smartphone users using map applications. Improved connection speed increases reach of location-based high definition video advertisements on connected devices. Hence, better internet connectivity and improved connection speed is the key factor driving the location based marketing services market."
Privacy Concerns Hinder Market
Posing a challenge to the global location based marketing service market, on the other hand, is the privacy concerns of individuals. "There is an ongoing debate on whether obtaining GPS location of a GPS device user without consent is a violation of privacy of an individual or not. Many people deny the request of apps to send their location data to services providers due to privacy concerns," adds the lead analyst of the report.