According to a new report Global Location Based Advertising Market, published by KBV research, The Global Location Based Advertising Market size is expected to reach $163.5 billion by 2026, rising at a market growth of 18.5% CAGR during the forecast period.
The push type of location-based advertising accounted for a significant share due to its commonality among advertisers. The opt-out type of service is the most commonly used strategy by advertisers to drive advertising and attract customers. The location-based advertising pull approach is expected to grow faster due to the increasing use of search engines and the proliferation of native media devices on smartphones. The increasing use of free opt-in services offered by marketers through mobile applications is rapidly increasing and offers location-based services.
On the basis of content, the multimedia segment led the industry with a dominant market share. Social media targeting has become a primary tactic for advertisers to attract audiences based on demographics, curiosity, and location, among others.
Public spaces in the application segment accounted for the largest share of in the market due to the increasing use of LBS by brands, businesses and public space institutions. Brands and enterprises with geographic sites, in conjunction with LBS vendors and data firms, are able to manage locations and capture their customers visiting locations.
North America accounted for a large market share owing to the early growth of location-based utilities and advertising solutions. The presence of influential vendors in the area, such as Google LLP and Facebook Inc., are main drivers of the growth of the regional LBA market. The Asia-Pacific region is expected to see the highest development in the projected period. Growth of smartphone users, increased spending on products and services through the e-commerce website, and a low-cost advertisement model are some of the main factors driving market growth.
Structural Insights: https://www.kbvresearch.com/location-based-advertising-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Ericsson AB (Placecast), Google, Inc., IBM Corporation, Near Pte. Ltd., Telenity, Inc., Scanbuy, Inc., Foursquare Labs, Inc., Shopkick, Inc. (Trax), GroundTruth, Inc., and AdMoove SAS.
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