A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Location Based Advertising (LBA) – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 19; Released: May 2021
Executive Pool: 3516
Companies: 38 – Players covered include Aislelabs Inc.; Foursquare Labs, Inc.; Gamigo AG; GroundTruth; Scanbuy, Inc.; Yoose PTE. Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Application (Retail Outlets, Public Places, Airports, Hospitals, and Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Location Based Advertising (LBA) Market to Reach $42.2 Billion by 2024
Location-based advertising (LBA) constitutes a new type of advertising, encompassing the integration of mobile advertising with location-based services. The technology aids in tracking the location of consumers and providing location-specific advertisements on their mobile devices. The demand for location-based advertising is growing rapidly, driven by increasing number of companies using location-based applications for the promotion of their products. Companies are offering promotional information like discounts and coupons through location-based services. Location Based Services (LBS) is defined as information services that are provided on the basis of knowledge of mobile device location. LBS is also known variously as Location-Aware Services, Mobile Location Services and Wireless Location Services. LBS enable alerts, guidance to preferred destinations, efficient transportation, community services and payments. LBS and its subcategory location based advertising (LBA) also find application in new avenues including Emergency Services, Network Planning, Emergency Alert Services, Localized Advertising, Home-Zone Billing, Traffic Congestion Reporting, Fleet Management, Asset Management, City Sightseeing, Person Tracking, Dynamic Network Control, Roadside Assistance, Pet Tracking, Traffic Congestion Reporting, Routing to Nearest Commercial Enterprise, Roadside Assistance and Navigation. Numerous aspects in the present world are undergoing digitization including location. Within the LBS market, location based advertising and searches are expected to make the largest headway in the near future.
Amid the COVID-19 crisis, Global Location Based Advertising (LBA) market is projected to reach US$42.2 Billion by 2024, registering a compounded annual growth rate (CAGR) of 20.6% over the analysis period. The United States represents the largest regional market for Location Based Advertising (LBA), accounting for an estimated 30.0% share of the global total. The market is projected to reach US$12.6 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 27.0% over the analysis period.
Factors that drive growth in the mobile LBA industry include growing usage of mobile data and mobile search, increasing penetration of smartphone devices, and favorable consumer demographics. With mobile Internet growing at a much faster rate than computer based Internet access, particularly in the developing countries and among the younger demographic, LBA is expected to grow at robust rate. LBA results in greater brand recognition and increased sales on account of attached vouchers and other offers. Technological advancements, especially in the mobile phone segment and the development of novel advertisement platforms in conjunction with the requirement to reach customers on the move is another factor driving the use of LBA. In order to gain greater acceptance, LBA applications need to include the required technology to allow user freedom in search and at the same time determine the type of advertisement to reach the consumer. Also emphasis must be placed on the advertisement context to gain the attention of user. Inclusion of augmented reality (AR) into LBA offers a novel method of promotion. The increased use of Wi-Fi technology also supports the growth of LBA especially in indoor environments. Wi-Fi offers advantages in terms of low costs, faster communication and integration into a wide range of devices. More
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