Global location-based advertising market to reach $ 42.2 billion
A new market study released by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Location Based Advertising (LBA) – Global Market Trajectory & Analytics”. The report presents new perspectives on the opportunities and challenges in a dramatically transformed post-COVID-19 market.
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Editing: 19; Posted: May 2021
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Global Location Based Advertising (LBA) Market To Be Reached $ 42.2 billion by 2024
Location-based advertising (LBA) is a new type of advertising, encompassing the integration of mobile advertising with location-based services. The technology helps track the location of consumers and deliver location-specific ads to their mobile devices. The demand for location-based advertising is growing rapidly, driven by the growing number of businesses using location-based applications to promote their products. Companies offer promotional information such as discounts and coupons through location-based services. Location Based Services (LBS) are defined as information services provided on the basis of knowledge of the location of mobile devices. LBS is also known as location services, mobile location services, and wireless location services. LBS enables alerts, advice to preferred destinations, efficient transportation, community services and payments. LBS and its location-based advertising (LBA) subcategory are also finding application in new avenues including emergency services, network planning, emergency alert services, localized advertising, residential area billing, traffic jam reports, fleet management, asset management, city tour, people tracking. , dynamic network control, roadside assistance, pet tracking, traffic jam reporting, routing to the nearest commercial company, roadside assistance and navigation. Many aspects of today’s world are being digitized, including localization. In the LBS market, location-based advertising and search are expected to make the biggest strides in the near future.
Amid COVID-19 Crisis, Global Location-Based Advertising (LBA) Market Is Expected To Reach US $ 42.2 billion by 2024, registering a compound annual growth rate (CAGR) of 20.6% over the analysis period. 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 expected to reach US $ 12.6 billion before the end of the analysis period. China is expected to spearhead growth and become the fastest growing regional market with a CAGR of 27.0% over the analysis period.
Factors driving growth in the mobile LBA industry include increasing use of mobile data and mobile research, increasing penetration of smart devices, and favorable consumer demographics. With mobile internet growing at a much faster rate than computer internet access, especially in developing countries and among younger people, AML is expected to grow at a steady pace. LBA results in greater brand recognition and increased sales due to the attached coupons and other offers. Advances in technology, especially in the mobile phone segment and the development of new advertising platforms in conjunction with the requirement to reach customers on the go, is another factor driving the use of AML. In order to be better accepted, LBA applications must include the technology required to allow the user to freely search and at the same time determine the type of advertising to reach the consumer. Emphasis should also be placed on the context of the advertisement to grab the user’s attention. The inclusion of augmented reality (AR) in LBA offers a new method of promotion. The increased use of Wi-Fi technology is also supporting the growth of LBA, particularly in indoor environments. Wi-Fi offers advantages in terms of lower costs, faster communication and integration into a wide range of devices. Following
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