Explosive Growth in Location Based Marketing Services Market Forecasted at 18.1% CAGR
The location based marketing services market is expected to reach US$ 299.3 Billion by 2032, expanding at a high CAGR of 18.1% . The industry is likely to yield a dollar opportunity worth US$ 252.3 Billion across the 2022-2032 forecast period. Increasing demand for mobile location-based services, the surge in demand for location-enabled mapping, tracking, and navigation solutions, and the proliferation of social media, smartphones, and location-based applications among consumers are expected to accelerate the market growth during the forecast period. From 2015 to 2021, location based marketing services demand expanded at a CAGR of 18.8%, yielding US$ 47 Billion. Growth prospects improved further during the COVID-19 pandemic, as the extensive presence of consumers on social media platforms made it easier for industries to target specific customers across different geographies. Furthermore, regulatory measures to ensure consumer safety, the proliferation of n...