New Analysis from Global Industry Analysts Reveals Steady Growth for Location Based Advertising (LBA), with the Market to Reach $133 Billion Worldwide by 2026
SAN FRANCISCO, Oct. 7, 2021 /PRNewswire/ -- 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: 20; Released: September 2021
Executive Pool: 3611
Companies: 53 - 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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ABSTRACT-
Global Location Based Advertising (LBA) Market to Reach US$133 Billion by the Year 2026
Location-based advertising (LBA) constitutes a new type of advertising, encompassing the integration of mobile advertising with location-based services. Growth in the global market is propelled by rapid digitization across various industry verticals, increasing dependence of marketers on consumer data, along with rising penetration of GPS-enabled mobile devices and the internet. Growing usage of mobile data and mobile search, increasing penetration of smartphone devices, and favorable consumer demographics also boost market prospects. 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. 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. The increased use of Wi-Fi technology also supports the growth of LBA especially in indoor environments.
Amid the COVID-19 crisis, the global market for Location Based Advertising (LBA) estimated at US$63.9 Billion in the year 2020, is projected to reach a revised size of US$133 Billion by 2026, growing at a CAGR of 12.8% over the analysis period. Retail Outlets, one of the segments analyzed in the report, is projected to grow at a 12.2% CAGR to reach US$62.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Public Places segment is readjusted to a revised 14.2% CAGR for the next 7-year period. This segment currently accounts for a 28.3% share of the global Location Based Advertising (LBA) market. The public places segment's growth is due to growing adoption of LBS among institutions, brands, and enterprises in public places. Businesses and brands with physical stores can join hands with analytics companies and LBS providers for geofencing locations, which will enable them to capture the audiences visiting such locations.
The U.S. Market is Estimated at $22.8 Billion in 2021, While China is Forecast to Reach $16.1 Billion by 2026
The Location Based Advertising (LBA) market in the U.S. is estimated at US$22.8 Billion in the year 2021. The country currently accounts for a 32.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$16.1 Billion in the year 2026 trailing a CAGR of 15.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11% and 11.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12% CAGR while Rest of European market (as defined in the study) will reach US$18.4 Billion by the end of the analysis period. North America region dominates market share since the region was among the earliest to adopt location-based advertising and services. Growth in the regional market is also augmented by the presence of leading vendors like Facebook and Google. Key growth drivers in the Asia-Pacific region include increasing smartphone users, appeal of low-cost advertising models, and growing purchases of goods and services on e-commerce platforms.
Airports Segment to Reach $22.3 Billion by 2026
Airports represent an established end-use application sector for location-based advertising. Several options for advertising in airlines have come up, of which location-based advertising is one that is gaining increasing foothold. Airports now offer private Wi-Fi networks freely, which are being used by marketers to obtain location-based information about customers. The airlines then provide passengers with targeted advertising based on their interests and preferences. In the global Airports segment, USA, Canada, Japan, China and Europe will drive the 12.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$8.4 Billion in the year 2020 will reach a projected size of US$19.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.2 Billion by the year 2026, while Latin America will expand at a 14.9% CAGR through the analysis period. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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SOURCE Global Industry Analysts, Inc.
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