Proximity Marketing Market Highlights:
According to the report of Market Research Future (MRFR), the global proximity marketing market is poised to attain a substantial market valuation of USD 52 Billion by 2023, at a striking CAGR of 28% over the review period (2017-2023).
The global Proximity Marketing Market is slated to expand owing to the growing importance of business intelligence, coupled with the rising adoption of smartphones and the advances in analytical tools. Moreover, the growing adoption of smartphone and expansion of the analytical tool is one of the noteworthy factors driving market growth over the review period.
The major market players operating in the proximity marketing market identified by MRFR are Google Inc. (U.S.), Apple Inc. (U.S.), Microsoft Corporation (U.S.), Zebra Technologies Corporation (U.S), Qualcomm Inc. (U.S.), Bluvision Inc. (U.S.), inMarket Media LLC (Italy), Estimote Inc. (U.S.), ROXIMITY (U.S.), Proxama PLC (U.K.), among others.
The major market players are expected to invest extensively in research and development activities. The players are also likely to focus on lucrative business strategies such as joint ventures, mergers, partnerships, among others, which are driving the competition in the global proximity marketing market over the review period.
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The proximity marketing software market can be segmented into technology, component, and application. The components used in the global proximity marketing market are software, hardware, and service. On the basis of the technology, the proximity marketing market comprises BLE beacon, Wi-Fi, GPS geofencing, near field communication, and others.
GPS geofencing enables consumers to improve their business by directing push notification to the people who are in close proximity of their store. It also benefits consumers who are nearby to the store by delivery notification related to any offer or sale in that particular store. These factors are driving the growth of the GPS geofencing segment over the review period and is slated to reach a substantial market share.
According to the report, BLE beacon is likely to expand at the highest CAGR rate over the assessment period, due to the relatively higher adoption of BLE beacon in the retail industry. In addition to this, the growing application of the technology in multi-channel marketing is further driving the market growth in the foreseeable future.
The global proximity marketing market, regions such as Asia Pacific, Europe, North America, and Rest of the World (RoW).
North America is one of the leading regions in the proximity marketing market and is expected to record a major market share over the review period, followed by Europe.l This remarkable growth is attributed to the presence of major market players in the region, established technological industry which is introducing and encouraging the adoption of advanced, cutting-edge technologies, especially in the advertising sector.
Asia-Pacific region is a significant region in the global proximity marketing market and is expected to register the fastest growth rate over the review period, owing to increased investment by developing countries in the region. The positively shifiting economic landscape of developing countries in the region, such as China, Japan, India, and South Korea, among others, is leading to the rapid industrialization of the region, which is expected to contribute towards the market share of the proximity marketing market in the asia pacific region over the review period.
The increasing investment from global market players, owing to the lucrative potential of the asia pacific region, is also expected to fuel the market growth over the forecast period. The asia pacific region is hence, expected to create a vast scope of growth opportunities for the market players in the proximity marketing market over the foreseeable future.
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