Global Proximity Marketing Landscape to reach US$ 365 billion in 2033, expected to register a 21.4% CAGR: PMR Report

Retail Business Growth, Technological Advancements, and Expanding Scope for Digital Businesses encouraging Proximity Marketing Platforms

/EIN News/ — New York, May 24, 2023 (GLOBE NEWSWIRE) — According to Persistence Market Research, proximity marketing will generate US$ 52.5 billion in 2023 and is expected to reach US$ 365 billion in 2033, representing a 21.4% CAGR. Cloud-based innovations and IoT advancements offer significant growth opportunities for the proximity marketing market.

A proximity marketing campaign is simply a mobile message sent at the right time and place to reach customers. Bridging offline and online marketing, helps businesses grow. Push notifications, beacons, and geofencing play an important role. With regard to mobile marketing, proximity marketing is considered to be the fastest way to gain an edge over the competition.

A proximity marketing service can include consulting services, software development and maintenance, integration services, and project management services. A variety of industries implement these strategies, including entertainment, healthcare, retail, transportation, and e-commerce.

It is no longer a luxury for advertisers or marketers to lack access to location-based technologies, since nearly 5 billion people have mobile phones around the world, including over 3 billion smartphone users. A new generation of retail concepts, such as mobile location analytics and proximity marketing, are becoming more prevalent.

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Smartphones and proximity technology, as well as an increased emphasis on business intelligence and rising competition, are driving the market growth. The proximity marketing industry has grown substantially in recent years thanks to intense competition among vendors across multiple industries and the growing importance of business intelligence (BI).

Besides boosting customer loyalty and growing user engagement, proximity marketing can be used by a variety of brands. On-site marketing activities or apps could be used to promote special offers without investing a fortune.  In addition to the campaign performance analytics, brands will have access to e-commerce platform analytics. Through the program, retailers could monetize their brick-and-mortar spaces, while they could justify the spending on the spot.

Key Takeaways from Market Study

• According to a recent study, indoor location marketing is expected to reach 21.3% by 2033.
• The retail and e-commerce application market is expected to grow by 21.2% by 2033.
• The proximity marketing market in the United Kingdom is projected to reach US$18.3 billion by 2033.
• Japanese proximity marketing is predicted to grow at a CAGR of 22.5% over the next few years.
• South Korea’s proximity marketing market is expected to grow to US$ 14.7 billion by 2033.

“As smartphone adoption increases and e-commerce industries expand, proximity marketing will gain popularity on the market. Digital marketing and advanced technology will boost the market in the coming years,” says an analyst at Persistence Market Research.

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Competitive Landscape

New products are being developed, companies are being acquired or merged, investments are being made, and partnerships are being formed to expand globally. In an intensely competitive market, proximity marketing companies will benefit from cost-effective products. As technology advances, the competition in the market will increase. Top players include:

• Google Inc.
• Microsoft Corporation
• Apple Inc.
• Zebra Technologies Corporation
• Qualcomm Inc.
• Inmarket LLC
• Shopkick
• Estimote Inc
• Unacast
• HID Global
• Scanbuy, Inc.

Key Market Developments:

• In April 2023, two of Russia’s major retailers are experiencing significant sales and profit growth due to the trend of consumers switching to cheaper goods as they deal with inflation and economic decline. X5 Group’s first quarter net sales jumped 15.7% to 689.2 billion roubles, excluding some e-commerce segments. Chizhik’s hard discounter format posted a five-fold rise in sales, while Pyaterochka’s proximity stores increased 12.2%.
• In May 2023, Kansas dairy producers plan to raise their barns. Furthermore, K-State’s new dairy is located in the growing Animal Health Corridor, which links Manhattan to Missouri, and near the National Bio and Agro-Defense Facility.

Know More about Report Inclusions

Persistence Market Research published a new market report on the proximity marketing market, covering a global industry analysis of 2018-2022 and forecasts for 2023 to 2033. This research report provides compelling insights on the basis of product type, application outlook, and sales channel, across all major regions.

The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.

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For additional information on how proximity marketing sales will increase in the near future, write to the team of expert research analysts at [email protected]

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