The global market for Location Based Advertising (LBA) is projected to reach US$50. 2 billion by 2025, driven by the ability of the technology to engage better and personalize marketing for better conversion rates. Location-based advertising (LBA) constitutes a new type of advertising, encompassing the integration of mobile advertising with location-based services. The technology aids in tracking the location of consumers and providing location-specific advertisements on their mobile devices. Geospatial data not only enables an interconnected world but also helps make tailored advertising a reality. Personalization; timeliness; and ability to geo-target are key attributes that will drive the technology`s success. Block chain is expected to emerge to overthrow privacy concerns and will encourage consumer willingness to opt-in for LBA programs. The demand for location-based advertising is growing rapidly, driven by increasing number of companies using location-based applications for the promotion of their products. Companies are offering promotional information like discounts and coupons through location-based services. Location Based Services (LBS) is defined as information services that are provided on the basis of knowledge of mobile device location. LBS is also known variously as Location-Aware Services, Mobile Location Services and Wireless Location Services. LBS enable alerts, guidance to preferred destinations, efficient transportation, community services and payments. LBS and its subcategory location based advertising (LBA) also find application in new avenues including Emergency Services, Network Planning, Emergency Alert Services, Localized Advertising, Home-Zone Billing, Traffic Congestion Reporting, Fleet Management, Asset Management, City Sightseeing, Person Tracking, Dynamic Network Control, Roadside Assistance, Pet Tracking, Traffic Congestion Reporting, Routing to Nearest Commercial Enterprise, Roadside Assistance and Navigation. Numerous aspects in the present world are undergoing digitization including location. Within the LBS market, location based advertising and searches are expected to make the largest headway in the near future. Location based services are also witnessing increased activity in merchandising and shopping, encouraging advertisers to take advantage of the consumer behavior trends. With smart phone penetration rising to new highs worldwide, LBA is poised to emerge into the next big thing. Consumers are becoming increasingly receptive regarding the sharing of locations with services and applications in exchange for local, well-timed and appropriate promotions and deals, reflecting a shift towards location relevant ads being provided by location-based applications. Location-based advertisements also support real-world behaviors such as visiting an advertiser`s website or visiting a store by the consumers. In future, the rise in buying power of millennia`s, who are more open to the idea of sharing personal data and are receptive to native social advertising compared to conventional formats such a banners is expected to drive growth in the market. Majority of the consumers utilize location-based application through their phones with few consumers exhibiting willingness to use such applications several times in a day. In addition, many consumers engage with an ad only when they are relevant to their location.
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