Proximity Marketing Market: Billion Dollar Global Business with Unlimited Potential
Updated · Jul 07, 2023
Published Via 11Press : Proximity Marketing Industry Background: Consumers are targeted at the right time and location with highly relevant and personalised notifications in proximity marketing. It produces excellent outcomes for organisations when combined with the proper marketing strategies and tools. Over the past year, a lot of companies, from casinos to theme parks, have chosen to leverage proximity marketing technologies to enhance their customer experiences. Marketers across a range of sectors are now beginning to realise that proximity marketing offers far more than just handing out coupons and discounts. As customers get closer to one of their stores, retailers are utilising proximity marketing to send them special discounts and incentives. Marketers are expected to see proximity marketing as a great way to target specific niche markets. The market is growing because of the industry’s increased competition, the increased focus on business information, and the rising use of smartphones and proximity technologies. Additionally, the market is being driven by developments in location-based services, the greater use of beacons, and the rising desire for rapid customer service.
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The market for global proximity marketing is anticipated to grow at a CAGR of 28.3% from 2017 to 2028, according to HTF Market Intelligence.
This expansion is mostly fueled by The widespread use of smartphones has opened up new opportunities for proximity marketing as companies can use location-based services to target customers with personalised and pertinent content. This market growth is driven by the rising demand for personalised marketing and the increasing use of smartphones. Customers are looking for personalised marketing experiences that are catered to their unique demands and interests. Based on consumer location and behaviour, proximity marketing enables companies to send more pertinent and targeted marketing communications.
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Major Players Involved such as:
- Apple (United States)
- Google (United States)
- Microsoft Corporation (United States)
- Qualcomm (United States)
- Zebra Technologies Corporation (United States)
- Bluvision (United States)
- Estimote (United States)
- inMarket Media LLC (Italy)
- Proxama PLC (U.K.)
- ROXIMITY (United States)
- Shopkick (United States)
Breakdown by Application:
- Retail & E-Commerce
- Financial Services
- BLE Beacon,
- Near Field Communication
- GPS Geofencing
- Content Management System
- Context Accelerator
- Geofencing Location Analytics
- This Dutch start-up will launch a device in 2021 that will enable luxury stores to give customers rewards at the point of sale.
- The product packaging’s embedded NFC tags would make it simpler to reward customers with gifts, savings, invites to special events, and other incentives.
- The business initially unveiled the proximity marketing service based on NFC at the Luxe Pack event in Monaco.
- The iBeacon-based proximity product from BFonics has been enhanced in 2021, and the business is expanding into new markets.
- The company specialises in the retail and hospitality industries with its enterprise-class, end-to-end proximity marketing platform built on iBeacons.
- Its upgraded software platform now includes business analytics components to assist loyalty schemes.
- There are several players offering solutions in the fiercely competitive proximity marketing sector.
- As companies strive to provide their clients with more individualised and targeted marketing experiences, it is anticipated that the proximity marketing market will remain fiercely competitive overall.
- Solutions for proximity marketing will be successful if they can offer precise and pertinent messaging, interact with current systems and infrastructure, and guarantee data privacy and security.
- The main trend propelling the market’s expansion is the increased use of artificial intelligence (AI) in conjunction with the expansion of the Internet of Things (IoT).
- As firms utilise machine learning algorithms to analyse client data and deliver more individualised and pertinent marketing messages, the usage of AI is becoming increasingly pervasive in proximity marketing.
- It is becoming simpler for organisations to adopt proximity marketing solutions and collect real-time data about client behaviour as a result of the proliferation of IoT devices, such as beacons and sensors.
- The utilisation of location-based data analytics Location-based data analytics is becoming more and more crucial in proximity marketing as companies utilise this information to better understand customer behaviour and preferences and to tailor their marketing efforts.
- Businesses can now use proximity marketing and mobile payments together.
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Market Growth Drivers:
- The widespread use of smartphones has opened up new opportunities for proximity marketing as companies can use location-based services to target customers with personalised and pertinent content.
- This market growth is driven by the rising demand for personalised marketing and the increasing use of smartphones.
- Customers are looking for personalised marketing experiences that are catered to their unique demands and interests.
- Based on consumer location and behaviour, proximity marketing enables companies to send more pertinent and targeted marketing communications.
- Delivering tailored marketing messages to customers has become simpler and more affordable for companies because of the development of enhanced proximity marketing technologies like beacons, near-field communication (NFC), and Bluetooth Low Energy (BLE).
- With the rise of e-commerce, traditional brick-and-mortar stores are encountering more rivalry, which drives the market forward in the retail sector.
- By offering individualised in-store experiences, proximity marketing can aid firms in bringing in new customers and keeping existing ones.
- The growth of the market is hampered by privacy issues combined with technical problems.
- Because proximity marketing depends on the gathering and use of personal data, privacy issues might present a serious problem for companies that operate in this industry.
- Maintaining consumer trust requires making sure that customer data is gathered and used in a transparent and moral manner.
- It can be difficult to implement proximity marketing solutions and calls for knowledge of things like hardware, software, and data analytics.
- Businesses may experience technical difficulties such as connectivity problems or issues integrating data.
- Market expansion is impeded by integration with legacy systems. Numerous companies can already have infrastructure and systems in place that are incompatible with solutions for proximity marketing.
- The integration of various systems can be challenging and expensive.
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