Market for Proximity Marketing worth 52.46 Billion USD by 2022

The report “Market for Proximity Marketing by Location (Indoor, and Outdoor), Technology (Wi-Fi, BLE Beacons, NFC, GPS Geofencing), Hardware (Sensors, RFID Tags), Software (Location Analytics), Service, Application – Global Forecast to 2022″, The proximity marketing market is expected to be worth USD 52.46 Billion by 2022, at a CAGR of 29.8% between 2016 and 2022.

The growth of the market is propelled by the increased focus on business intelligence and rising market competitiveness along with the growing adoption of smartphones and proximity technology. The market is further driven by factors such as the rapid technological advancements in location-based services, increased use of beacons, and growing need for better customer services & response.

BLE beacon-based proximity marketing market expected to grow at the highest CAGR during the forecast period

The market for the BLE beacons technology is expected to grow at the highest rate during the forecast period. The high growth rate of BLE-based market is attributed to its applications in multi-channel marketing and in product distribution in the retail industry. In the retail sector, numerous applications such as in-store analytics, indoor navigation, and contactless payments are enabled by the BLE beacon technology. Also, with the rapid growth of the retail industry across different geographical regions, this sector is expected to be the major end user for BLE beacons.

Retail and e-commerce application segment held the largest market share of the proximity marketing market in 2015

The retail and e-commerce application held the largest share of the proximity marketing market in 2015. The retail industry is expected to witness rapid changes in the near future. Retailers are now looking for advanced solutions to respond better to the changing consumer behavior, particularly in terms of the adoption of mobile devices in the shopping process. The increased adoption of smartphones and tablets as well as mobile Internet offer a major opportunity to the retailers to effectively market their products, services, and offers among others.

North America expected to hold the largest market share, while APAC would witness the highest growth rate

North America is expected to hold the largest market share and dominate the proximity marketing market between 2016 and 2022 owing to the increased smartphone penetration, widespread usage of mobile Internet, growing use of mobile applications & mobile web, and introduction of 4G network by the carriers in the region. The proximity marketing market in APAC is expected to have a promising future with tremendous opportunities, especially in retail & e-commerce and infrastructural sectors.