Albany, NY -- (SBWIRE) -- 05/07/2019 -- Proximity marketing is a system that utilizes location technology to directly communicate with customers via various devices such as smartphones and tablets. Significant growth in smartphone-enabled purchases is a major driver of the global proximity marketing solution market. According to Cisco's VNI Forecast, the total number of active smartphone users globally in 2017 was 4,300 million which is expected to rise to 6,700 million by 2022. Creative and robust mobile applications encourage strong user engagement. Retailers are investing in the development of mobile marketing strategies and developing a consistent omni-channel experience for end-users. Consumers are willing to receive personalized marketing messages, promotions, and incentive programs from retailers. They are willing to interact with the retailers' services through multiple touch points. In addition, the increasing adoption of business intelligence and analytics solutions by retailers to analyze structured and unstructured data for better understanding of customer requirement and market trends have also increased the demand for proximity marketing solutions for better client engagement.

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On the basis of application, the proximity marketing solution market is segmented into retail and e-commerce; healthcare; media and entertainment; transportation and logistics; hospitality; banking, financial services and insurance; and others. The retail and e-commerce application held the largest market share in 2017 and is expected to retain its dominance throughout the forecast period. In today's environment of stiff competition in the retail industry, it becomes important for enterprises to relook their business model and innovative capabilities which helps retail enterprises to increase their market presence. The increasing trend of online shopping has forced retailers to adopt advance solutions to improve shopping experiences and respond better to the changing consumer behavior.

On the basis of component, the proximity marketing solution market is segmented into solution and services. The solution segment is further sub segmented into content management system, location analytics, and others. The service segment is sub divided into consulting services, integration services, and managed services. Based on deployment model, the proximity marketing solution market is segmented into on-premise and cloud based. Based on enterprise size, the proximity marketing solution market is divided into large enterprises and small & mid-size enterprises.

In terms of region, the global proximity marketing solution market can be categorized into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America held a dominant position in the global proximity marketing solution market and is expected to retain its dominance throughout the forecast period. The extensive presence of large retail supermarket and hypermarket chains such as Walmart Inc., Costco Wholesale Corporation, The Kroger Co, and Target Corporation which spend large amounts on IT solutions have accelerated the market in this region. Moreover, North America is among the earliest adopters of emerging technologies. Thus, another major trend in North America is the development and adoption of advance solutions which in turn is anticipated to boost the market in the region.

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The proximity marketing solution market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. India, China, Japan, and Australia are some of the major countries which drive the market in this region. E-commerce players in Asia Pacific countries have witnessed significant expansion due to innovations in retail technology, which have accelerated the market in this region. According to India Brand Equity Foundation (IBEF), in 2018, the online retail sector in India expanded by 23%. In addition, traditional retailers are also increasingly looking to use disruptive technologies and increasing capability in building strategies for the changing preferences of their customers. Hence, increasing spending by e-commerce or traditional retail companies on disruptive technologies has accelerated the proximity marketing solution market in this region.

Key players operating in the global proximity marketing solution market include Happiest Minds, InStorePal, BLE Proximity Solutions SL, Proxama PLC, Beaconstac, and Xtremepush Limited,