Short answer is that, Yes this is possible.
Long answer is that it’s that GPS based Geolocation is complicated and hard and there doesn’t appear to be any pre-packaged solutions for UE.
The basic idea is straight forward enough. You’d first need to have the GPS locations of the places you want to create markers for. If you have a pre-set places then you just construct a BP with the GPS info for that place. If you need it to be dynamic then it’ll be a little harder but i believe the Google Maps API will give you the GPS of places that you want.
So once you know the GPS of where these places are then, you get th user’s GPS and compass info and do some math to figure out where to spawn the markers in the UE 3D space. There are a couple of things out there on the Marketplace that can help you convert from GPS coordinates to 3D coordinates. I think Cesium Ion can do it, but there are others, or you write your own.
However, the big problem with this, is that the GPS and the compass aren’t quite reliable enough for a good line up. The compass is actually a worse problem than the GPS because the error in the compass compounds how far the marker is from the real location depending on how far the object is from the user. i.e. the further away the market is from the user the further off it’ll be.
The solution for this is to constantly, every second or so, update the GPS and compass info and recalculate the positions of all your markers. The other solution is to use the multi-sampled GPS locations to calcuate the heading/compass instead of relying on the device compass. Or combine these techniques.
If you are just developing for Android then you can take advantage of the Geospatial API stuff in ARCore that will do all this for you and will be better than using just the GPS & compass because they can Google street imagery to help with the localization.
i hope this helps.
-e