MarketsandMarkets forecasts the global Mobile Marketing Market size to grow from USD 10.5 billion in 2019 to USD 25.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.9% during the forecast period. Mobile marketing is any marketing activity that promotes products and services via mobile devices, such as tablets and smartphones. It is a multi-channel, digital marketing strategy that aimed at reaching a target audience on their smartphones, tablets, and other mobile devices, via websites, email, SMS (Short Message Service) and MMS (Multimedia Messaging Service), and apps. Mobile marketing platform makes use of the right combination of data, insights, and content to assist businesses to deliver the best consumer experience at the right time.
The scope of mobile marketing has widened over the years, with the popularity of mobile marketing growing with the increasing number of mobile devices, high penetration of mobile users, growth of social media and advertising, and increased use of mobile web and mobile applications. Evolving need for Artificial Intelligence (AI) and big data analytics in mobile marketing, digital engagement through Augmented Reality (AR) and Virtual Reality (VR), and marketing through different social media platforms are some of the growing opportunities in the mobile marketing market. AI is considered as the next technological revolution that would affect how companies interact with data and business processes. This technology builds data models automatically in digital forms and also collects data from multiple resources and uses the information as a knowledge store, which ultimately leads to a precise prediction about consumers’ needs. AI is beginning to impact the mobile marketing market, as most organizations are now focusing on leveraging AI-based applications for improving customer experience.
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The platform segment by component is leading the mobile marketing market in 2019. The mobile marketing platform is a software solution that is tailored to the specific marketing needs of customers. This platform provides unique insights into the personal behaviors of customers. For example, personalized push notifications and targeted advertisements offer a more user-friendly alternative to generic ads and message blasts. These marketing tools help marketers and developers make decisions by collecting invaluable data on their target audiences and using this data to optimize campaigns.
The large enterprises segment is expected to grow with the highest CAGR during the forecast period in the mobile marketing market. Mobile marketing has been gaining traction in large enterprises as they now look to reach a new and larger audience and build stronger brand value. It offers enterprises a great opportunity to market their products through mobile campaigns and cross-channel marketing. The integration of analytics with mobile marketing solutions helps enterprises gather data through applications, social media, and other sources and analyze the gathered data to reach the target audience with the right content.
North America is estimated to account for the major share of the mobile marketing market in 2019. The region is estimated to be the largest revenue contributor in 2019, and the trend is expected to continue during the forecast period due to the rapid adoption of mobile marketing platform and services among enterprises in this region. North America has been an early adopter and a host to innovative initiatives for advanced technologies. Moreover, there is a significant rise in mobile marketing spending by organizations due to increasing competition faced by these organizations to achieve new customers, satisfy old customers, and retain these customers. Most mobile marketing platform vendors, including the major players, such as Adobe, Airship, Braze, Swrve, and Oracle, have a direct or an indirect presence in this region via distributors, and resellers.
VR and AR have been highly adopted in the gaming industry, and nowadays, these cutting-edge technologies are being implemented in mobile marketing to boost businesses. Industry verticals, such as media and entertainment, retail, and education, are strategically investing and integrating VR and AR technologies to provide better customer experiences. VR refers to a completely digital world, whereas AR is a combination of the real and digital world, superimposing digitally generated layers to the existing environment. Campaigns created using AR and VR technologies give a better feel of products and services to the audience, thereby creating a long-lasting effect. These factors are expected to drive the global mobile marketing market.
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Major mobile marketing vendors include Airship (US), Swrve Inc. (US), Vibes (US), Braze, Inc. (US), Adobe (US), Acoustic, L.P. (US), Localytics (US), Oracle (US), Salesforce (US), SAP (Germany), Marketo (US), Pyze Inc. (US), FollowAnalytics (US), Xtremepush (UK), IMI Mobile Private Limited (UK), MoEngage (UK), Punchh (US), Sailthru (US), Leanplum (US), and Netcore Solutions (India). These market players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product launches, to expand their presence in the mobile marketing market. New product launches and product enhancement have been the most adopted strategies by major players from 2016 to 2019, which helped companies innovate their offerings and broaden their customer base.
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