The mobile marketing platforms market will exhibit strong compound annual growth rate (CAGR) of 14.7% during the 2021-2029 period as the number of smartphone users continue to increase tremendously. According to a study, about 81% of Americans own a smartphone. The number continues to surge as the dependence on technology increases owing to increased capabilities of the devices. Automation along with integration of advanced technologies into the mobile marketing platforms is anticipated to propel the growth of global mobile marketing platforms market over the period of next eight years.
Emergence of Mobile Commerce Showcases Significant Growth Prospects
Mobile-based e-commerce has gained increased preference as an advertisement medium across companies, which is stimulating the growth of global mobile marketing platforms market. It was reported that more than US$ 170 billion were spent on mobile advertisements in 2020 by companies across the globe. In the U.S., it was reported that approximately 10% of all retail sales are through e-commerce and about 79% of these customers order through mobile devices. The covid-19 pandemic brought about a significant shift among consumers towards the usage of mobile devices. Android-based shopping apps witnessed an increase in time spent by 30% during this period. The percentage share is anticipated further increase over the forecast period. The companies are adopting innovative mobile marketing strategies to reach a larger audience and enhance the consumer’s mobile shopping experience. For instance, Wayfair, a home-goods and furniture e-commerce store, have integrated augmented and virtual reality concepts into their mobile applications, which enable the consumers to obtain a real-time view of the goods within their given interior.
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Increasing Prominence of Cross Channel Marketing
Dynamic personalization along with efficient customer targeting and segmentations is of extreme importance in the field of mobile marketing. The tastes, preferences and demands of consumers have undergone massive changes, which has encouraged end-use industry verticals to adopt mobile marketing platforms. Marketing across multiple channels, including SMS, emails, web push notifications, and social media channels amongst others is gaining prevalence in the global mobile marketing platforms market. For instance, Oracle’s Responsys Campaign Management, a cross-channel marketing platform for marketers catering the B2C sector, enables autonomous creation of mobile campaigns, which is tailored as per the consumer’s specific interests and preferences.
Growing Significance of Push Notifications and In-App Messages to Stimulate Market Growth
Customization of notifications based on the customer’s lifecycle events, purchase history, shopping behavior and location is gaining traction in the global mobile marketing platforms market. Market participants are integrating advanced technologies such as artificial intelligence, so as to enhance the effectiveness of the marketing campaign. MoEngage’s AI-powered engine, Sherpa, for instance, enables the marketers to target their audience and deliver the most relevant message at the right time to the customers, thereby enhancing the effectiveness of the company’s campaign management. The tools allows better understanding of customer’s behavior, thereby aiding in efficient decision making.
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The Impact of Covid-19 on the Global Mobile Marketing Platforms Market
The Covid-19 pandemic has had a dramatic shift in user’s lifestyle as a whole. The frequent lockdowns by regulatory authorities to inhibit the spread of the coronavirus, have restricted individuals’ movement and mandated them to remain indoors. Individuals across different works of life are relying on smartphones for majority of their needs and sustenance. A comparative study reported in a recent survey on the average time spent on mobile apps highlighted that countries including Spain, Italy, China and France amongst others witnessed peak change of approximately more than 25% in the average hours in 2020, as compared to that in 2019. Amidst the pandemic, mobile app downloads accelerated across video chat, shopping, healthcare, media & entertainment (gaming), social media and finance categories amongst others. Mobile engagement and retention were at their highest during this period. According to a survey, mobile engagement increased to up to 75%, which had a simultaneous incremental impact on the revenue of the marketers. A significant increase in investments was also observed across marketers to capitalize on the prevailing opportunity. For instance, MoEngage raised US$ 32.5 Million in their Series C1 funding in July 2021, which it planned to direct towards expansion of their global growth and strengthening of their AI and predictive technology capabilities. Similar strategic investments along with technological advancements is anticipated to fuel the growth of the global mobile marketing platforms market over the forecast period.
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Global Mobile Marketing Platforms Market:
- By Vertical
- Retail and E-Commerce
- BFSI
- Media and Entertainment
- Travel and Hospitality
- Others (Education, IT and Telecom etc.)
- By Organization Size
- Small and Medium Enterprises
- Large Enterprises
- By Region:
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- North America
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