CHICAGO, Jan. 21, 2020 /PRNewswire/ -- According to a new market research report "Mobile Marketing Market by Component (Platform and Services), Channel, Organization Size (SMES and Large Enterprises), Vertical (Retail and Ecommerce, Travel and Logistics, Automotive, and Telecom and IT), and Region - Global Forecast to 2024", published by MarketsandMarkets, is expected 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.
The popularity of mobile marketing with increasing mobile devices, high penetration of mobile users, growth of social media and advertising, and increased use of mobile web and mobile applications are some of the major drivers of this market.
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By component, the platform segment to lead the mobile marketing market during the forecast period
Mobile marketing platform are software solutions that are tailored for the specific marketing needs of customers. This platform provides unique insights into the personal behaviour of customers. For example, personalized push notifications and targeted advertisements provide 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 mobile marketing platform offers not only automation tools but also an integrated analytics solution that provides deeper insights into customer Behavior. Nowadays, marketers across industries have started utilizing mobile marketing platform to understand customers' journey, measure the effectiveness of their marketing campaigns, and generate maximum leads.
By organization size, large enterprises segment to grow at the highest rate during the forecast period
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 analyse the gathered data to reach the target audience with the right content.
Most of the large enterprises now have mobile websites and mobile applications, and mobile marketing solutions, such as in-app messages and push notifications, which offer them the opportunity to enhance application engagement. Location-based marketing offers an innovative channel for enterprises to reach their target customers.
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By vertical, the retail and eCommerce segment to lead the mobile marketing market during the forecast period
The retail vertical would undergo considerable changes in the years to come. Retailers are looking for advanced solutions to handle changing consumer Behavior, particularly in the context of incorporating mobile devices into the shopping process. The increased adoption of smartphones and tablets, and the usage of mobile internet offer great opportunities to retailers to effectively market their products and services. Mobile marketing is playing an important role in helping retailers adjust to this changed consumer Behavior.
eCommerce brands are creating a personalized experience for users through mobile marketing. Gilt Group, a US-based shopping website, rewards its customers for their purchasing and social activity with loyalty and referral programs. Social media is another factor that is driving eCommerce site visits, and it is observed that the conversion rate from mobile is higher as compared to that from desktop.
APAC mobile marketing market to grow at the highest rate during the forecast period
Based on region, the APAC (Asia Pacific) region is growing at a fast pace, as enterprises in the region are rapidly adopting the mobile marketing platform and services to provide an enhanced customer experience. The BFSI (Banking, Financial Services and Insurance), retail and consumer goods, and media and entertainment industries are widely adopting the mobile marketing platform to enhance their marketing activities. The social media marketing application is expected to grow at the highest CAGR due to internet and smartphone penetration in APAC.
Furthermore, the growing companies in this region need mobile marketing platform that can assist them in accelerating their marketing activities, tracking and reporting marketing campaigns, and generating more leads. Therefore, mobile marketing platform vendors are looking toward APAC as a high growth area for offering mobile marketing platform.
Major vendors covered in the mobile marketing market 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).
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