Mobile Marketing Market Expected To Witness A Substantial Growth Of $337.8 Billion By 2027: Grand View Research Inc.

 

The global mobile marketing market size is estimated to reach USD 337.8 billion by 2027, registering a CAGR of 22.9% over the forecast period, according to a new study conducted by Grand View Research, Inc. Mobile marketing is a promotional activity that helps connect advertisers to end users through push notifications and emails, among other communications sent directly to customers. Increasing use of smartphones to access online content coupled with the growing trend of location-based mobile marketing are expected to drive the market. Moreover, rising number of social media platforms and users accessing internet and popular multimedia content, such as videos, audio, and text is anticipated to drive the market.

In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.

Global Positioning Systems (GPS) and the Radio Frequency Identification (RFID) technologies are used by enterprises to acquire consumer preference data, which is further analyzed to target nearby consumers by sending them notifications about relevant products and services. Mobile device is the largest source of digital data and most of the data is accessed through social media platforms, web browsers, and mobile applications. Rising adoption of Artificial Intelligence (AI) and big data analytics in mobile marketing to monitor consumer preference and to deliver accurate insights to reach the right consumers is anticipated to propel the market for mobile marketing over the forecast period.

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Based on several surveys, more than 70% of enterprises are of the opinion that mobile devices have transformed their businesses and customer experience by enabling continuous interaction between customers and employees. Consumers are increasingly preferring online shopping owing to the increasing penetration of smartphones. Companies are highly focused on advertising their products and services through e-commerce channels. This helped the retail segment capture a significant revenue share in 2020. Key players focus on mergers and acquisitions that will help them gain greater regional presence and target new consumers. However, growing privacy concerns coupled with the rapidly increasing use of ad blockers to avoid unwanted content may hamper the growth of the market.

Mobile Marketing Market Report Highlights

• In 2020, the mobile web segment held over 24% of the global market share due to growing number of smartphone users frequently accessing mobile search engines
• North America captured a significant revenue share in 2020, owing to robust growth in the use of Over the Top (OTT) and social media content along with the highest smartphone penetration
• Latin America mobile marketing market is estimated to showcase significant growth over the forecast period owing to the high adoption of smartphones in Brazil and Mexico along with high investment in the improvement of the regional network infrastructure. Increasing number of OTT content subscribers in the region is expected to create significant opportunities for the market players in the forthcoming years
• Companies leveraging machine learning, AI, big data, and Augmented Reality (AR) technologies for high customer engagement through televising or displaying ads is expected to fuel the market growth
• Significant use of GPS and RFID technology for location-based mobile marketing is predicted to fuel the industry growth over the forecast period

Mobile marketing is one of the key digital marketing strategies adopted by organizations to promote their products and services. It also helps organizations eliminate paper costs and denotes a fast and convenient means to interact with target customers. It enables the integration of new, innovative methods of advertisement with the same marketing strategies to increase their impact and approachability in terms of target users. Several surveys conducted by many companies denote that more than 90% of the youth use smartphones to access information or content. Approximately 49% of smartphone owners use mobile internet to access search engines. Such factors are anticipated to create growth opportunities for the key players operating in the market for mobile marketing.

Geofencing is a technological service that uses Radio Frequency Identification (RFID) and Global Positioning System (GPS) to define geographical boundaries. Organizations procure data from mobile applications and analyze them to understand consumer preferences. Companies use this data to advertise relevant products and services to their target customers. Geofencing for mobile applications is a convenient way for mobile application marketers to take advantage of Location-based Marketing (LBM). It helps organization design effective campaign strategies and to drive sales and audience engagement.

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Key players are focusing on collaborating with OTT content providers, which in turn would help increase their regional presence. They particularly focus on entering into mergers and acquisitions and joint ventures and collaborations to enhance their market presence.

For instance, in April 2018, InMobi made a partnership with Airtel to target OTT premium customers in the Indian market during the cricket season. With 350+ TV channels, 10,000+ movies, TV shows, and originals, in addition to collaborations with Amazon Prime, ErosNow, Hotstar, Fastfilmz, Alt Balaji, and Hooq, among others. Airtel TV was one of the highest downloaded Video OTT apps in India in the first two months of 2018. Key market players focus on acquisitions to diversify their businesses as well as to enhance market presence. For instance, Singapore Telecommunications Ltd. acquired Amobee Inc. to diversify its business to include mobile marketing and increase its overall market presence. Some of the prominent players in the mobile marketing market include:

·        IBM Corporation

·        Alphabet Inc. (Google)

·        InMobi

·        Millennial Media

·        Marketo (Adobe Inc.)

·        Amobee Inc. (Singapore Telecommunications Ltd)

·        Flurry Inc.

·        Salesforce.com Inc.

·        Oracle Corp.

·        Chartboost Inc.

·        SAS Institute Inc.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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