The 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", 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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Top Key Players
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).
Services segment to grow at the highest CAGR during the forecast period
Based on component, the services segment of the mobile marketing market is projected to grow at the highest CAGR during the forecast period. The services segment of the mobile marketing industry is expected to have a promising future due to the integration of various marketing applications. Services help organizations in building successful customer relationships by continuously supporting them through their business tenure. They also benefit organizations by enhancing marketing project execution and streamlining marketing operations.
SMEs segment to lead the mobile marketing market in 2019
Based on organization size, the SMEs (Small and Medium Enterprises) segment is projected to lead the mobile marketing market during the forecast period. SMEs in all verticals and regions are now taking advantage of the current mobile technology. Several SMEs already have mobile sites and mobile applications, which make mobile marketing one of the most effective and economical marketing channels for them. They are now shifting from traditional marketing to digital marketing and a majority of their marketing expenditure now goes into digital marketing channels. Marketing through SMS is one of the most cost-effective channels available to the SMEs and is being widely adopted in this user segment. Location-based marketing is another opportunity for SMEs to reach the targeted audience at the right time and place.
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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.
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