Mobile Marketing Market - Growth, Trends, and Forecasts (2023 - 2028)

The Mobile Marketing Market is expected to register a CAGR of 25% over the forecast period. Mobile marketing is emerging as the most effective marketing technique via which enterprises can engage with its customer at any time of the day, regardless of the location.

Key Highlights

• Mobile marketing is an online advertising technique that targets audiences that own a mobile phone, tablet, or another device that can access email and websites and utilize SMS, MMS, social media, and other mobile apps. Mobile marketplaces offer various advantages, including the ability to tailor the device based on the user, such as having personalized data, GPS capabilities, and reducing the number of target mistakes.
• Rising demand for artificial intelligence and big data analytics, as well as the adoption of augmented reality (A.R.) and virtual reality (V.R.), would all contribute to the growth of the mobile marketing market throughout the anticipated period.
• Additionally, geofencing for mobile apps is an easy way for marketers to take advantage of location-based marketing. Geofencing push notifications are triggered when a user enters a geofenced location. It helps organizations design effective campaign strategies and to drive sales and audience engagement.
• During the forecasted period, market limitations for the mobile marketing market include a need for high-level security, worries about the safety of these software solutions, and a growing number of implementation challenges. The largest and most significant hurdles for the market's growth would be changing customer behavior and selecting suitable mobile marketing tactics and providers.
• During the Pandemic, e-commerce and media & entertainment verticals are experiencing tremendous growth due to increased pay-per-click, click-through rate, and ad expenditure in gaming, multimedia, music, news, and online shopping. After the Pandemic, several nations are now allowing tourists to visit, increasing the usage of mobile applications and, as a result, the need for mobile advertisements.

Mobile Marketing Market Trends

Rising Demand in the Online Retail Sector Drives the Market Growth

• Mobile has already impacted the retail industry significantly and is increasing daily. Consumers today rely heavily on the mobile applications available on their devices to compare product prices, check the product's availability, or request to pick up a purchase from a store. Today, numerous retail mobile phone apps are being developed to streamline consumers' shopping experiences through different marketing and promotional strategies.
• Further, mobile allows multichannel brands to communicate with consumers and capture transaction information through receipt processing, enabling whole retail industries, such as consumer packaged goods and apparel, to create loyalty programs. Forward-thinking brands are re-imagining their loyalty programs from top to bottom to deeply integrate mobile into their programs.
• Social media marketing for online retail stores is sometimes significantly less expensive than TV or radio commercials. Many mobile marketing methods may also be narrowly focused. Intelligent analytics and research help better to target the audience. This allows mobile marketing consumers to target marketing initiatives to individuals more likely to convert into consumers.
• Mobile is a quick medium. Consumers may interact with individuals in real-time by reaching out to mobile users. That applies at home, work, out and about, or anywhere else. As a result, every aspect of mobile marketing is analogous to point-of-sale (POS) advertising. Mobile marketing consumers may continually reach out to individuals who are only a few taps away from completing an online purchase.
• Moreover, the increasing adoption of smartphones across the globe is expected to drive the market forward. According to Ericsson, the number of smartphone subscribers globally currently exceeds six billion and is expected to increase by several hundred million in the following years. The nations with the most smartphone users are China, India, and the United States.

Asia Pacific is Expected to be the Fastest Growing Market

• The Asia-Pacific region is expected to be a significant revenue generator region for mobile marketing vendors during the forecast period owing to the increasing adoption of smartphones due to an increase in disposable income and the growing population in this region.
• The market growth in developing countries of the Asia-Pacific region can be accounted for the enhancements in network connectivity, increasing number of unique mobile subscribers, growing 4G and 5G network penetration, and increasing awareness among enterprises.
• The major vendors in this region have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings in the mobile marketing market in the region.
• Moreover, technological advancements, such as artificial intelligence (AI) and augmented reality (AR), have further stimulated the demand for mobile marketing in this region. Robust analytical capabilities of machine learning (ML) algorithms can leverage advertising, displaying it at the right time to the right people. Google has already been experimenting with various optimizations for mobile search ads. Retailers, therefore, use them to understand consumer behavior and send notifications accordingly, which is expected to increase market growth.
• The majority of ad spending in China is already digital, and AI-based advertising thrives on the massive datasets available in China for number crunching and automation. The key driver for AI in advertising is the Chinese hypercompetitive e-commerce market.

Mobile Marketing Market Competitor Analysis

The mobile marketing market is highly fragmented due to the presence of both global players and small and medium-sized enterprises. The major players in the market are Google Inc., Facebook Inc., Microsoft Corporation, OpenMarket, and Twitter Inc.Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.

• In December 2022, InMobi, a provider of content, monetization, and marketing technologies that help businesses fuel growth, announced a retail media advertising partnership with Lord & Taylor-America's oldest department store-to use InMobi Commerce, an innovative suite of product discovery and monetization solutions that help retailers maximize media-derived revenues while engaging and inspiring shoppers.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support