Mobile Engagement Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2282
Mobile Engagement Market size is likely to grow at a steady rate over the coming years owing to the increasing use of applications in mobile devices. Smartphone owners make use of their devices for a range of purposes such as educational services, payment and banking, media and entertainment, job searching, and shopping to enhance their lifestyles. Furthermore, the rising awareness of the benefits and applications of mobile devices is impacting the consumption behavior patterns and is influencing the mobile engagement market.
The availability of various apps designed specifically for smartphone usage helps in the efficient quick completion of tasks and is making consumers adopt smartphones at a fast rate. For instance, in 2016, India surpassed 1 billion mobile phone subscribers. Additionally, the cost of smartphones has declined steadily over the years, allowing consumers with lower incomes to avail connectivity at any time and location. At present, it is essential for businesses to engage their customers and build a strong relationship to promote their products or services and retain their customers. Businesses are moving to the online platform and reaching out to their customers via various touch-points through the rising penetration of the internet.
Retailers provide a range of customized solutions designed specifically for the demands of medium- and small-sized enterprises and is a key factor in driving the growth of SMEs in the mobile engagement market. This is anticipated to aid these businesses in making use of digital services for increasing their sales and driving the maximum traffic. In June 2017, Vibes announced the addition of features to the Vibes platform to enable brands to deliver personalized content according to the channels preferred by customers, identify customers, and manage mobile marketing campaigns. This strategy is anticipated to sustain the company’s growth in the mobile engagement market. Mobile testing, development, and deployment technology have become stronger and easier to use owing to no-code or low-code interfaces that aid companies to deploy, test, and build codeless apps very fast using just a browser.
Issues in monetizing various mobile apps and the high initial investment to set up campaigns to promote the apps are the major factors hampering the growth of the mobile engagement market. The lack of knowledge of digital advancements and their advantages is also anticipated to impact the industry.
The growing trend of wearable technology is projected to impact the mobile engagement market. Wearable devices, such as smartwatches and fitness monitors, collect data and track consumer preferences allowing companies to provide highly personalized products and service advertisements. Mobile wallets offer innovative ways for companies in delivering customer engagement, payment options, rewards, and coupons to customers. Moreover, the integration of mobile ads with mobile wallets leaves a lasting effect on consumers and helps marketers target their customers and increase customer engagement.
The segmentation of the mobile engagement market by product offering includes in-app messaging, push notifications, SMS and MMS, app/web content, and e-mails. Push notifications are anticipated to be the largest share and experience the highest growth during the forecast timespan as they are ideally suitable for time-sensitive data & information. The SMS sub-segment of the mobile engagement market is an important channel for businesses for use in mobile engagement. MMS offers rich multimedia experiences, which include video and audio. Unlike SMS, it does not have a character limit.
Segmentation by vertical includes travel and hospitality, retail, media and entertainment, telecom & IT, and financial services. The mobile engagement market for the financial services sector is anticipated to grow at a high rate during the forecast time span owing to the rapid increase of mobile devices, which help businesses in the marketing of financial services such as banking and insurance. Through the applications of these services, companies are able to generate higher revenue and audience expansion by building valuable relationships with customers and communicating business transactions. In the retail and e-commerce sector, the shifts toward digital platforms have revolutionized the mobile engagement market. Companies can obtain in-depth data regarding the customer preferences and their consumption trends and deliver targeted advertisements to promote their products and increase their sales.
Asia and North America are exhibited to see a significant rise in the number of adopters while the mobile consumer landscape is expected to remain stable over the coming years owing to the domination of highly engaged users governing the regional consumer segmentation. Furthermore, the Asia Pacific mobile engagement market growth is attributed to the increasing use of smartphones and the development and the expansion of the mobile and telecommunication infrastructure. South Asia is likely to undergo a major transition in the mobile consumer behavior. The growth of the e-commerce industry and the rising trend of big data are projected to influence companies to adopt these technologies. The adoption of 4G and smartphone and the regionalization of online content are the driving factors for the increase in the number of users and the mobile engagement market in the North America region.
Major players in the mobile engagement market are Appboy, Followanalytics, Urban Airship, Marketo, Swrve, Smartfocus, Oracle, IBM, Adobe, Accengage, Leanplum, Selligent, Vibes, Tapjoy, and Webtrekk. Rising competition among major players to sustain mobile engagement market growth is leading to an increase in the undertaking of strategies such as the provision of technologically-advanced solutions and mergers & acquisitions. In June 2017, Swrve announced substantial enhancements to its mobile engagement tools. These enhanced features aid organizations in delivering highly personalized and contextual multi-channel experiences.
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