Mobile Marketing to Grow Nearly 30 Percent per Year, MarketsandMarkets Reports
The global market for mobile marketing software, including solutions for text messaging, push notifications, mobile email, QR codes, location-based marketing, and mobile Web, is expected to grow from its current value of $28.63 billion to $98.85 billion by 2021, according to new research from MarketsandMarkets. That represents a compound annual growth rate of 28.1 percent.
The research report identifies the drivers of this growth as the increasing number of mobile phone users, high Internet speed, and increasing use of mobile Web and mobile applications. It also identifies the QR codes segment as the one with the highest growth rate, noting that this form of offline advertisement is probably cheaper than most other online advertising.
The research concludes that the Asia-Pacific region will likely continue being the largest revenue generator for mobile marketing vendors for the next five years, followed by North America. Latin America is expected to be the fastest-growing region in mobile marketing during the forecast period. The market growth in developing regions can be attributed to enhancements in network connectivity, an increasing number of unique mobile subscribers, growing 3G and 4G networks, and increasing awareness among enterprises.
MarketsandMarkets also identified the major vendors that offer mobile marketing solutions globally as SAP, IBM, AT&T, Salesforce.com, Adobe Systems, Oracle, SAS, Mobivity Holdings, Salmat, and Vibes Media. These vendors, the firm notes, have adopted different 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 sector.