The mobile engagement market will be valued at 4.44 Billion in 2017 and is expected to reach USD 38.70 Billion by 2023, at a CAGR of 43.46% between 2017 and 2023. The increasing use of mobile device applications is among the major driving factors for this market.
Moreover, companies are adopting the mobile first
approach that helps them recognize the significant role of mobile devices in
enhancing the consumer experience. The increased adoption of the mobile first
approach has allowed companies to gain in-depth understanding of brands and
consumers, meet consumer needs through mobile devices, and communicate their
value proposition effectively.
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The
mobile engagement market has been segmented on the basis of user type, solution, vertical, and geography. The
mobile engagement market, by user type, has been segmented into SMEs and LSEs.
The market for SMEs is expected to grow at a higher CAGR during the forecast
period. An increasing number of vendors are likely to come up with solutions
specifically to cater to the demands of SMEs.
On
the basis of solution,
the market has been classified into SMS and MMS, push notifications, in-app
messaging, e-mails, and app/web content. The market for push notifications is
expected to grow at the highest CAGR during the forecast period. For instance,
in March 2017, Urban Airship launched Urban Airship Web Notify, a web push
notification solution, to help marketers engage new website visitors and boost
connections with returning visitors through personalized, real-time messaging.
Mobile
engagement offers a number of effective and economical marketing channels for
all verticals. Mobile marketing
solutions have been widely adopted by several verticals owing to the increased
usage of mobile devices as well as the need to attract, engage, acquire, and
retain customers. The retail vertical accounted for the largest share of the
market in 2016. Mobile marketing plays an important role in helping retailers
adjusts to this changed consumer behaviour. Retailers also look for mobile
marketing solutions to improve their CRM and increase application engagement.
The finance vertical is expected to witness the highest growth during the
forecast period. Mobile marketing channels help banks and financial
institutions collect and analyze data, understand customer needs better, and
accordingly target them with appropriate offers. This, in turn, is expected
propel the growth of the mobile engagement market for the finance vertical
during the forecast period.
The
mobile engagement market in APAC
is expected to grow at the highest CAGR during the forecast period owing to the
rapid deployment of mobile telecommunication infrastructure and the increasing
use of Smartphone’s.
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One of the major restraints for the mobile
engagement market is the difficulty in monetizing mobile apps. The majority of
the world has switched from PCs to mobile phones for internet usage. This has
helped the native mobile app developers to establish monetization strategies
for their respective websites. With the explosion of free apps, revenues have
become highly dependent on these free apps. Paid downloads have also played a
good role in attracting the maximum app revenues.
Key
players in this market
focus on strategic partnerships and collaborations, acquisitions, agreements,
contracts, and new launches to increase their revenue. IBM (US) is a leading
player in the mobile engagement market, followed by Salesforce (US), and Oracle
(US). In June 2016, IBM partnered with The Boots Company to launch Sales
Assist, an IBM MobileFirst for iOS app, across its stores in the UK to make
products easily available for its customers.
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