June 10, 2019
— According to the recent research report "Mobile Engagement Market by User Type (SME, LSE), Solution (SMS & MMS, Push Notification, In-App Messaging, E-mail, App/Web Content), Vertical (Financial Services, Retail, Travel & Hospitality, Telecom & IT), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market will be valued at USD 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 and growing focus toward mobile first strategy are among the factors driving the growth of the market. The increased adoption of mobile first approach has enabled in-depth understanding of brands and consumers, meeting consumer needs through mobile devices, and communicating value proposition effectively. The mobile app offers a platform to vendors for utilizing location data, together with search history, to provide a contextual, omnichannel experience across mobile devices.
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SMEs expected to grow at a high rate during the forecast period
The key factor driving the growth of SMEs in the mobile engagement market is the increasing number of vendors that are likely to come up with solutions specifically to cater to the demands of SMEs. This is expected to help these businesses go mobile and start making use of digital marketing to drive traffic and increase sales.
Retail vertical expected to hold the largest share during the forecast period
Key factors contributing to the growth of the mobile engagement market in the retail vertical is the increased adoption of smartphones and tablets, and the use of mobile internet to offer great opportunities to retailers to effectively market their products and services.
Mobile engagement market in the North America expected to hold the largest share in 2016
North America is expected to hold the largest market share in 2016 owing to the increased adoption of mobile wallets among customers, which enables communication with brands about sales, offers, coupons, and loyalty programs. The market for mobile engagement in APAC is expected to grow at the highest CAGR during the forecast period and surpass North America by 2023.
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Major players operating in the mobile engagement market include IBM (US), Salesforce (US), Oracle (US), Adobe (US), Vibes Media (US), Selligent (Belgium), Urban Airship (US), Appboy (US), Localytics (US), Swrve (US), Tapjoy (US), and Marketo (US).
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