The mobile engagement market was valued at USD 2.33 Billion in 2016 and is expected to reach USD 8.70 Billion by 2023, at a CAGR of 43.46% during the forecast period.
The research methodology used to estimate and forecast the mobile engagement market begins with obtaining data on the revenues of key vendors through secondary research sources such as Mobile Marketing Association, Business Marketing Association, Software and Information Industry Association, and Club Texting, Vendor offerings are taken into consideration to determine the market segmentation.
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This study also answers several questions, such as which market segments to focus on in the next 2–5 years for prioritizing efforts and investments for stakeholders. 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).
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.
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.
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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. Mobile marketing plays an important role in helping retailers adjust to this changed consumer behavior. Retailers also look for mobile marketing solutions to improve their CRM and increase application engagement.
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 smartphones.
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