Mobile Engagement Market Segment By Solution
By Solution, the Mobile Engagement Market is segmented into SMS & MMS, Push Notification, In-App Messaging, E-mail, App/Web Content and Others. The Push Notification segment has registered the highest growth rates in the year 2020, and should grow at a CAGR of 3.2% during the forecast period, owing to the growing demand for advertising strategy to target audiences about products and services among various vendors. In October 2020, Awesome Motive, the company that offers software such as OptinMonster, WPForms, MonsterInsights, WP Mail SMTP, and more, acquired PushEngage, a push notification software provider. The strategic partnership is designed to elevate the portfolio of PushEngage with the support of deep understanding and resources of Awesome Motive. The acquisition is further developed as the volume of push subscriber list is bigger than email list, and push notification platform is consistently leading the way consistently. Thus, with the introduction of highly personalized push notification campaigns, short message service, and other enhanced opt-in technology are estimated to drive the growth of the Mobile Engagement Market Segment.
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Mobile Engagement Market Segment By Industry Verticals
By Industry Verticals, the Banking, financial services and insurance (BFSI), Consumer Electronics and accessories, Apparel, Footwear and accessories(AFA), Furniture & home furnishings, FMCG, Hospitality & Travel, Retail & Ecommerce and Others. The Retail & Ecommerce is estimated to grow at the highest CAGR of 9.4% during the forecast period 2021-2026, owing to the introduction of various omnichannel platforms such as mobile apps, Websites and QR-based virtual stores that support a competitive exposure to retail and ecommerce merchants. Furthermore, the rise in demand for convenient online shopping platforms among consumers has influenced the market growth. In November 2019, the Ottawa-based e-commerce company, Shopify launched Shopify Email, a designed marketing tool that provides customizable email templates, ready-made templates, and support ecommerce to build meaningful customer relationships. The growing volume of consumers spending more time online contributes positive development to various e-commerce platforms, which induces traders to adopt modern digital technology. Therefore, increasing emergence of ecommerce businesses and popularity of digital commerce, worldwide accelerate the growth of the Mobile Engagement Market.
Mobile Engagement Market Segment By Geography
Asia Pacific is estimated to register the highest share in 2020 with 56%, owing to the presence of several prominent online retail industry, such as HipVan, Flipkart, JD.com, Snapdeal, India Mart, Alibaba and many more, along with the rapid commercialization that leads to the comprehensive adoption of diversified digital platforms. In addition, the prevalence of best-in-class hybrid cloud providers, and growing implementation of AI technologies to generate market insights are influencing the growth of the Mobile engagement platforms in this region. In March 2021, the trusted customer engagement platform, MoEngage signed partnership with Merkle Sokrati, India’s leading data-driven performance marketing agency from the house of dentsu international, and expanded its business platforms to Asia Pacific regions. The strategic partnership is a pertinent milestone to both the companies due to MoEngage’s insights-led customer engagement platform with world-class enterprise delivery services of Merkle drive dynamic marketing strategies and enhance customer retention in the region. Therefore, the demand for hyper-personalized engagement platforms and multiple mobile engagement automation in these regions lead the growth of the Mobile Engagement Market.
Mobile Engagement Market Drivers
Growing Smartphones penetration
Major online brands across the globe are gaining momentum with the support of extensive internet usage and growing Smartphones penetration, which further fuel the growth of the Mobile Engagement Market. In fact, due to the increasing exposure of online shopping platforms and development of considerable hybrid channel strategy, business enterprises of all kinds of products, services and sizes are expanding their online stores to aim growth trajectories. In September 2020, HubSpot, the provider of complete platform solutions for marketing, sales, customer service, and CRM software launched an upgraded Sales Hub Enterprise platform. The Sales Hub Enterprise by HubSpot supports business organizations with numerous solutions, such as marketing, sales, and service endeavors for aiming enhanced customer experience, specifically in this Covid-19 pandemic scenario. This new platform enables businesses to thrive with smarter insights for implementing marketing strategy. Hence, the growing Smartphones penetration and other significant internet penetration influence the growth of the Mobile Engagement Market.
Popularity of Mobile Money Platforms
Mobile money is also termed as a digital wallet, designed to facilitate users with various payment options, such as virtual wallet services, transferring money and other payment operations is estimated to drive the growth of the Mobile Engagement Market. Today several eCommerce vendors are adopting seamless digital payments capabilities to denote their customers with optimum convenience and secure digital payments, and build a long-term relationship with the potential buyers. In August 2019, Master Card launched the Identity Check Express, a next generation mobile-first authentication solution which is a new payment feature for uninterrupted online transactions. The Identity Check Express is defined to deliver secure online transactions for customers during e-commerce purchase in India. The prominence of PayPal, Google Wallet, Apple Pay, Amazon Payments and other online wallets encourage customers for convenient online shopping and other types of online transactions and payment through apps. Therefore, the growing demands for Mobile Money Platforms among retailers are some of the factors contributing to the growth of the Mobile Engagement Market.
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Mobile Engagement Market Challenges
Lack of Expertise for mobile marketing integration
Mobile marketing is an innovative way to reach a maximum number of customers and thus, various business organizations across the globe are employing to advertise more effectively. However, to develop new strategies such as mobile marketing campaigns requires a lot of research, expertise and experience for integrating the best approach. There are some challenges, such as selecting the wrong target group, unable to calculate ROI and other metrics, designing the incorrect ad format and other unavoidable mistakes can hamper the brand severely. Although it has many advantages, but to attract new and potential customers through mobile marketing needs thorough professionals to navigate these referred complex processes. Therefore, the dearth of skilled marketing expertise to decipher the digital marketing efforts and other challenging aspects such as device configuration are some of the factors that hinder the growth of the Mobile Engagement Market.
Mobile Engagement Market Landscape
Product launches, acquisitions, and R&D activities are the key strategies adopted by players in the Mobile Engagement Market. The Mobile Engagement market top 10 companies include Accengage, Adobe, Appboy, Followanalytics, Truepush, Leanplum, JOINGO, Localytics, Marketo, Salesforce, Selligent, Smartfocus and many more.
Acquisitions/Technology Launches/Partnerships
In January 2021, Truepush, the most preferred web push notification platform announced the launch of WordPress Plugin for Push Notifications. The new plugin enables users to send push notifications to their site visitors for free, and thereby, empower brands.
In October 2019, JOINGO, the leading provider of mobile engagement solutions for the casino gaming industry launched a JOINGO-powered app, a mobile engagement platform in collaboration with Grand Casino Mille Lacs and Hinkley in Minnesota. The JOINGO-powered app enables Grand Casino to encourage their patrons with available promotions, respond to invitations and other exciting offers.
Key Takeaways
Asia Pacific is estimated to register the highest share in 2020 with 56%, owing to the presence of several prominent online retail industry, such as HipVan, Flipkart, JD.com, Snapdeal, India Mart, Alibaba and many more, along with the rapid commercialization that leads to the comprehensive adoption of diversified digital platforms
Major online brands across the globe are gaining momentum with the support of extensive internet usage and growing Smartphones penetration, which further fuel the growth of the Mobile Engagement Market.
The Retail & Ecommerce is estimated to grow at the highest CAGR of 9.4% during the forecast period 2021-2026, owing to the introduction of various omnichannel platforms such as mobile apps, Websites and QR-based virtual stores that support a competitive exposure to retail and ecommerce merchants.
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