The Mobile Engagement by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mobile Engagement, the mobile engagement market size has grown exponentially in recent years. It will grow from $28.18 billion in 2023 to $40.38 billion in 2024 at a compound annual growth rate (CAGR) of 43.3%. The growth in the historic period can be attributed to proliferation of mobile devices, growth in mobile app usage, rise of in-app advertising, increasing importance of user retention, rise in population.
The mobile engagement market size is expected to see exponential growth in the next few years. It will grow to $176.28 billion in 2028 at a compound annual growth rate (CAGR) of 44.5%. The growth in the forecast period can be attributed to adoption of personalized and contextual messaging, increasing urbanisation, emphasis on interactive and gamified mobile experiences, growth in location-based mobile engagement, increased use of push notifications for customer engagement. Major trends in the forecast period include integration of chatbots and virtual assistants in mobile apps, focus on privacy-centric mobile engagement strategies, expansion of mobile wallets and in-app purchases, rise of progressive web apps (pwas) for seamless engagement, cross-platform and cross-channel mobile engagement solutions.
The increasing use of applications on mobile devices is expected to propel the growth of the mobile engagement market going forward. An application program, known as a mobile application, or simply an app, is a type of software designed specifically to run on mobile devices such as smartphones and tablets. Using a mobile application makes interactions simple as welcoming users with a push notification or providing guidance. Successful apps employ a mobile engagement to define the customer journey by being thoughtful and strategic in their interactions with consumers. For instance, according to Techjury, a US-based tech knowledge company, in the US, in 2020, 89% of smartphone users’ time is spent on just 18 apps, whereas for Millennials, that number rises to 67 apps. And 55% of businesses owned by Millennials have a mobile app of their own. Also, according to an article published by the Times of India, an India-based English-language daily newspaper, 3.48 million apps were available for Android users to browse in the first quarter of 2021. In addition, 2.22 million apps available for iPhone users on the Apple App Store. Therefore, the increasing use of applications on mobile devices is driving the mobile engagement market growth.
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The mobile engagement market covered in this report is segmented –
1) By Solution: SMS and MMS, Push Notifications, In-App Messaging, E-mails, App or Web Content, Other Solutions
2) By Organization Size: Large Enterprises, Small and Medium Organizations
3) By Deployment: On-Premises, On-Cloud
4) By Industry Verticals: Banking, Financial Services and Insurance (BFSI), Retail and Ecommerce, Consumer Electronics and Accessories, Apparel, Footwear and Accessories(AFA), Furniture and Home Furnishings, Hospitality and Travel, Other Industry Verticals
Product innovations are a key trend gaining popularity in the mobile engagement market. Major players operating in the mobile engagement sector are concentrating their efforts on new product innovations to strengthen their market position. For instance, in October 2021, Meridian Integration, a US-based utility solutions provider launched El Paso Electric (EPE) mobile application, a new app for interaction with digital customers. It shows dedication to the forefront of technology and assisting clients in customer experience (CX) objectives and technological journeys as a logical extension of the IDEA Digital Customer Engagement solution. With the use of the El Paso Electric mobile app, customers who have access to mobile devices can more easily access their accounts and have a better overall customer experience. With the new app, consumers of EPE can now quickly access their EPE accounts and benefit from new features at their fingertips. The app is powered by Meridian’s IDEA solution and includes all the well-known, practical features found on the EPE Manage My Account online portal at epelectric.com.
The mobile engagement market report table of contents includes:
1. Executive Summary
2. Mobile Engagement Market Characteristics
3. Mobile Engagement Market Trends And Strategies
4. Mobile Engagement Market – Macro Economic Scenario
5. Global Mobile Engagement Market Size and Growth
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31. Global Mobile Engagement Market Competitive Benchmarking
32. Global Mobile Engagement Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Mobile Engagement Market
34. Mobile Engagement Market Future Outlook and Potential Analysis
35. Appendix
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