Global mobile advertising market to reach of $724 billion by 2026, report
The mobile advertising market is evaluated at $180.610 billion for the year 2019 and is projected to grow at a CAGR of 21.95% to reach a market size of $724.460 billion by the year 2026 according to a recent report by Research and Markets.
Companies and service providers are expanding their expenditure in advertising their products and services through popular media platforms in response to rising consumer spending on media and entertainment. Mobile devices have become the fastest growing platform for advertising in recent years, thanks to significant growth in the number of mobile devices as well as the number of hours spent by consumers on their smartphones and tablets.
The growing number of mobile subscribers, the availability of less expensive smartphones and tablets, reasonable data plans, and rapid development in 4G/5G subscriptions have all contributed to the increased usage of mobile devices for entertainment and information. Advertisers may be able to market their products and services through mobile advertising because of this.
Increasing smartphone penetration to drive the market growth
Smartphones are being embraced at a rapid rate throughout the world in today's technology-driven environment. As a result, it is altering people's socializing and communication patterns. Smartphone users may utilize the internet to access a variety of services and information via a variety of apps.
They can also do things like play games, visit the web, view movies, read e-books, use social networking platforms, and listen to music. Apps like this may be found in both the Play Store and the App Store for Android and iOS users. Furthermore, these applications allow users to buy furniture, clothes, and even groceries.
Advertisers can obtain access to many layers of information about a user's favorite brands, hobbies, and shopping preferences thanks to the aforementioned reasons.
They also utilize the enormous quantity of data to display ads for connected products and services to a specific smartphone user in the form of pictures, videos, and banners. In games, they offer in-app advertising by promising the player additional gaming time, incentives, and other benefits.
The market is to grow due to increased demand for apps that allow users to access social media, music, and eBooks
Smartphone usage is transforming the way people interact and socialize. Apps allow smartphone users to access internet information and services. People use numerous applications accessible on all app stores to do various functions such as reading e-books, listening to music, watching movies, accessing social media, playing games, shopping, and so on. People may also buy food, clothes, and even furniture using smartphone applications, thanks to technological developments. Smartphone users spend the majority of their time on applications that allow them to access the web.
The brand wants to be present in the places where its customers are. As users use these applications, advertisers get access to many layers of information about them, including shopping preferences, hobbies, favorite brands, and more.
Advertisers utilize this information to show consumers similar items or services in the form of ads, videos, and pictures, among other things. In-app advertising in games is booming, and marketers are putting a lot of money into it. For watching thirty seconds of video commercials, mobile in-app marketers are giving credits such as prizes, longer gaming time, and other benefits. This is one of the industry trends in mobile advertising that is predicted to boost sales.
Market innovations are to be driven by location-based technology
Advances in location-based technology have opened up a slew of new prospects in a variety of different industries. Location-based technology is being used by the mobile advertising sector to provide enhanced customer care by providing information about nearby items and services. Advertisers collect consumer location data to provide helpful recommendations based on surrounding areas.
This enables them to market their content to clients with the appropriate message at the appropriate time and location. Advertisers may utilize location intelligence to track the impact of their ads and the responses they receive from users. Customers can be attracted to local companies by using location-based advertising to promote their product discounts anytime they are in the area.
Overall, consumers will be targeted through various techniques and receive more relevant and tailored information because of location-based ads. Google LLC is one of the first companies to offer location-based mobile ads. Users can obtain tailored suggestions using Google's location-based advertising platform's opt-in functionality.