Market Trends of Mobile Analytics Industry
This section covers the major market trends shaping the Mobile Analytics Market according to our research experts:
Retail Industry Holds Significant Market Share
- Retail management has become an intricate process with customer satisfaction as its central theme, shifting from focusing on products. Shopper expectations are increasing where. They expect personalization at all levels, faster fulfillment options, and unified omnichannel experiences. Competitive pressures are also increasing, and the definition of commerce continues to evolve.
- Retailers are using mobile as a powerful marketing platform. The retail sector, especially e-commerce operations, is expected to be the primary demand for mobile analytics solutions. Efforts of e-commerce companies to create personalized shopping experiences are expected to draw considerable revenues to the mobile analytics market globally.
- An enormous market is available for mobile analytics providers because of the expanding global retail and e-commerce industries. The industries will continue to grow significantly with the development of internet infrastructure, creating a significant potential for local suppliers. For instance, According to the National Retail Federation, revenues from over retail outlets in the United States exceeded USD 4.86 trillion last year. Furthermore, retail industry sales are predicted to rise between 6% and 8%, and e-commerce retail sales exceeded USD 1.17 trillion last year, growing at an 11-13% annual pace. Mobile analytics solutions for e-commerce and retail are increasingly popular in nations including the United States, India, China, South Korea, Taiwan, and others.
- Moreover, the retail industry has emerged as one of the dynamic industries in India, which is anticipated to reach nearly USD 1.3 trillion by 2024, according to the India Brand Equity Foundation.
- The market's vendor activity points to expanding collaborations between retailers and mobile analytics platforms to meet various emerging needs, including new customer acquisition and retention. Such long-term alliances have significantly contributed to the market under study's expansion.
- The retail industry has become more dynamic as a result of increased digitization throughout the retail industry, the growth of multi-channel operations, and the creation of retail analytics solutions. Since retail organizations must handle a massive quantity of data, such as customer purchasing habits, every encounter and data point can potentially make the retail sector more effective and successful. Retailers are investing in developing technology to improve labor procedures. The adoption of mobile analytics boosts retail revenue and customer service effectiveness.
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Asia Pacific to Occupy Significant Market Share
- The Asia Pacific, mobile analytics market, is expected to grow significantly over the forecast period owing to the surge of smartphone device utilization and an increasing number of mobile business emails. According to a TRAI report, India's telecom subscriber base reached 1170.45 million at the end of October last year.
- Additionally, the expanding Indian retail and e-commerce industry presents a sizable market for mobile analytics providers. The industries will continue to grow significantly with the improvement of the nation's internet infrastructure, creating a major potential for local suppliers. Major hubs for e-commerce and retail-driven mobile analytics solutions are emerging in cities like Delhi, Mumbai, Bangalore, and Hyderabad. According to IBEF, India's social commerce sector has the ability to develop to USS 16 to 20 billion in the year 2025, at a CAGR between 55% to 60%, while the country's e-commerce market is predicted to reach USD 111 billion by 2024, and USD 200 billion by 2026.
- As smartphones become more popular, there is an increasing need for mobile analytics services in the APAC area. Customers also employ mobile analytics for a fundamental study of mobile data traffic. The mobile analytics market is driven by the proliferation of phones and tablets, the rising need for smart cybersecurity solutions, and income from internet services.
- Companies with a large audience differentiate their offering, replicating the success of 'super-apps' seen elsewhere in Asia. For example, GoJek and Grab are offering users across South Eastasia a range of features, such as ride-hailing, payment systems, food delivery, e-commerce, publishing, and their business model, is one that is catching on in the Indian market. For instance, Truecaller - an app that allows its 140 million daily active users to screen calls from strangers and bots - plans to implement a credit loaning system. Users based in India can also use the app to record calls, send messages, and complete payments.
- Furthermore, most of India's digital ad spend was mobile-focused before the coronavirus pandemic, and this global event has acted as a catalyst for this trend. Between 45-55% of organizations' digital advertising budgets are spent on mobile, which is anticipated to increase to more than 65% in the last year. As per Exchange4Media, ad budgets invest heavily in rich media, social media marketing, and paid search. Such trends are expected to drive further the growth of the market studied.
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