The potential growth difference for the SMS marketing software market between 2021 and 2026 is USD 7.53 billion. To get the exact yearly growth variance and the Y-O-Y growth rate.
Key Market Dynamics:
- Market Driver: The rising adoption of social, mobile, analytical, and cloud (SMAC) technologies is one of the key drivers supporting the SMS marketing software market’s growth. A digital setup allows organizations to collect valuable information regarding the target audience through various channels. Tracking customer activity has become easier with the increase in online purchases. The advent of social media has helped companies target the right customer baser. SMAC technologies form the basis for an ecosystem that enables a commercial enterprise to transition from e-business to digital business. The four technologies improve business operations and help companies get closer to customers with minimal overhead and maximum reach. Moreover, the increased use of smartphones has provided customers with the ability to purchase goods at their convenience. Thus, companies are designing marketing campaigns that are easily accessible on smartphones and other devices.
- Market Challenges: Increased risks related to data security and privacy are one of the factors hampering the SMS marketing software market’s growth. During the deployment of cloud-based SMS marketing software, the data is with vendors, which increases the chances of security violations. Furthermore, many enterprises are concerned about data loss and misuse by IT professionals that install the software. Companies are concerned about security and introduce measures to prevent any kind of security breach, as it has a huge impact on their productivity and reputation. Hence, with the increased risks related to data security and privacy, the market size is expected to decrease significantly through 2027 as, with time, a large percentage of data breaches will be caused by negligence or accidental exposure of sensitive data. Such factors will hinder the growth of the market during the forecast period.