SMS Advertising - Bulgaria

Bulgaria

Highlights

Ad spending in the SMS Advertising market in Bulgaria is forecasted to reach US$260.90k in 2024.
The market is expected to demonstrate an annual growth rate (CAGR 2024-2030) of 0.70%, leading to a projected market volume of US$272.10k by 2030.
When compared globally, the United States will lead in ad spending with US$310.40m in 2024.
The projected average ad spending per capita in the SMS Advertising market in Bulgaria is estimated to be US$0.04 in 2024.
Bulgaria's SMS Advertising market is booming, with businesses leveraging personalized messaging to target consumers effectively and efficiently.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The SMS Advertising market in Bulgaria has been experiencing steady growth in recent years, driven by changing customer preferences and the increasing adoption of mobile devices.

Customer preferences: Bulgarian customers have shown a strong preference for mobile communication, with SMS being one of the most widely used methods of communication. This preference for SMS has created a favorable environment for SMS Advertising, as customers are more likely to engage with and respond to SMS advertisements compared to other forms of advertising. Additionally, the affordability and convenience of SMS make it an attractive option for businesses looking to reach a wide audience.

Trends in the market: One of the key trends in the SMS Advertising market in Bulgaria is the increasing use of personalized and targeted SMS campaigns. Businesses are recognizing the importance of delivering relevant and tailored messages to their customers, and SMS provides an effective platform for doing so. By leveraging customer data and analytics, businesses can create personalized SMS advertisements that are more likely to resonate with their target audience, leading to higher engagement and conversion rates. Another trend in the market is the integration of SMS Advertising with other marketing channels. Businesses are realizing the benefits of a multi-channel approach, where SMS is used in conjunction with other channels such as email, social media, and mobile apps. This integrated approach allows businesses to reach customers at different touchpoints and reinforce their messaging, increasing the overall effectiveness of their advertising campaigns.

Local special circumstances: Bulgaria has a high mobile penetration rate, with a significant portion of the population owning and regularly using mobile devices. This widespread adoption of mobile technology has created a fertile ground for SMS Advertising, as businesses can easily reach a large number of potential customers through SMS. Additionally, the relatively low cost of SMS compared to other forms of advertising makes it an attractive option for businesses operating in Bulgaria.

Underlying macroeconomic factors: The growing SMS Advertising market in Bulgaria can also be attributed to favorable macroeconomic factors. The country has experienced stable economic growth in recent years, leading to an increase in consumer spending power. This has resulted in a larger customer base for businesses to target through SMS Advertising. Furthermore, the rise of e-commerce and online shopping in Bulgaria has created new opportunities for businesses to promote their products and services through SMS, as customers are increasingly using their mobile devices to make purchases. In conclusion, the SMS Advertising market in Bulgaria is thriving due to customer preferences for mobile communication, the adoption of personalized and targeted campaigns, the integration of SMS with other marketing channels, the high mobile penetration rate, and favorable macroeconomic factors. As businesses continue to recognize the benefits of SMS Advertising and invest in this channel, the market is expected to further expand in the coming years.

Data coverage:

The data encompasses B2B enterprises. Figures are based on SMS Advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers the advertising budget used for creating and sending SMS advertisements.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey), as well as performance factors (e.g., user penetration, usage). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, number of internet users, and internet coverage. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets. The main drivers are GDP per capita, consumer spending per capita, and internet coverage.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is reweighted for representativeness.