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SMS Advertising - Colombia

Colombia

Ad spending in the SMS Advertising market in Colombia is forecasted to reach US$1.46m in 2024.
The ad spending is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.07%, leading to a projected market volume of US$1.54m by 2029.
When compared globally, the United States is expected to generate the highest ad spending (US$310.40m in 2024).
The average ad spending per capita in the SMS Advertising market is projected to be US$0.03 in 2024.
Colombia's SMS Advertising market is rapidly growing, with businesses leveraging targeted messaging to reach a tech-savvy population.

Key regions: India, Germany, China, United Kingdom, Australia

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Analyst Opinion

The SMS Advertising market in Colombia has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in Colombia have shifted towards mobile devices, with a large percentage of the population using smartphones. This has led to increased usage of SMS messaging as a preferred communication channel. Additionally, consumers are becoming more receptive to targeted advertising messages delivered through SMS, as they provide a convenient and personalized way to receive offers and promotions. Trends in the market indicate that businesses in Colombia are recognizing the potential of SMS advertising as an effective marketing tool. They are increasingly utilizing SMS campaigns to reach their target audience and drive customer engagement. This trend is further fueled by the fact that SMS advertising offers high open and response rates, making it a cost-effective and efficient marketing strategy. Local special circumstances in Colombia, such as the high penetration of mobile devices and the popularity of SMS messaging, contribute to the growth of the SMS advertising market. The country has a large and growing population of smartphone users, creating a vast potential audience for SMS advertising campaigns. Additionally, SMS messaging is a widely used form of communication in Colombia, making it a natural choice for businesses looking to connect with consumers. Underlying macroeconomic factors also play a role in the development of the SMS advertising market in Colombia. The country's economy has been steadily growing, leading to increased consumer spending power. This allows businesses to invest more in marketing and advertising activities, including SMS campaigns. Furthermore, advancements in technology and telecommunications infrastructure have made it easier for businesses to implement SMS advertising strategies and reach a wider audience. In conclusion, the SMS Advertising market in Colombia is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. As businesses recognize the effectiveness of SMS advertising in reaching their target audience and driving customer engagement, the market is expected to continue to expand in the coming years.

Methodology

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.