Market Insights Advertising & Media Advertising Direct Messaging Advertising

SMS Advertising - Latvia

Latvia

Ad spending in the SMS Advertising market in Latvia is forecasted to reach US$192.60k in 2024.
The ad spending is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.13%, leading to a projected market volume of US$203.70k 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$0.11 in 2024.
In Latvia, SMS advertising is gaining traction due to its cost-effectiveness and high engagement rates in the competitive advertising market.

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

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Analyst Opinion

The SMS Advertising market in Latvia is experiencing significant growth and development, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In today's digital age, customers in Latvia are increasingly relying on their mobile devices for communication and information. This has led to a growing preference for SMS advertising, as it allows businesses to reach their target audience directly on their mobile phones. SMS advertising provides a convenient and immediate way for businesses to connect with customers, making it an effective tool for marketing and promotion.

Trends in the market: One of the key trends in the SMS Advertising market in Latvia is the increasing adoption of mobile marketing strategies by businesses. With the rise of smartphones and mobile internet usage, businesses are recognizing the importance of reaching customers on their mobile devices. SMS advertising offers a cost-effective and efficient way for businesses to engage with their target audience, making it a popular choice among marketers. Another trend in the market is the use of personalized and targeted SMS advertising campaigns. Businesses are leveraging customer data and analytics to create personalized messages that resonate with their target audience. By tailoring their SMS advertising campaigns to individual preferences and behaviors, businesses can increase the effectiveness of their marketing efforts and drive higher conversion rates.

Local special circumstances: Latvia has a high mobile penetration rate, with a large percentage of the population owning and using mobile phones. This provides a fertile ground for SMS advertising, as businesses can easily reach a wide audience through this channel. Additionally, the relatively low cost of SMS advertising compared to other forms of marketing makes it an attractive option for businesses, particularly small and medium-sized enterprises (SMEs) with limited marketing budgets.

Underlying macroeconomic factors: The growing SMS Advertising market in Latvia is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to increased consumer spending power. This has resulted in a greater demand for products and services, creating opportunities for businesses to promote their offerings through SMS advertising. Furthermore, the competitive business landscape in Latvia has prompted companies to explore new and innovative marketing strategies, including SMS advertising, to gain a competitive edge and increase their market share. In conclusion, the SMS Advertising market in Latvia is witnessing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. With the increasing adoption of mobile marketing strategies, personalized campaigns, and the high mobile penetration rate in Latvia, SMS advertising is becoming an essential tool for businesses to connect with their target audience and drive business growth.

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.