Market Insights Advertising & Media Advertising Direct Messaging Advertising

SMS Advertising - Montenegro

Montenegro

Ad spending in the SMS Advertising market in Montenegro is forecasted to reach US$72.30k in 2024.
The ad spending is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -1.02%, leading to a projected market volume of US$68.67k by 2029.
When compared globally, the United States will contribute the most to ad spending, with US$310.40m in 2024.
The average ad spending per capita in the SMS Advertising market is projected to be US$0.12 in Montenegro in 2024.
Montenegro's SMS Advertising market shows a rising trend in personalized messaging campaigns, targeting niche audiences with tailored content for higher engagement.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The SMS Advertising market in Montenegro is experiencing significant growth due to changing customer preferences and trends in the market. Customer preferences in Montenegro are shifting towards mobile advertising as more people rely on their smartphones for daily activities. With the increasing penetration of smartphones in the country, consumers are becoming more receptive to SMS advertisements. They find it convenient and easy to access information and offers through SMS, especially when compared to other forms of advertising such as television or print media. Additionally, SMS advertising allows businesses to reach a wide audience at a relatively low cost, making it an attractive option for advertisers in Montenegro. Trends in the market indicate that SMS advertising is becoming more targeted and personalized. Advertisers are leveraging customer data to create customized messages that resonate with their target audience. By analyzing consumer behavior and preferences, businesses can send relevant and timely SMS advertisements, increasing the chances of engagement and conversion. This trend is driven by advancements in technology and data analytics, which enable advertisers to segment their audience and deliver personalized messages at scale. Local special circumstances in Montenegro contribute to the growth of the SMS Advertising market. The country has a high mobile phone penetration rate, with a significant portion of the population relying on mobile devices for communication and internet access. This creates a favorable environment for SMS advertising, as businesses can reach a large number of potential customers through mobile channels. Additionally, Montenegro has a growing tourism industry, attracting visitors from around the world. SMS advertising provides an effective way for businesses in the tourism sector to promote their services and attract tourists. Underlying macroeconomic factors also play a role in the development of the SMS Advertising market in Montenegro. The country has a stable economy and a growing middle class, which increases consumer spending power. This creates opportunities for businesses to invest in advertising and reach a larger customer base. Furthermore, Montenegro has a favorable business environment, with supportive government policies and a growing entrepreneurial culture. This encourages businesses to explore innovative advertising strategies, including SMS advertising, to gain a competitive edge in the market. In conclusion, the SMS Advertising market in Montenegro is growing due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As more people rely on their smartphones and businesses leverage data analytics, SMS advertising is becoming an effective and personalized way to reach customers in Montenegro. With a high mobile phone penetration rate and a growing middle class, the market presents opportunities for businesses to engage with a wide audience and drive sales.

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.