SMS Advertising - Serbia

Serbia

Highlights

Ad spending in the SMS Advertising market in Serbia is forecasted to reach US$257.90k in 2024.
The ad spending is anticipated to demonstrate an annual growth rate (CAGR 2024-2030) of -0.60%, leading to a projected market volume of US$248.80k by 2030.
When compared globally, the United States will account for 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$0.04 in 2024.
Serbia's SMS Advertising market is rapidly growing, with businesses leveraging targeted campaigns to reach a tech-savvy population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The SMS Advertising market in Serbia is experiencing significant growth and development.

Customer preferences: Customers in Serbia are increasingly turning to SMS advertising as a way to receive targeted and personalized marketing messages. This preference for SMS advertising is driven by several factors. Firstly, SMS messages have a high open rate, ensuring that the marketing message reaches the intended audience. Secondly, SMS advertising allows for immediate and direct communication with customers, enabling businesses to quickly convey time-sensitive information or promotions. Lastly, SMS advertising provides a cost-effective marketing solution for businesses, especially for small and medium-sized enterprises.

Trends in the market: One of the key trends in the SMS Advertising market in Serbia is the increasing adoption of mobile devices. Serbia has a high mobile penetration rate, with a large portion of the population owning smartphones. This trend has created a fertile ground for SMS advertising, as businesses can easily reach their target audience through mobile devices. Additionally, the rise of mobile apps and social media platforms has further fueled the demand for SMS advertising, as businesses seek to engage with customers across multiple channels. Another trend in the market is the growing emphasis on personalized and targeted advertising. Customers in Serbia are becoming more discerning and expect marketing messages that are relevant to their specific needs and interests. SMS advertising allows businesses to tailor their messages and offers to individual customers, increasing the effectiveness of their campaigns. As a result, businesses in Serbia are investing in data analytics and customer segmentation techniques to better understand their target audience and deliver personalized SMS advertising.

Local special circumstances: Serbia's advertising market is unique due to its cultural and linguistic characteristics. Serbian is the official language, and businesses need to ensure that their SMS advertising messages are accurately translated and localized to resonate with the local audience. Additionally, Serbia has a diverse demographic profile, with different age groups and regions having distinct preferences and behaviors. Businesses need to consider these factors when developing their SMS advertising strategies to effectively reach and engage with their target customers.

Underlying macroeconomic factors: The SMS Advertising market in Serbia is also influenced by macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income and consumer spending. This growth has created opportunities for businesses to invest in marketing and advertising, including SMS advertising, to capture a larger share of the market. Furthermore, Serbia's integration into the European Union has opened up new avenues for businesses, attracting foreign investments and fostering a more competitive business environment. These factors contribute to the development and expansion of the SMS Advertising market in Serbia.

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.