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SMS Advertising - Western Africa

Western Africa

Ad spending in the SMS Advertising market in Western Africa is forecasted to reach US$1.21m in 2024.
The market is anticipated to experience an annual growth rate (CAGR 2024-2029) of 1.76%, leading to an estimated market volume of US$1.32m by 2029.
When compared globally, the United States is expected to generate the highest ad spending (US$310.40m in 2024).
The projected average ad spending per capita in the SMS Advertising market is US$0.00 in 2024.
In Western Africa, SMS Advertising is gaining traction as a cost-effective way for businesses to reach a wide audience in Nigeria's competitive market.

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

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Analyst Opinion

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

Customer preferences: Customers in Western Africa have shown a strong preference for SMS advertising due to its convenience and effectiveness. SMS messages have a high open rate and are more likely to be read compared to other forms of advertising. Additionally, SMS advertising allows for targeted and personalized messaging, which resonates well with customers in this region.

Trends in the market: One of the key trends in the SMS Advertising market in Western Africa is the increasing adoption of mobile phones. Western Africa has seen a rapid increase in mobile phone penetration, with more and more people gaining access to mobile devices. This trend has created a large and diverse customer base for SMS advertising, providing businesses with a wide reach and potential for growth. Another trend in the market is the rise of mobile internet usage. With the availability of affordable smartphones and improved internet connectivity, more people in Western Africa are accessing the internet through their mobile devices. This trend has opened up new opportunities for SMS advertising, as businesses can now deliver richer and more interactive content to their customers.

Local special circumstances: One of the unique characteristics of the SMS Advertising market in Western Africa is the prevalence of feature phones. While smartphones are gaining popularity, feature phones still dominate the market. This means that SMS advertising remains the most effective way to reach a large portion of the population. Furthermore, Western Africa has a diverse linguistic landscape, with multiple languages spoken across the region. This presents a challenge for businesses looking to engage with customers through SMS advertising. Localization and translation of messages become crucial in order to effectively communicate with customers in their preferred language.

Underlying macroeconomic factors: The economic growth in Western Africa is a key driver of the SMS Advertising market. As the region's economies continue to develop, there is an increasing demand for products and services. This creates opportunities for businesses to promote their offerings through SMS advertising. Additionally, Western Africa has a young and growing population, which contributes to the expansion of the SMS Advertising market. The youth in this region are more likely to be tech-savvy and open to new forms of advertising, making them a prime target for SMS campaigns. In conclusion, the SMS Advertising market in Western Africa is growing rapidly due to customer preferences for convenience and targeted messaging. The increasing adoption of mobile phones and mobile internet usage, along with the unique characteristics of the region, are driving the market's development. The economic growth and young population in Western Africa further contribute to the expansion of the SMS Advertising market.

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), 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 Consumer Insightsis reweighted for representativeness.