Expected to pass $240 billion by 2022, what does the future of mobile advertising look like? 🤔
Mobile advertising has taken the world by storm, leaving advertisers feeling the pressure to make creative campaigns that raise the bar.
And the trend seems set to continue.
According to recent research, the rapid growth of mobile advertising spending is expected to surpass a whopping $240 billion by 2022.
While this may seem encouraging, Statista’s research also suggests that mobile advertising may slow down to about 10.4% by the end of 2022.
With projections for beyond 2023 seeming uncertain, we’re going to examine the role that mobile advertising could play in 2023 and onwards.
So, what does the future of mobile advertising actually look like?
1. Navigating consumer expectations
When it comes to advertising, and mobile advertising, in particular, there is one important factor that advertisers must navigate.
That’s right. Privacy concerns.
The truth is people value privacy and the topic is much more relevant and layered than many advertisers realise.
Just over 80% of consumers would only download an app from a company they trust, while 72% are worried that apps on their phones are tracking their movements.
And yet, a surprising 58% admitted to preferring companies whose apps / mobile sites remember who they are and their past purchasing behaviour or interests.
So, while it is definitely true that audiences value their privacy and that brands should do all that they can to build and protect customer trust, consumers also prefer it when they can see that the brands they consider purchasing from having an understanding of who they are.
If brands remain innovative and consistently look for new ways to tailor content to their target audiences, whilst prioritising customer trust, then they can truly reap all the benefits that mobile advertising has to offer.
2. An increase in screentime
After the surprising success of both Iceland and New Zealand’s 4-day week trials, Scotland are following suit.
If this experiment proves to be as successful in Scotland as it has been abroad, then other countries may well adopt similar changes.
But what does this mean for advertisers?
Well, if more countries adopt the 4-day week, then we are extremely likely to see another surge in the average screen time of users.
However, the important question to ask here is… what sort of screen time?
3. The war between devices
As the studies reveal, the mobile advertising industry is only getting bigger.
However, the growth in mobile advertising spend is expected to slow down.
As more of us return to hybrid or in-office work routines, it is likely that there will be less people with the time to spend long periods on their phones.
Instead, we could see an increase in the amount of screentime (and ad-spend) across other devices, such as laptops.
This gives marketers a pretty tough decision to face – is mobile advertising the solution for my brand?
Whilst the growth of mobile advertising spend continues, we recommend that marketers begin to brainstorm new and inventive ways of running multi-channel campaigns that can be successful on or off our phones.
As David Ogilvy said, “If it doesn’t sell, it isn’t creative.”
To learn more about Mobile Advertising, get in contact today.
