Mobile Coupon Product Market Size, Share, Growth, And Industry Analysis By Type (SMS Transceiver, Readable Codes or Tags, And NFC Devices) By Application (Retailing Chain, Grocery Store, Department Store, And Others) Regional Insights, and Forecast From 2024 To 2032

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Mobile Coupon Product Market Overview

The global mobile coupon product market size was USD 1153.12 billion in 2023 and is projected to grow from USD 1415.64 billion in 2024 to USD 2899.08 billion by 2032, exhibiting a CAGR of 10.8% during the forecast period. Asia-Pacific holds leading position in mobile coupon product market share in 2023.

The sudden rise in CAGR is attributable to the mobile coupon product market growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with mobile coupon product market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. A mobile coupon product is a digital ticket used to purchase a good, service, or other item and then exchanged at a specific platform for a refund or financial discount. The digital mobile coupon product is typically sent to mobile devices via SMS. Still, in some circumstances, it may be sent using different codes or through an NFC-enabled device. Customers receive these coupons through targeted messaging from the platforms or the manufacturers. Most of these mobile coupon products result from geo-targeting from nearby retailers or originate from platforms or retailers with whom you have previously supplied contact information. Even though normal messaging is still the primary delivery method for most coupons, emails also frequently accompany them.

Due to the simplicity with which coupons can be distributed to personal devices, the market for mobile coupon product is expanding. The speedy rise in popularity of smart devices and their adaption to a world that is rapidly urbanizing also contribute to the market's expansion. One of the other driving forces behind the expansion of the mobile coupon product market is the success of e-commerce websites and their rising popularity in metropolitan areas. Since they have to spend less money promoting their brands, advertisers promoting businesses also profit from the mobile coupon product market.

COVID-19 Impact: Halt In Delivery Hampers Product Demand

During the first trimester of 2020, the COVID-19 virus suddenly appeared, bringing the financial world to a near standstill. The contagious virus impacted the daily activities and health of people worldwide and the numerous global markets. The markets saw the adverse effects of the pandemic due to the lack of raw materials and the workers willing to work in a confined space in the middle of the deadly pandemic. Due to the disrupted global supply chain, the mobile coupon product market also suffered a reduction in sales. The delivery of the product via e-commerce websites was stopped, which also hindered the market expansion of the mobile coupon product. 

Latest Trends

Assimilation Of New Technology Facilitates Market Expansion

Recent market growth has been fuelled by the introduction of new technology and its use in consumer products. The popularity of coupons has benefited greatly from artificial intelligence's market penetration since it curates and reminds consumers to utilize specific coupons or informs them of the rebate they may be eligible for during a specific period. Customers of the platform or service may now make better investments in the goods they are buying, thanks to AI.

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Mobile Coupon Product Market Segmentation

• By Type Analysis

According to type, the market can be segmented into SMS transceiver, readable codes or tags, and NFC devices. The market will be dominated by type in the SMS transceiver segment during the forecast period.

• By Application Analysis

Based on application, the market can be divided into retailing chain, grocery store, department store, and others. Retailing chain segment is predicted to lead the market during the aforementioned market years by application.

Driving Factors

The Popularity Of E-Commerce Sites Augments Market Value

The majority of the success of the mobile coupon product market growth can be linked to the e-commerce industry's rising popularity and its penetration into the daily lives of practically all people on the planet. Due to the ease of availability and access to the desired products on online sites, the mobile coupon product comes in handy. It helps customers save a significant amount of money, which positively affects the market's growth. Nowadays, almost all businesses have an online presence thanks to the rise of e-commerce platforms, which also provide firms with a wealth of prospects.

Growing Adaption Of Smartphones Proliferates Market Growth

Over the last ten years, the global adoption of smartphones has been accelerating the mobile coupon product market expansion. Numerous industries have adapted their standard business practices to mobile applications as a result of smartphones serving as the primary access point to the internet. As a direct result, the market for mobile coupon products has been expanding. Utilizing discounts and promoting particular businesses is now incredibly easy due to the market's widespread adoption of smartphones. Utilizing social media platforms on smartphones is another way smartphone usage contributes to the growth of the mobile coupon product market. The market's success can be attributed to the use of social media to advertise businesses and a code or tag to offer a sizeable refund when making a purchase.

Restraining Factors

Unsustainability Impedes On Market Development

Since the coupons can't be used forever, the market for mobile coupon products is suffering. Customers occasionally would only make one purchase using the mobile coupon product and leave without returning to make another due to the enormous number of coupons readily available in the market for many different platforms, services, and items. As a result, the market for mobile coupon product is no longer viable for companies.

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Mobile Coupon Product Market Regional Insights

North America Pioneers Market Due To Large Consumption

North American region champions, among other regions, hold most of the mobile coupon product market shares. This is due to a lot of people using the various services and goods offered in the market, which is driving a rise in the market for mobile coupons in the area.

The same element that contributes to the North American region's market share also accounts for Europe's second-place ranking in market shares for mobile coupons. Businesses are expanding rapidly in the European region, and they are offering new and existing clients a significant number of discounts to boost sales.

Key Industry Players

Key Players Focus on Partnerships to Gain a Competitive Advantage

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP MOBILE COUPON PRODUCT COMPANIES

• Motorola (U.S.)
• Nectar (U.S.)
• VoucherCloud (United Kingdom)
• Telenor (Norway)
• Vodafone UK (United Kingdom)
• Velti (Ireland)
• Coupon Sherpa (U.S.)
• CouponStar (United Kingdom)
• SavingStar (U.S.)
• Walmart (U.S.)
• Mobiqpons (U.S.)
• Tesco (United Kingdom)
• Valuecodes (India)
• Qype (Germany)
• Safeway (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors such as segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.