Missed Call Services Market Estimated to Record Highest CAGR by 2026

Missed Call Services Market - Insights

Over the past decade, mobile phones have become multifunctional devices and a convenient way for companies to reach their customers. Companies can reach customers via mobile in several ways such as bulk SMS marketing and missed call services. Missed call services are adopted by companies for the purpose of lead generation, user registration, alert subscription, coupon delivery, conducting surveys, and getting feedbacks.

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The global missed call services market is expected to grow with a CAGR of 7.4% over the forecast period (2019-2027) owing to increasing adoption of missed call services by small and medium organizations for lead generation. Moreover, rising usage of cloud-based bulk SMS software is also expected to boost the market growth.

Missed Call services are web-based applications that can collect real-time notifications of calls received on a particular mobile number, landline phone or a toll-free number. In missed call services, upon receiving a call, information such as the caller's number, time, and location is sent to a web-based server. Missed call services are majorly used for surveys, feedbacks, lead generation, or showing the content on-demand. 

Market Dynamics

Growth of the global missed call services market is driven by rising adoption of missed call services by various end-use industries such as BFSI, IT & telecommunication, e-commerce, and retail, for registration of new customers in the company's database or for re-setting or sending passwords of users' accounts. Moreover, an increasing number of mobile users across the globe are boosting demand for missed call services across the globe. For instance, according to the India Brand Equity Foundation on February 2019, India accounts for nearly 30 million smartphone purchases every quarter, and it is expected that mobile phone subscriptions in India would reach 1.4 billion by 2021.

Based on function, the lead generation segment is expected to exhibit the highest growth rate over the forecast period, owing to increasing adoption of missed call services across all end-use industries such as e-commerce, hospitality, BFSI, and education.

Furthermore, online delivery partners use missed call service for customer's mobile number verification, customer account activation, and for retrieving account password through a missed call from customer's registered mobile number.

Among deployment type, the cloud based segment is expected to exhibit the highest growth over the forecast period as it requires lower cost and less time for installation as compared to on premise-based deployment option. Furthermore, organizations operating in various industries are shifting towards the SaaS-based deployment option as it decreases the risk associated with cash flow oversight, increases productivity and efficiency, and provides improved reporting and analytical capabilities. For instance, according to Coherent Market Insights' analysis, in 2017, SaaS-based services generated revenue of US$ 59.35 billion globally and is expected to increase up to US$ 114.6 billion by 2021.

Detailed Segmentation:

Global Missed call services Market, By Component:
o Software
o Services

Global Missed call services Market, By Deployment Type:
o On-premise
o Cloud-based

Global Missed call services Market, By Enterprise Size:
o SMEs
o Large Enterprises

Global Missed call services Market, By Function:
o Lead Generation
o Survey and Feedbacks
o New User Activations
o Run Contests & Content on Demand

Global Missed call services Market, By End User:
o Advertising & Event Management
o Banking Industry
o E-commerce
o IT & Telecom
o Cab Aggregator
o Media & Entertainment
o Retail
o Others

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This release was published on openPR.