Premium Messaging Market to Reach US$ 94.7 Billion by 2027, Impelled by Increasing Number of Mobile Subscribers

According to the latest report by IMARC Group, titled "Premium Messaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global premium messaging market size reached US$ 69.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 94.7 Billion by 2027, exhibiting a growth rate (CAGR) of 5.42% during 2022-2027.

Premium messaging is a service in which Short Message Service (SMS) is sent using a unique short code. Compared to the standard messaging rate, its subscription requires an additional fee billed into the user's mobile credits. Premium messaging gives access to various information and services, including quizzes, music, translations, ringtones, contest games, stock exchange prices, etc., using speed dial numbers. Presently, these services operate on-demand and at a predetermined frequency, such as flight delays and sports results.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Global Premium Messaging Market Growth:

The growing number of mobile subscribers and the escalating adoption of two-factor authentication are among the primary factors driving the premium messaging market across the globe. Moreover, several enterprises are utilizing cloud Application Programming Interfaces (API) with embedded contextual communications for different applications, including field service software and customer relationship management (CRM). This aids in registering users, improving customer interaction, sending status updates on pending services, etc., thereby further propelling the market growth. Additionally, premium messaging is also gaining traction in charity and voting activities, which is acting as another growth-inducing factor. Besides this, the rising prevalence of numerous medical conditions is bolstering the demand for these services in the healthcare industry for automatic appointment reminders and hassle-free communication. Furthermore, the increasing usage of these services in the BFSI sector for enhanced internal and external communications is expected to fuel the premium messaging market over the forecasted period.

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Key Segmentation:

Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players being:

• AMD Telecom S.A.
• AT&T Inc.
• Comviva Technologies Limited (Tech Mahindra Limted)
• Infobip Ltd.
• Mavenir
• Sinch
• Syniverse Technologies LLC
• Tata Communications Limited
• Twilio Inc.
• Tyntec
• Verizon Communications Inc

Breakup by Type:

• A2P Messaging
• P2A Messaging

Breakup by Tools:

• Cloud API Messaging Platform
• Traditional and Managed Messaging Services

Breakup by End User:

• BFSI
• Transport and Travelling
• Healthcare
• Media and Entertainment
• Retail and E-Commerce
• IT and Telecom
• Government
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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