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Mobile Number Portability Market Trends, Strategies, Size, Share And Analysis 2024-2033
Mobile Number Portability Market Trends
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According to The Business Research Company's, The mobile number portability market size has grown strongly in recent years. It will grow from $2.04 billion in 2023 to $2.14 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to regulatory developments, increased customer satisfaction, improved network coverage by operators, increased internet users, improved quality of service.
The mobile number portability market size is expected to see strong growth in the next few years. It will grow to $2.66 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to growing demand for seamless switching, emergence of virtual mobile network operators, high churn rate among prepaid subscribers, growing mobile subscriber base, increasing consumer awareness of their rights. Major trends in the forecast period include introduction of IP-based networks, session initiation protocol, product innovation, investment in back-end services, demand for cloud-based MNP solutions.
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Market Drivers and Trends:
The growing number of mobile subscribers is expected to propel the growth of the mobile number portability market going forward. A mobile subscriber denotes any individual registered and actively utilizing a mobile service provider's service. The growing number of subscribers can be attributed to several factors, such as improved network infrastructure, smartphones and high-speed networks, and increasing affordability. Mobile number portability incentivizes mobile service providers to enhance their service quality, network coverage, and customer satisfaction to retain existing customers and attract new ones. This benefits subscribers by providing better service options and improved network performance. For instance, in April 2022, according to the Department of Telecommunications under the Ministry of Information and Communications, a Vietnam-based regulatory agency, Vietnam recorded 91.3 million smartphone subscribers in 2021. This figure increased by over 2 million at the end of March 2022, resulting in 93.5 million subscribers, equivalent to 73.5% of the nation's adult population. Therefore, the growing number of mobile subscribers is driving the growth of the mobile number portability market.
Major companies operating in the mobile number portability market are focused on offering innovative plans, such as bundle mobile plans, to improve services and retain customers. Bundle mobile plans, or bundled mobile plans or packages, are offerings from mobile service providers that combine various services into a single plan for a unified price. Bundled mobile plans are designed to offer convenience and cost savings compared to purchasing each service individually. For instance, in August 2022, Telstra Group Limited, an Australian-based telecommunications company specializing in telecommunications and information services, launched a new bundle mobile plan to provide cost-effective mobile and data services to families nationwide. These plans are accessible to customers with at least one service on a qualifying 'upfront' mobile plan, featuring individual SIM cards that accommodate additional devices. Users can incorporate up to five of these bundle plans into their accounts, enabling connectivity for children's smartphones, tablets, or mobile broadband hotspots.
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Major Key Players of the Market:
Verizon Communications Inc., AT&T Inc., T-Mobile Inc., Orange SA, Vodafone Group Plc, Telefónica SA, Telecom Italia SPA, O2 Co., Bharti Airtel, A1 Telekom Austria AG, 3 Hutchison Ltd., Telkom SA SOC, Tele2 AB, Cell C Ltd., Tietoevry Corp., Neustar Inc., Syniverse Technologies LLC, MTN, iconectiv LLC, INDOTEL, Reliance Communications, EE Ltd., Sprint Corporation, Mediafon Datapro, Neotel Companies
Mobile Number Portability Market 2024 Key Insights:
• The mobile number portability market size is expected to see strong growth in the next few years. It will grow to $2.66 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Exploring the Influence Of Growing Mobile Subscriber Base On The Mobile Number Portability Market
• Revolutionizing Mobile Services Innovations And Offerings In The Mobile Number Portability Market
• North America was the largest region in the mobile number portability market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
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Americas: +1 315 623 0293
Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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