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Expanding Mobile Value-Added Services: Market Dynamics 2024
Mobile Value Added Services Market Research
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According to The Business Research Company's, The mobile value added services market size has grown rapidly in recent years. It will grow from $875.55 billion in 2023 to $982.1 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to mobile penetration and subscriber base growth, rise of smartphones and data usage, mobile app ecosystem development, sms and messaging services, mobile content and entertainment..
The mobile value added services market size is expected to see rapid growth in the next few years. It will grow to $1621.73 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to rise of iot and connected devices, emergence of edge computing, expansion of mobile e-commerce, continue growth of mobile health services, cross-industry collaborations.. Major trends in the forecast period include 5g technology adoption, integration of augmented reality (ar) and virtual reality (vr), growth of mobile health and wellness services, innovations in mobile gaming, expansion of mobile learning and edtech..
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Market Drivers and Trends:
The increase in smartphone customers globally is driving the growth of the mobile value-added services market. The demand for smartphones is increasing due to growing internet penetration, rising income levels, rising subscriptions to social media, improved communication needs, and others. During the COVID-19 pandemic, the usage of smartphones dramatically increased due to long quarantine periods and work-from-home scenarios. This increase in smartphone customers will drive demand for mobile value-added services as smartphones need these services to provide customers with the necessary facilities such as messaging, communication, entertainment, e-commerce, and others. For instance, according to the survey of smartphone ownership commissioned by a nonpartisan American think tank, the Pew Research Center, the share of Americans that own a smartphone increased from 81% in February 2019 to 85% in February 2021, which was just 35% a decade ago (in 2011). In addition, according to the India Brand Equity Foundation (IBEF), the Indian smartphone market observed a 10-fold expansion from 14.5 million smartphone shipments in 2011 to 150 million in 2020. Thus, the increase in smartphone customers globally will propel the mobile value-added services market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Apple Inc., OnMobile Global Limited, Google LLC, AT&T Inc., Vodafone Idea Limited, Verizon Communications Inc., China Mobile Limited, Reliance Jio Infocomm Limited, Bharti Airtel Limited, Spice Digital Limited, Comverse Technology Inc., One97 Communications Ltd, Kongzhong Corp., InMobi, America Movil SAB DE CV, Cisco Systems Inc., Comviva Technologies Ltd., Huawei Technologies Co. Ltd., Monty Mobile, Reliance Industries Limited, Axiata Group Berhad, Telefonica S. A., MTN Group Limited, NTT DOCOMO INC., SK Telecom Co. Ltd., SoftBank Group Corp., Telstra Corporation Limited, Zain Group, Deutsche Telekom AG, Saudi Telecom Company
Mobile Value Added Services Market 2024 Key Insights:
• The mobile value added services market size is expected to see rapid growth in the next few years. It will grow to $1621.73 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%.
• Global Surge In Smartphone Users Accelerating Mobile Value-Added Services Market Growth
• Strategic Partnerships Driving Innovation And Growth In The Mobile Value-Added Services Market
• North America was the largest region in the mobile value-added services market in 2023 and is also expected to be the fastest-growing region in the forecast period
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