Press release
A2P SMS Market - Significant Opportunities for Growth in the near Future
The further proliferation of mobile payments, mobile banking, and mobile health services, among others is also expected to fuel the A2P SMS market during the forecast period.
The global A2P SMS market revenue stood at US$57.27 bn in 2015 and is expected to reach US$83.03 bn by 2024, expanding at a CAGR of 4.2% therein. The volume is expected to reach 2,273.39 bn SMSs by 2024 by, augmenting at a 4.1% CAGR from 2016 to 2024.
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Considerable Scope for Growth in Banking and Finance Sector
A2P SMS is in high demand in several end-use industries – retail, BFSI, travel and transport, healthcare and hospitality, and entertainment (gaming) and media. The retail and BFSI industries account for a significant share in the A2P SMS market.
While other industry verticals have been using SMSs for several years now, banking and finance industries have begun adopting the practice of using SMSs for notifications only in recent years. This end-use segment is anticipated to present significant opportunities for growth in the near future.
A continuous increase in population, rapid urbanization, and a surge in consumer disposable income have brought about the commencement of digitization in retail. This is a key factor driving the adoption of A2P SMS in the retail industry.
On the basis of application, the A2P SMS market is categorized into customer relationship management services, pushed content services, promotional campaigns, inquiry-related services, and interactive services,.
Customer relationship management (CRM) services and promotional campaigns are two application segments that are expected to evolve as immensely attractive markets by the end of the forecast period.
In 2015, Asia Pacific led the A2P SMS market and accounted for 40.4% of the overall market revenue. This was followed by North America, which held a 27.6% share in the global revenue.
Asia Pacific is likely to retain its leading position throughout the forecast period, with a notifiable rise in the global A2P SMS revenue share by 2024. The introduction of innovative messaging platforms equipped with advanced APIs and messaging gateways has rendered A2P messages convenient and easy to use.
These gateways and platforms simplify the process of creating applications used for the generation of A2P SMSs. The increased demand for A2P SMS for applications such as push content services, interactive services, promotional campaigns, and customer relationship management services is driving the market in Asia Pacific.
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