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Premium A2P and P2A Messaging Market USD 70 billion by 2024 : Global Market Insights Inc.
Premium A2P and P2A Messaging Market size is estimated to be valued at over USD 70 billion by 2024, growing at a CAGR of around 5% from 2016 to 2024.Advancements in mobile payments and the ability of banking applications to obtain messages without data connectivity issues are predicted to catapult the premium A2P and P2A messaging market from 2016 to 2024. Furthermore, rising advertising by application vendors & developers and a rapid surge in mobile subscriber strength may fuel the industry growth.
An A2P SMS (application-to-person messaging) is a message, which is sent from an application, stereotypically a web-based one to a mobile subscriber. Its most common uses include alerts, notifications, and mobile-related advertising messages, such as banking updates, flight notifications or new offers from traders. An A2P text message can also be sent in another direction, from a mobile subscriber to a web-based application, where it is known as P2A SMS (person-to-application messaging).
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Factors, such as gray routing and complex traditional telecom infrastructure by Mobile Network Operators (MNOs) in the partial realization of the revenue may hamper the premium A2P and P2A messaging market. In addition, the changing government regulations across the world may negatively impact the industry growth.
Rising population, increasing smartphone connections, technological improvisation in the mobile payment industry, and rapid growth in the retail sector may drive the premium A2P and P2A messaging market from 2016 to 2024.
Based on applications, the premium A2P and P2A messaging market can be categorized into Customer Relationship Management (CRM) services, inquiry & search related services, authentication services, notifications and alerts, promotional & marketing services, voting & entertainment, pushed content services, interactive messages, and others. The authentication services segment is predicted to hold a significant revenue share. The growth in the segment can be attributed to the rapid increment in the usage of mobile devices for sharing personal information across the web. Authentication services are likely to grow in prominence owing to the high confidentiality technique provided by enterprises to safeguard users' data. Various organizations use SMS as an authentication method owing to its various applications that include verification for banking transactions, OTP verification, and two-factor authentications.
CRM services are expected to witness considerable growth prospects during the forecast period due to their capability to offer billing and transaction information related to the end users. In addition, financial services, such as e-commerce & banking and BFSI industries, will contribute towards premium A2P and P2A messaging market size from 2016 to 2024.
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Based on industry verticals, the premium A2P and P2A messaging market can be segregated into Banking, Financial services, and Insurance (BFSI), government, healthcare IT & telecom, retail & e-commerce, travel & tourism, utilities & logistics, media & entertainment, etc. The e-commerce and retail industry is forecast to hold a key industry share due to smartphone demand, the growing number of internet users, and an increasing number of tech-savvy customers. This service also aids retail store owners to keep in touch with their consumers and partners on a regular basis.
In BFSI sectors, these services help in informing customers about payment reminders, transaction alerts, premium dues, new offers, and insurance alerts. In media & entertainment, the service enables customers to subscribe or participate in quizzes, competitions, programs, or voting.
In the hospitality sector, this service enables in informing clients about advertising hotel, travel & tourism company schemes as well as offers and send them the booking details. This service is of great utility in view of subcontracting activities, where firms can connect with their employees, customers, and consultants. This is likely to prove as a key driving force for the premium A2P and P2A messaging market. In shipping & logistics industries, this service can be used to allow customers and companies for monitoring the shipment status.
Based on messaging platforms, the industry can be fragmented into cloud API messaging platform and traditional and managed messaging platforms. Cloud API segment is anticipated to exhibit moderate growth prospects due to the benefits offered such as a scalable & secure environment for creating a unique API for any enterprise. It provides a communication passage for enterprises and back-end facilities interface. This platform also permits in booking, banking, notification, confirmation, and advertising using two-way communication. Based on traffic, the industry can be segmented into national and multi-country.
The Asia Pacific premium A2P and P2A messaging market share is predicted to exhibit considerable growth over the forecast timeline. This surge can be attributed to the widespread adoption of services across numerous enterprises over the forecast timeframe.
Key vendors operating in the premium A2P and P2A messaging market include Tata Communications, CLX Communications, and Mahindra Comviva. Other market partners are Infobip, SAP, Beepsend, Twilio, and Tyntec.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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