Press release
Emergence of Mobile-Based Payment Apps Bodes Well for A2P SMS Market
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The prime driver for the global A2P SMS market is the increasing number of mobile phone users. As the purchasing power of consumers in emerging economies in Asia Pacific, the Middle East, and Latin America has increased in the last few years, the mobile subscriber base in these regions has also expanded correspondingly. The steady urbanization in these regions is likely to remain a vital driver for the A2P SMS market in the coming years.
The increasing number of healthcare and banking entities making use of mobile services to reach their customers has also driven the A2P SMS market. SMS represents a reliable and secure way of informing customers of transaction updates, promotional offers, account details etc., which has led to several banks releasing their own mobile apps and staying in touch with the customer through A2P SMS. The emergence of several mobile-based payment apps also bodes well for the A2P SMS market, as confidential information can be reliably sent over SMS.
On the other hand, the growing problem of phishing or spamming still persists within the A2P SMS market. This may deter new users from availing notifications via SMS and older users to block known spammers. While reputable entities such as banks and payment gateways will provide a steady revenue source for the A2P SMS market, the easy availability of several options to block SMS from particular sources is likely to hold the A2P SMS market back in the coming years.
Geographically, Asia Pacific is the leading segment of the global A2P SMS market, with a 4.6% CAGR expected for the segment from 2014 to 2020. The prime driver for the Asia Pacific A2P SMS market is the higher prevalence of feature phones than in developed economies. This forces the consumers to use SMS instead of mobile-data-based communication apps, leading to increased effectiveness of A2P SMS services.
CRM (customer relationship management) services such as authentication messages and one-time passwords are the leading application of A2P SMS. The ease of incorporating the seemingly old-fashioned feature of SMS into the multi-level security systems employed by several financial services has led to the dominance of CRM services in the global A2P SMS market, with the segment’s revenue expected to reach US$23.5 bn by 2020.
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