Press release
A2P SMS Market: Rising Adoption in Banking and Finance Sector as Mobile Subscribers Soar Drives Market Growth Across the Globe
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 projected to augment at a 4.1% CAGR from 2016 to 2024.
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Use of A2P SMSs in Retail and Healthcare Holds Promising Future
The global A2P SMS market, by application, is dominated by the customer relationship management services segment and the segment is expected contribute 33.7 % of the overall market revenue in 20204. The CRM services segment, along with the promotional campaigns and interactive services segments, will each register a steady CAGR of 4.7% over the course of the forecast period.
Based on end use, the global A2P SMS market is led by the retail sector, while the healthcare and hospitality sector will record a growth rate higher than other end-use segments. From a geographical standpoint, Asia Pacific and North America are anticipated to be potential growth markets for A2P SMS in the coming years. Asia Pacific is expected to contribute US$35.14 bn and 1,116.63 bn SMSs by 2024, followed by North America. The APAC A2P SMS market will register a 4.8% CAGR from 2016 to 2024, emerging as a highly lucrative market during the forecast period.
Rapid Economic Growth across End-use Industries Spurs Adoption of A2P SMSs
The considerable expansion of the mobile subscriber base is perhaps the most important factor driving the global A2P SMS market. As of May 2014, there were an estimated 7 bn mobile subscriptions globally. This, according to the International Telecommunication Union, is equivalent to 95.5% of the world’s population. The Telecom Regulatory Authority of India (TRAI) noted that the number of telecom subscribers in India alone rose from 931.95 mn in February 2014 to 933.00 mn in the following month, with a monthly growth of 0.11%.
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“Rapid economic growth around the globe, especially in the banking sector, in advertising, and the e-commerce business, has resulted in the increased use of A2P SMS, thereby fueling the global market,” the report states.
Other factors driving the market include rapid growth in mobile marketing activities by application developers and marketers and the proliferation in mobile banking, mobile health services, and mobile payments.
In contrast, technical irregularities overshadowing bulk SMSs, the presence of illegitimate routes denting the revenue of telecom operators, and the increasing occurrence of mobile messaging spams, phishing, and malware threaten the further expansion of the A2P SMS market.
The A2P SMS market is highly fragmented, with the top eight players accounting for only 0.9% of the global market in 2015. Syniverse Technologies, LLC, AMD Telecom S.A., Silverstreet BV, Mblox, Inc., Fortytwo Telecom AB, Tanla Solutions Ltd., Ogangi Corporation, and Symsoft AB presently dominate the global A2P SMS market.
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