(MENAFN- The Express Wire)
Posted on Feb 21 2022 1:47 AM
'The global enterprise A2P SMS market demand is projected to reach US$ 100.10 Bn by the end of 2028. Expansion of banking, financial services, and insurance sector and surging demand for CRM software are facilitating the growth in the market.
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The global enterprise A2P SMS market demand is projected to reach US$ 100.10 Bn by the end of 2028. Expansion of banking, financial services, and insurance sector and surging demand for CRM software are facilitating the growth in the market.
As per a Future Market Insights (FMI) study, the demand in enterprise A2P SMS market is expected to increase at 5.3% CAGR between 2022 and 2028. Increasing need for advanced and automated technology across BFSI, gaming, and heath & hospitality sectors will propel the growth in the market.
Regionally, North America is anticipated to dominate the global market, surpassing US$ 13.8 Bn through 2028. Growth in the region is attributable to the growing adoption of 4G smartphones and strong presence of leading key players in the region.
How Will Mobile Business Applications in BFSI and Health Sector to Boost the Sales
In spite of the robust trend of online messaging apps, industries such as BFSI, health, and travel are still using SMS as their primary source of digital communication. A2P services are extensively being used in the banking and insurance sector to reach out to wider consumer base.
With baby boomers and millennials still using the SMS application to boost their businesses, key players are leveraging their services through advanced A2P SMS services to increase their revenues.
Competitive Landscape
Key companies in the market are focusing on adopting innovative approaches and novel technologies to gain competitive edge. They are also collaborating with government and BFSI sector in order to cater to the surging demand for CRM services, especially across emerging economies, to maintain strong foothold in the industry.
- OpenMarket Inc.
- CLX Communications AB
- Nexmo Inc., Infobip Limited
- Twilio Inc.
- Mahindra Comviva
- Tata Communications
Enterprise A2P SMS Market by Category
Tool:
- Cloud API Messaging Platforms
- Traditional &Managed Messaging Services
Application:
- Pushed Content Services
- Interactive Services
- Promotional Campaigns
- Customer Relationship Management (CRM) Services
- Others
End User:
- BFSI
- Gaming
- Travel & Transport
- Health & Hospitality
- Retail
- Others
Hybrid Cloud-based Messaging Platform and 2FA to Surface as a Principal Trend
Messaging solution providers in this market offer multi-channel cloud-based mobile marketing platforms for creating SMS campaigns and push messaging. This also allows marketers to send messages virtually to each mobile device utilising push notifications, email, SMS, outbound dialling, IP messaging, and social media channels. These solutions increased the scalability to marketers.
Companies offering these solutions include Vibes, mGage, Fastsms, LLC, and Mblox, Inc. On the other hand, SMS-powered two-factor authentication or 2FA is an effective and efficient tool that requires users to enter a password along with the short code delivered through SMS to a handset. This supplementary authentication method offers a more secure user experience and is poised to progress steadily over the years ahead.
Spam Messages to Act as a Roadblock in Market Progression
Phishing, spam, spoof and malware transmitted via the mobile messaging system negatively impacts subscriber trust, weakens brand loyalty and intensifies the operating costs as well. Mobile spam affects the revenue and brand value of operators, advertisers, app developers, subscribers, and device manufacturers. According to analysts at Future Market Insights, this factor is expected to act as a major roadblock in the growth of the global enterprise A2P SMS market in the long run.
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth.
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