SMS Market Size Expected To Reach $60.3 Billion With CAGR Of...| MENAFN.COM

Tuesday, 06 December 2022 09:25 GMT

SMS Market Size Expected To Reach $60.3 Billion With CAGR Of 7.9% By 2026 Industryarc


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SMS Market Drivers Rising Demand of Security and Promotional Messages

HYDERABAD, TELANGANA, INDIA, November 25, 2022 /einpresswire.com / -- IndustryARC, in its latest report, predicts that sms market is analysed to grow at a CAGR of 7.9% during the forecast 2021-2026 to reach $60.3 billion by 2026. SMS stands for Short Message Service which is typically a text messaging service and a component of most telephone, Internet and mobile device systems. It uses standardized communication protocols that let mobile devices exchange short text messages. An intermediary service can facilitate a text-to-voice conversion to be sent to landlines. SMS can be of many types such as Application generated, Personal or Human generated and others and used for different applications worldwide. Application to Person (A2P) messaging is the powerful medium for businesses or enterprises in the communication market space to connect with mobile consumers. Businesses use text messaging to notify the users about updates for improving the user experience, which results in revenue growth of the company. SMS are used for various applications such as outbound marketing, offering promotional campaigns and various transactional messages to build better customer relationships across a wide range of industries, such as BFSI, retail & e-commerce, travel & tourism, marketing, local businesses, healthcare and many others. These wide range of user applications and informative applications tend to enhance the global SMS Market size in the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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Key takeaways:

1. Growing number of mobile subscribers and rising demand of user identification and verification systems in global market is analysed to significantly drive the market during the forecast period 2021-2026.

2. User generated is analysed to hold significant share in 2020 owing to the increasing number of mobile subscribers across the globe. This tends to bring major growth in the number of SMS users in the global level further propelling the SMS Market growth.

3. Authentication is expected to hold the highest market share in the forecast period owing to rise in the demand of security over small enterprises, large enterprise and various government generated programs.

4. Asia-Pacific is analysed to grow at highest CAGR during the forecast period owing to the availability of largest population as compared to other regions. This high number of population further boosts the number of mobile subscribers which is major growing factor of SMS Market.

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Segmental Analysis:

1. User generated is analysed to hold highest share and grow at highest CAGR of 7.9% during the forecast period 2021-2026 owing to the increasing number of mobile subscribers across the globe.

2. Authentication segment is analysed to grow at highest CAGR of 8.2% during the forecast period 2021-2026. Rise in advancement of technologies, users are now provided with two-step verification system with the help of SMS. Moreover, different BFSI industries uses One-time password (OTP) service for instant verification of the customer.

3. Asia-Pacific is analysed to be the major region with a share of 30% in 2020 for the SMS Market owing to the presence of highly populated countries such as China, India, Japan and Others. With the availability of large number of population, the number of mobile subscribers is of major factor for the growth of SMS Market in this region.

Competitive Landscape:

The top 5 players in the SMS industry are -

1. Teckst

2. SendPulse

3. Teradata

3. Mozeo, LLC

4. FirstHive

5. Target Everyone

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Related Reports:

A. A2P SMS Market

B. SMS Firewall Market

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IndustryARC
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IndustryARC
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