VALLEY COTTAGE, N.Y. – An increase in mobile marketing and SMS campaigns by application developers and marketers along with growing mobile banking and mobile payment applications offer strong spur to demand for premium A2P and P2A messaging solutions. Future Market Insights (FMI) forecasts the global premium A2P and P2A messaging market value to reach US$ 117 Bn in 2029, clocking a CAGR of 4.3% during the forecast period 2019-2029.
In recent times, premium A2P and P2A messaging market is rapidly evolving and has become a multi-billion dollar industry. The use of SMS for brand promotion and advertising activities in different industry verticals is gaining significant interest. Moreover, SMS is expected to remain key mobile application for enterprises to expand their employees and consumers base.
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“A gradual move from conventional messaging format to IP-based messaging services is bringing significant changes in the premium A2P and P2A messaging landscape. Emergence of rich communication services (RCS) as an upgrade to A2P messaging is further expected to increase the frequency of innovations among key players,” says FMI analyst.
Key Takeaways -Premium A2P and P2A Messaging Market
- Premium A2P and P2A messaging for customer relationship management (CRM) services holds the largest market share, and is expected to grow at a CAGR of 6% during the forecast period. Growing focus on CRM services across enterprises to meet specific needs of their customers will continue to influence the market growth.
Preview Analysis of 2019 Analysis and Review of Premium A2P and P2A Messaging Market by Application – Inquiry And Search Related Services, Customer Relationship Management Services, Authentication Services, Promotional And Marketing Services, Notifications And Alerts, Voting And Entertainment, Pushed Content Services, Interactive Messages for 2019 – 2029:https://www.futuremarketinsights.com/reports/premium-a2p-and-p2a-messaging-market
- Growing application in promotional and marketing activities is expected to result in increased market share.
- BFSI and retail and e-commerce sectors will continue to create lucrative growth opportunities for market players, due to a constant rise in the number of internet users, proliferation of smartphones, increasing adoption of mobile banking applications, and growing number of tech-savvy customers.
- Increasing scope of application in the healthcare and media and entertainment sectors is anticipated to boost the premium A2P and P2A messaging market growth.
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- Cloud API messaging platform remains a tool of choice among end users, holding 80% of the total revenue share. In order to stay ahead of the curve, market players are focusing on fulfilling specific requirements of enterprises in terms of accessibility, safety, and producing unique API.
- APEJ’s premium A2P and P2A messaging market held 31% of the revenue share in 2018, due to extensive acknowledgment of premium messaging services by enterprises across the region.
- A huge number of mobile subscribers, rapid developments in technologies, and changing government regulations in the region will create profitable opportunities for market stakeholders.
- North America also remains one of the prominent markets, owing to strong presence of key players and greater awareness of advanced technologies.
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Premium A2P and P2A Messaging Market: Competitive Landscape
In the current digital age, a number of enterprises are differentiating themselves from the competition through providing superior customer experience, thereby compelling market players to redefine their strategies. An embrace of R&D is underway to align with trend of personalization and move beyond ‘one-size-fits-all’ approach. These players are further targeted towards identifying and leveraging white spaces in the application of their services.
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