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  • SMS Market Analysed to Grow at a CAGR of 7.9% During the Forecast 2021-2026

    (I-SoftwareNews.Com, February 13, 2022 ) 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.

    SMS Market Segment Analysis - By Type

    By Type, the SMS Market Report is segmented into Application generated, User generated and Others. 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. User generated SMS are typically those services which are used by the customers to communicate and share information with the help of text messages from one source to other source. With the advancement in SMS services offered by the mobile operators, now users can communicate with SMS services from one country to other. Various schemes are now being provided to the customers such as unlimited SMS for a period of time which has brought a major boost in the market growth of SMS Market in global level. On the other hand, Application generated SMS are typically used for authentication and verification of users and for various information broadcasting applications.

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    SMS Market Segment Analysis - By Applications

    By Applications, the SMS Market Report is segmented into Authentication, Promotion & Marketing, Customer Relationship Management (CRM), Information Broadcasting, Health Notifications and Others. Authentication segment is analysed to grow at highest CAGR of 8.2% during the forecast period 2021-2026. With the increasing demand of providing security to customer personalized data over small and large enterprise sector as well as personal level, the need to authenticate and verify the customer is genuine or not, SMS services are used in various end use industries. 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. These developments has brought a significant growth in the Authentication & Verification application of SMS Market in global level.

    SMS Market Segment Analysis – By Geography

    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. Moreover, high population density further increases the number of bank users which further enhanced the application of authentication and verification through SMS services. Moreover, the SMS services used for the promotion & marketing of various products or services through SMS is expected to bring significant growth in the demand of SMS Market in this region. However, North America region is analysed to grow at highest rate during the forecast period 2021-2026 majorly attributed to the presence of large enterprises and various Cloud based SMS providers which will drive the market growth of SMS Market in the forecast period.

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    SMS Market Drivers

    Growing number of Mobile subscribers:

    The growing mobile subscribers base has brought a significant growth in the SMS market. As per the GSMA Mobile economy 2021 report, there were approximately 5.2 billion unique mobile subscribers in 2020 and is expected to reach 5.7 billion by the end of 2025 with the CAGR of 1.8%, wherein smartphones accounted for 60% of the connections, and it is expected that the number would reach approximately six billion in 2026, with an 80% share of smartphones. With the increase in the mobile subscriber base, enterprises, MNOs, and application developers have the opportunity to connect directly with their customers more efficiently across the globe. As it would be expected, customers with mobile phones frequently use messaging to communicate, this enables enterprises to send notifications, alerts, verifications, and promotional messages to their customers using SMS features. These features tend to drive the SMS Market growth in the forecast period.

    Rising demand of security and Promotional messages:

    Rising demand of security for the customers to overpower hack of bank accounts, piracy of transaction details and personalized data is a major driving factor for the growth of SMS market. Leading organizations of the BFSI Industry is providing highly secured data protection to their customers by using SMS features for verification and authentication of user. Various features such as One-time password (OTP) and sharing of important links through SMS to registered mobile subscriber has brought a two-step verification facility to the customers. Moreover, marketing sector has provided a boom in the growth of SMS market in global level. Providing all the updates and promoting their products to the customers using SMS features to increase sale and revenue of their company is another factor which is used in recent years which has driven the SMS Market growth in global market.

    SMS Market Challenges

    Stringent government regulations and policies:

    Messaging is the simple, easiest, most commonly used, and fastest communication channel for any enterprise or user to address in a small or larger scale. It is most commonly used in various industries, such as banking, finance, retail, healthcare, and travel and hospitality. Owing to the personal nature of text messages, and the context transmitted in them, it is highly regulated by government bodies all over the globe. Government regulatory bodies are more concerned about addressing customer issues related to the security provided by enterprises and MNOs in the Application to person messaging space. Regulatory laws restrict enterprises to send bulk SMS to their customers. There are several restrictions placed on enterprises, SMS aggregators, and MNOs over sending messages to the customer in terms of the limited number of messages per day, particular time slot, and do-not-disturb activation by user. Industry governing bodies such as Cellular Telecommunications and Internet Association (CTIA), National Regulatory Authorities (NRAs), TRAI, and Federal Communications Commission (FCC) have implemented complex rules and regulations on the use of text messaging. These strict government regulations and policies will bring major challenges in the SMS Market growth in the forecast period.

    SMS Market Landscape

    Product launches, acquisitions, and R&D activities are key strategies adopted by players in the SMS Market. The SMS top 10 companies includes Teckst, SendPulse, Teradata, Mozeo, LLC, FirstHive, Target Everyone, Avochato, SimplyCast, TextMagic, CallHub, Mobile Text Alerts, Twilio, Cytech Ltd. among others.

    Acquisitions/Technology Launches/Partnerships

    In November 2020, Twilio acquired Segment, the market-leading customer data platform, at USD 3.2 billion. This acquisition helps developers and companies to access the world’s leading cloud communications platform to effectively manage customer communications, including SMS, Messaging, Voice, Video, Email, and Internet of Things (IoT).

    Key Takeaways

    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.

    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.

    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.

    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.

    Related Reports:

    A. A2P SMS Market

    B. SMS Firewall Market

    For more Information and Communications Technology Market reports, please click here

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    Venkat Reddy

    (+1) 970-236-3677

    Source: EmailWire.Com


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