Global A2P SMS Market Size, Share, Analysis and Forecast: Exploring Industry Trends, Opportunities, and Growth Drivers
A2P SMS Market Size
According to Zion Market Research, the global A2P SMS market exhibited a valuation of approximately USD 66.91 billion in the year 2022. Projections indicate that this market is expected to expand to approximately USD 79.00 billion by the year 2030, reflecting a compound annual growth rate (CAGR) of approximately 2.10% during the forecast period spanning from 2023 to 2030.
A2P SMS Market: Overview
The A2P SMS market is a rapidly growing sector within the telecommunications industry. This market primarily involves the use of Application-to-Person (A2P) SMS messaging, which refers to the sending of text messages
A2P SMS, also known as an application-to-person short message service, refers to a communication protocol that enables the transmission of text messages from an application to an individual recipient. The A2P messaging system is widely utilized by businesses and enterprises as a means to establish a unidirectional communication channel with both current customers and prospective clients. The messaging technique described involves the utilization of a software application by a company or service provider to send text messages to a designated mobile number. A2P SMS, also known as Application-to-Person SMS, is a widely used method in marketing and advertising. It has gained recognition for its high level of effectiveness in engaging consumers. According to official statistics, approximately 98% of individuals open text messages, demonstrating the significant reach and impact of this communication channel. In recent years, there has been a significant surge in the adoption of consumer electronic devices and the widespread utilization of digital systems. As a result, the Application-to-Person (A2P) Short Message Service (SMS) method has experienced substantial growth. The utilization of this technology spans across various end-user verticals, encompassing healthcare, telecom, banking, retail, e-commerce, and other sectors. The forecast period is expected to witness significant growth in the A2P SMS industry due to various recent adaptations made to A2P messaging.
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Key Insights:
A2P SMS Market: Growth Drivers
The expansion of anti-fraud applications in the BFSI industry will be the primary driver of market growth.
The global market for A2P SMS is expected to expand as a result of the expanding use of the messaging method in the BFSI sector (which stands for the banking, financial services, and insurance industries). A2P SMS is used by banks and other financial institutions to provide their consumers with a secure environment for banking transactions. Customers are kept up to date on a consistent basis by these units with any new policies or warnings regarding common types of fraud. In addition to this, A2P SMS erects an important barrier of defense against fraudulent financial activity. When there is even the tiniest amount of suspicious activity on a customer's bank account, virtually every bank and financial institution will contact that customer with an authenticating message. It includes notifying customers about money being deposited or taken out of their accounts. In addition, while logging into digital accounts, such as when utilizing net banking for any transaction, an authentication text with a one-time password (OTP) is sent to the cellphone phones associated with the user's account. Digital scams can easily target financial institutions because of their high customer trust. According to a survey that was published not too long ago, India suffers banking fraud losses of about INR 100 crore every single day.
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An increase in demand brought about by rising purchases made through online sales channels
The demand for and utilization of A2P SMS systems has expanded at a lightning-fast clip in response to the meteoric rise in popularity of e-commerce websites and other online sales platforms, such as firm and third-party websites. When making any kind of transaction, practically all types of contact are handled through the use of messaging services that are provided by the company itself. It comprises verification of the payment, confirmation of the transaction, and a tracking number for the product up until it is delivered. Additionally, considering that the vast majority of e-commerce websites collect mobile phone numbers from customers, the information is then saved irrevocably in the company's database. This enables the organization to continue to make use of the numbers for the purpose of delivering new product suggestions, information about discounts, and other types of offers.
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A2P SMS Market: Competitive Analysis
The global A2P SMS market is led by players like:
A2P SMS Market: Restraints
The increasing number of instances of fraudulent A2P SMS may inhibit the expansion of the sector.
It is anticipated that the expansion of the worldwide A2P SMS market will be hampered as a result of the rising number of instances involving fraudulent A2P SMS. These automated communications imitate correspondence made from legitimate businesses like banks or service providers, but the substance of the messages contains links to fraudulent websites hosted on third-party domains. Scammers were utilizing the A2P SMS method to transmit phishing links to unsuspecting victims in September 2023, when the Indian government issued a warning to its residents about the risk of falling victim to online fraud related to credit card reward points. According to a report from the Federal Trade Commission (FTC) in 2022, the loss to consumers was estimated to be 8.8 billion USD.
The Opportunities Present in the A2P SMS Market
Increasing the number of strategic alliances amongst market participants in order to provide high-growth prospects
There is a good chance that the expansion of the A2P SMS business will be boosted as a result of the growing number of strategic collaborations between technology companies and end customers. A2P SMS service providers are hard at work developing more sophisticated and trustworthy solutions while also adjusting to the requirements of the current industry, which is plagued by fraud and scams. Avochato, the industry leader in advanced messaging software services, made an announcement in September 2023 on the arrival of a brand-new and ground-breaking function that would improve SMS compliance for A2P 10 Digit Long Numbers (10-LDC). The client will have an easier time navigating the intricate maze of compliance requirements and laws thanks to the newest feature. Route Mobile made the announcement of their cooperation with Vodafone India in August of 2023. The latter will supply the cloud communication platform (CPaaS) with A2P SMS monetization options. A high-end managed services provider that caters to the demands of mobile network operators launched 365messenger in May 2023. 365squared was the company that was responsible for the launch. 365messenger is a cloud-based enterprise messaging platform that has the capability to scale and processes more than 900 billion SMS messages annually.
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