NEWARK, Del, Nov. 14, 2022 (GLOBE NEWSWIRE) -- As per a recent market analysis by Future Market Insights (FMI), the global A2P messaging market is projected to reach a value of US$ 98.3 Bn in 2032, with sales growing at an average CAGR of 4% from 2022 to 2032. By the end of 2022, the target market will likely reach an estimated US$ 66.1 Bn. The Application to Person (A2P) messaging system is used for notifications and as an invoicing process for basic needs and services.
This system is now being used for payment purposes too which have led to widespread adoption across various industries. This bodes well for the A2P market growth during the forecast period.
The A2P messaging system is gaining rapid adoption across industries like healthcare, banking, and finance. In the healthcare space, patients and different medical organizations are swiftly adopting A2P messaging technology for a wide variety of patient-reminding purposes.
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The use of messaging applications often result in proper medication and convention compliance, assist with patient observation, and aftercare procedures, and help with adjusting to a different set of behavior. For instance, a smartphone application called cHEmotHErApp has the vital ability capacity to convey SMS text messages with directions for taking care of oneself as well as emotional support for patients undergoing chemotherapy or other procedures.
In addition, A2P messaging also plays an important role in the BFSI sector. It's the kind of message traffic in which a consumer receives a message from any bank application and financial establishment.
A2P SMS is not limited to PIN codes, one-time passwords (OTPs), notices or chatbots, and advertising messages sent by BFSI. BFSI A2P SMS also aids in accounting for a large number of customers in an affordable manner and it has vast scope too since customers are interested in receiving text messages post each transaction. All of these considerations, along with others, spur the demand for the A2P messaging market during the forecast period.
“Rapid digitalization and widespread adoption by industries like BFSI, and healthcare will propel the global growth of the A2P messaging market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Shifts from A2P SMS services to OTT may hamper the target market.
- North America is expected to dominate the global A2P messaging market.
- The A2P messaging market in the U.S. will grow at a CAGR of 3.6% during 2022-2032.
- By component, the platform segment is predicted to register a 3.6% CAGR.
- Promotional and marketing services contribute substantially to the overall market growth.
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Competitive Landscape
AT&T, Sinch, Infobip, Comviva, Bics, Tata Communications, Genesys, Global Message Services(GMS), Monty Mobile, and China Mobile among others are some of the major players in the A2P messaging market profiled in the full version of the report.
Key market participants are concentrating on expansion strategies. These organizations are keen on product development, new product releases, partnerships, and collaborations to strengthen their market position.
More Insights into A2P Messaging Market Report
In its latest report, FMI offers an unbiased analysis of the global A2P messaging market, providing historical data from 2015 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of component (platform, A2P service), deployment mode (cloud, on-premises), application (authentication services, promotional and marketing services, customer relationship management services, pushed content services, interactive messages, others), SMS traffic (national, multi-country), end user (BFSI, retail and e-commerce, hyperlocal business, healthcare, travel and hospitality, others), and region.
According to the latest FMI reports, based on segmentation, the platform component segment will make major contributions to the overall market growth. This segment will grow at a CAGR of 3.6% during 2022-2032. Demand from BFSI, retail and e-commerce, healthcare, travel and hospitality drive this segment towards growth.
Based on region, the A2P messaging market in North America will dominate the international market space. Primarily driven by the regional market in the United States, the target market in North America will make significant contributions to global market growth. The U.S. will offer several lucrative opportunities to the A2P messaging market while registering a 3.6% CAGR. Rising preference for digital advertisement, a growing number of internet subscribers, and the introduction of advanced technologies like IoT will propel the target market growth in the United States during the forecast period.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
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