Rockville, Jan. 08, 2024 (GLOBE NEWSWIRE) -- According to a new study by Fact.MR, a market research and competitive intelligence provider, the global Mobile Value Added Service Market is estimated to be worth US$ 880.4 million in 2024. It is projected to grow at a 14.9% CAGR through 2034. The market is expected to surpass a valuation of US$ 3,522.6 million by 2034.
Reduced prices of smartphones due to intense competition among manufacturers have raised the adoption of mobile phones in emerging countries filled with lower-income populations. This is favoring the mobile value added service market.
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Key Segments of Mobile Value Added Service Industry Research Report
| By Platform | By Application | By Device Type | By Vertical |
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Technological advancements like virtual reality (VR), augmented reality (AR), and high-definition video streaming are critical for the progress of the mobile value added service market. The enhanced connectivity enables businesses to develop and offer better and more interactive MVAS offerings that elevate user experiences.
The increasing use of mobile value added services by enterprises to streamline communication with clients and customers is propelling market growth. Furthermore, mobile apps and services facilitate project management, boost employee collaboration, and enable data analysis.
“Underexploited countries like South Korea and Mexico are projected to show a high adoption rate for mobile value added services. Leading players can focus on their expansion efforts in these economies," says a Fact.MR analyst.
Key Takeaways from the Mobile Value Added Service Market Study
- The global mobile value added service market attained a value share of US$ 530.6 million in 2019.
- East Asia is projected to account for a share of 36.5% in 2024. By 2034, the region is anticipated to acquire a market share of 38.4%. The regional market value is expected to reach US$ 1,352.7 million by 2034.
- North America’s market is estimated to attain a value of US$ 1,025.1 million by 2034. The region is projected to be led by the United States.
- The wireless application protocol segment is projected to acquire a revenue share of 31.5% in 2024.
- Network providers significantly contribute to the overall market for mobile value added services. The segment is anticipated to command a share of 62.9% in 2024.
Competitive Landscape
Leading market players are emphasizing the development of compact and cost-effective mobile value added services to gain more customers. Furthermore, active players in the mobile value added service market are attempting to attract additional customers. In addition to this, leading players in the market are focusing on inorganic growth strategies like strategic mergers and acquisitions, and collaborations with technology partners to enhance their offerings and reach.
Latest Market Developments
- In 2023, Google unveiled a new range of AI-powered features in its translation application at its Paris virtual event. These new features consist of more contextual translation options with examples and descriptions, an augmented-reality translation feature via Google Lens, and a redesigned app for Apple’s iOS operating system.
- Deutsche TeleKom, Ericsson, and Samsung, in June 2021 successfully executed a 5G end-to-end (E2E) network slicing pilot. This trial was conducted on Samsung S21 commercial equipment, which is combined with Virtual Reality headset at Bonn lab of Deutsche Telekom.
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| Report Attribute | Details |
| Value Projection (2034) | USD 3,522.6 Million |
| Growth Rate (2024-2034) | 14.9% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 32 Tables |
| No. of Figures | 160 Figures |
The network provider's market share is poised to ascend, projected to increase from 62.9% in 2024 to 63.3% by 2034, with an impressive Compound Annual Growth Rate (CAGR) of 14.9%. The segment is forecasted to achieve a substantial market valuation of US$ 2,229.8 million by 2034.
This growth is fueled by the escalating adoption of Mobile Value-Added Services (MVAS) by network providers. They leverage MVAS to fortify customer relationships, reduce acquisition costs, and mitigate customer churn rates, contributing significantly to the segment's expansion.
Simultaneously, the enterprise segment is expected to experience robust growth with a CAGR of 14.6% through 2034. The surge is driven by a growing number of enterprises integrating MVAS to enhance operational efficiency and customer engagement. Utilizing MVAS, enterprises seek to improve communication, receive real-time updates, personalized offers, and transaction notifications.
Moreover, these services play a pivotal role in optimizing internal functions, project management, fostering employee collaboration, and facilitating data analysis.
Checkout More Related Studies Published by Fact.MR Research:
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Fixed Mobile Convergence Market: Fixed Mobile Convergence (FMC) market is expected to grow at a high CAGR of 15% during 2021-2031, and is projected to reach US$ 15 Bn by 2031.
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