Pune, India, April 09, 2019 (GLOBE NEWSWIRE) -- The global mobile value-added services have been assessed to be rapidly growing due to the affordability of smartphones, increasing internet penetration, and mounting demand for entertainment services. Upon such wide usage of MVAS, the global mobile value-added services market has flourished at a rapid pace. According to the recent report published by Market Research Future, the global MVAS market is booming exponentially and is expected to gain prominence from 2018 to 2023. The growth graph of the market is subjected to be at a healthy pace which is recorded at a CAGR of 18.5 percent and capturing valuation of USD 1,047.6 million by the end of 2023. Such tremendous growth of the market is paving paths towards new opportunities to enter by crucial market players as well as new players with new ideas to dwell with mobile value-added services (MVAS).
Presently, mobile phones have excelled from being a device used for playing music, text messaging, voice calling to now a powerful utility and infotainment tool. The mobile phones are now much upgraded towards finding the nearest restaurants, paying bills, receiving the up-to-the-minute stock updates and what not. These abilities in modern phones are entitled to be potentially high and are seemingly boundless. Due to these reasons, mobile phones have turned into smartphones. The ongoing steep increase in the usage of social networking apps is vividly supporting the mobile value-added services market size. Most essential, rich communication services are expected to pave optimistic ways along with extensive opportunities to the market to enter by the forecasted period.
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The roll-out spread of 3G and 4G network services across the globe is one of the major factors that is gaining traction in the MVAS market exponentially. The mobile value-added services offer exciting opportunities for operators, mobile manufacturers, application developers, and other service vendors in generating revenue and extending customer reach. With province of SMS, MMS, mobile mail & IM, location-based services, mobile advertising, and mobile infotainment solutions are consistently satisfying customer requirements. These solutions have also enabled operators to produce more specific customer base and escalate their business value. Such factors are tremendously proliferating the global mobile value-added services (MVAS) in the current scenario.
Numerous telecom operators have taken an active step to create a suitable mobile ecosystem where there has been a considerable rise in the demand for entertainment content, which is also motivating the overall growth of the market. In this, the customers can access mobile value-added services content and service of their own choice by themselves. By this, customers tend to get attracted to value-added services, which is in turn, making the MVAS market to expand more in the future timeframe.
Market Segmentation
Market Research Future Report offers a comprehensive segmental analysis of the global Mobile Value-Added Services (MVAS) Market that is listed on the basis of the solution, product, vertical. By the mode of solutions, this market segment comprises of short message service (SMS), multimedia messaging service (MMS), and others. Wherein, SMS ruled the global market in 2017, owing to the proliferation of 2G networks and preferences towards digital messages. However, in recent times, the penetration of 3G and 4G networks have shifted its base towards internet-based messaging. Mostly, social media platforms and financial centers have implemented this for its valuable users for security threats. Apart from this, the remaining segments can also support to the global mobile value-added services with connection to third-party applications which are also gaining much traction parallelly.
By the mode of product segment, it includes mobile music and games, mobile wallet, mobile commerce, mobile advertising, email & IM, and others. The mobile wallet segment is leading the market status by enjoying its increasing pace at 21.6% CAGR, which is expected for the market to rise throughout the forecast period. The mobile wallet is a credit to the popularity of digital transactions when preferring cashless payments. The recent demonetization has scared majority of the population, which has eventually led to majorly opting for using mobile wallets. Some of the prominent mobile wallets providers are PayTM, Mobikwik and more.
By the mode of verticals, the market segment comprises of IT & Telecommunication, government, banking and finance, retail, education, media & entertainment, healthcare, and others. Health and IT over to the usage of electronic health records is offering exciting possibilities to amend the healthcare system into an improved patient care system. With the introduction of 3G and 4G, the opportunities for remote treatment and patient diagnosis through mobile phones have strengthened, which is driving the market to grow at higher CAGR.
The Global Mobile Value-Added Services (MVAS) Market is Recording Attractive Growth Rate in Prime Regions
According to the reports published by Market Research Future, the market for mobile value-added services is spanning highly across North American region due to the rapid adoption of smartphones, high network bandwidths coupled with the large customer base. In addition, the presence of telecommunications behemoths is actively offering various data plans to the users, which is attracting ample customers. This is driving the market to grow considerably and is stated to flourish exponentially by the year-end of 2023. The ongoing streaming services such as Netflix is likely to thrust the market growth in North America in a positive trajectory.
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On the other side, the Asia-Pacific region is also set to enjoy a terrific growth rate due to the existence of a large consumer base in countries such as China and India. In these regions, the telecommunication provides, both, key players and newcomers, are creating constant awareness about their services coupled with introducing new data plans is likely to propel the market for mobile value-added services till 2023.
Market Key Players
The key players profiled in the mobile value-added services (MVAS) market report are listed as AT&T Inc. (U.S.), Apple Inc. (U.S.), Google (U.S.), Vodafone Group PLC (U.K.), One97 Communications Limited (India), InMobi Pte Ltd. (Singapore), OnMobile Global Limited (India), Mahindra ComViva (India), and Kongzhong Corporation (China).
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