New York, USA, May 10, 2021 (GLOBE NEWSWIRE) -- According to a latest report offered by Research Dive, the global mobile value-added services (VAS) market is predicted to gain $1,464.1 billion by 2027, at a CAGR of 15.3% during 2020-2027 timeframe.
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Covid-19 Impact on the Market
The mobile value-added services (VAS) market is experiencing a positive impact during the Covid-19 pandemic. The reason for growth is massive usage of mobile value-added services such as video calling, gaming, home deliveries, and online video streaming during the lockdown phase. The new normal of contactless payments, takeout food, and online grocery shopping via VAS surged during the pandemic. These all factors are considered to boost the market during the coronavirus outbreak.
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Factors Affecting the Market Growth
Rise in the usage of mobile web and applications are the key driving factor for the mobile value-added services (VAS) industry during the analyzed timeframe. Furthermore, increase in the demand for entertainment services via mobile VAS is surging the use of live TV shows & events, online video content, and localized vernacular content. All these facets are speculated to bolster the growth of the market during the forecasted timeframe. However, lack of guidelines for mobile VAS by market players that include data privacy, consumer rights, and legal liabilities is likely to retrain the market. On the other hand, technological advancements such as 4G and 5G networks are predicted to create opportunities in the market.
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The report divides the market into segments based on solution, end user, vertical type, and region.
Short Messaging Services Sub-Segment to Gain maximum Profits
This sub-division was accounted for a market share of $94.1 billion in 2019, and is anticipated to surge at a CAGR of 14.2% during the forecast period. The sub-division market is growing in the recent years due to rise in the usage of short messaging services with the increase in the use of smartphones.
Large Enterprises Sub-Division to Attain Highest Market Share
This sub-division was accounted for $286.6 billion in 2019, growing at a CAGR of 12.4% during the estimated timeframe. Large companies are capable of reducing the cost of businesses and inclining their profits, opening ways for the growth of the large enterprises. This facet is expected to drive the market surge in the analyzed timeframe.
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Government Sub-Division to be the Highest Contributor
This sub-division was accounted for a revenue of $104.4 billion in 2019, at a noteworthy CAGR of 14.0% during the estimated timeframe. Rise in advanced SMS services, internet, and demand for high-end content from people is expected to boost the growth of the sub-division market during the forecasted years.
Regional Analysis
The Asia-Pacific region industry is estimated to generate a revenue of $455.8 billion by 2027, from a market share of $153.9 billion in 2019, at a CAGR of 14.9% during the forecasted timeframe. Reduction in smartphone prices due to competition among the service providers and manufacturers is predicted to expand the consumer base and in turn support the mobile VAS market. This aspect is expected to bolster growth of the APAC market in the coming years.
Key Players and Developments
1. Mozat
2. Apple Inc.
3. Vodafone Group plc
4. Samsung Electronics Co. Ltd.
5. Reliance Industries Ltd.
6. Huawei Investment & Holding Co. Ltd.
7. Onmobile Global Limited
8. Comviva Technologies
9. Alphabet Inc.
10. One97 Communication
Market players prefer inorganic growth strategies to expand into local markets. Mobile value-added service market players are emphasizing more on merger & acquisition and advanced product development. For instance, in April 2020, Vodafone, a telecommunications company, launched introduced 3 new plans for is VAS. These plans are available for the Mumbai circle only, costing INR 47, 67, and 78 and include validity benefits and caller tunes.
The report offers many strategies and ideas of the top industry players functioning in the industry such as the current strategic plans & developments, financial performance, SWOT analysis, and product/service range. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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