NEW CASTLE, Delaware, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Enterprise Application-to-Person (A2P) SMS Market by Deployment (On-premise and Cloud), Application (Pushed Content Services, Customer Relationship Management Services, Promotion and Marketing, Interactive Services and Others), and End User (BFSI, Retail and E-commerce, Travel and Hospitality, Healthcare, Media and Entertainment and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the enterprise application-to-person (A2P) SMS market was valued at $56.1 billion in 2023, and is estimated to reach $111.6 billion by 2032, growing at a CAGR of 7.8% from 2024 to 2032.
Prime Determinants of Growth
The global enterprise application-to-person (A2P) SMS market is growing due to increase in number of mobile subscribers and rise in popularity of mobile marketing. However, stringent government policies and regulations and data security and privacy act as restraints for the Enterprise Application-to-Person (A2P) SMS market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $56.1 Billion |
| Market Size in 2032 | $111.6 Billion |
| CAGR | 7.8% |
| No. of Pages in Report | 350 |
| Segments Covered | Deployment, Application, End User and Region. |
| Drivers |
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| Opportunities |
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| Restraint |
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The cloud segment is expected to grow faster throughout the forecast period.
Based on the deployment, the cloud segment held the highest market share in 2023. This is attributed to its inherent benefits, such as scalability, flexibility, cost-effectiveness, and ease of implementation. Cloud-based solutions enable organizations to access communication services and data seamlessly, anytime, and anywhere, using any device, providing convenience and accessibility.
The customer relationship management services segment is expected to grow faster throughout the forecast period.
Based on the application, the customer relationship management services (CRM) segment held the highest market share in 2023. By integrating CRM data with application-to-person SMS platforms, businesses can segment their customer base and send tailored messages that resonate with each segment's interests and needs.
The BFSI segment is expected to grow faster throughout the forecast period.
Based on the end user, the BFSI segment held the highest market share in 2023. The dominance of the banking, financial services, and insurance (BFSI) segment in the enterprise application-to-person (A2P) SMS market is driven by its complex communication requirements, such as regulatory compliance, risk management, and cost optimization. The BFSI industry relies on robust application-to-person solutions to address these specific needs.
North America to maintain its dominance by 2032.
Based on region, North America held the highest market share in terms of revenue in 2023, and is expected to boost in terms of revenue throughout the forecast timeframe. The market for outsourcing services in North America is expanding as a result of the escalating technical breakthroughs and digital transformations occurring across several business verticals, including telecommunications, IT, retail, and finance.
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Major Industry Players: -
- Tata Communication Services
- NTT Communications
- Orange Business Services
- Proximus
- AT&T
- Genesys
- Sinch
- Dialogue Communications
- Infobip Inc.
- Twilio Inc.
The report provides a detailed analysis of these key players in the global enterprise application-to-person (A2P) SMS market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Development:
- On February 2024, Mitto partnered with MoEngage, to optimize WhatsApp Business and SMS communication quality and cost-efficiency while elevating the customer experience. Mitto will now be part of the MoEngage Catalyst partner program that focuses on helping brands scale at speed.
- On April 2024, Syniverse partnered with DOCOMO PACIFIC, and selecting it as its primary provider for terminating application-to-person (A2P) traffic into its network in Guam and the Commonwealth of the Northern Mariana Islands (“CNMI”)
- On June 2022, Tata Consultancy Services (TCS) launched the TCS Servitization Engine on Oracle Cloud to help customers create subscription-first business models and provide outcome-based solutions with intelligent service capabilities.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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