New York, USA, Sept. 15, 2021 (GLOBE NEWSWIRE) -- According to the latest report by Research Dive, the global mobile value-added services market is anticipated to witness a rise in revenue from $479.0 billion in 2019 to over $1,464.1 billion by 2027 at a steady CAGR of 15.3% from 2020-2027.
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Market Dynamics
Growth: Mobiles have witnessed multiple technological changes over the years which have also given rise to applications that have added to the convenience of the consumers. For instance, mobile payment applications have made cashless transactions easier. Also, there has been a steady rise in demand for entertainment services which has hence resulted in the availability of live TV shows, online videos and more for users. These are easily accessible on the mobiles at any given point in time. These factors are anticipated to contribute the steady growth of the market in the analysis period.
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Restraints: Most of the mobile value-added services provided by industry experts do not have set guidelines which can assist in safeguarding their data. The absence of a regulatory framework could pose a risk for any information stored in the user’s mobile, which in turn portrays a lack of privacy. These factors are expected to limit the growth of the market in the forecast period.
Opportunities: Mobile value-added services are the additional features provided by the service operators at a premium cost to their customers along with other voice communication services. Increase in the usage of mobiles, smartphones, and tablets along with the rollout of technologies like 4G and 5G network services in the market has created significant opportunities for the mobile value-added service providers. Moreover, the recent COVID-19 pandemic has accelerated digitization and remote activities, and is further expected to provide plenty of opportunities for value-added services
Segmental Analysis
The report has categorized the market into multiple segments based on solution, end user, and vertical type.
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Short Messaging Services Sub-segment Predicted to Dominate the Market
By solution, the short messaging service (SMS) sub-segment is anticipated to garner revenue of $94.1 billion in 2019 and is expected to grow further at a steady CAGR of 14.2% from 2020-2027. This growth is due to the process of communication being made easier among people using instant messages. Several brands have also opted for SMS marketing which can assist in building up their image on social media. The click-through rates help in increasing the engagement for the brand which helps increase its visibility among consumers. These factors are expected to contribute to the rapid growth of the sub-segment in the analysis period.
Large Enterprises Sub-segment to Gain the Highest Market Share
By end user, the large enterprises sub-segment garnered revenue of $286.6 billion in 2019 and is expected to rise further at a CAGR of 12.4% from 2020-2027. Lowering business costs continues to provide profits to larger organizations and doesn’t impact them negatively, which is one of the primary reasons for the growth of the sub-segment in the forecast period.
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Government Sub-segment to Predicted Garner Significant Revenue
By vertical type, the government sub-segment registered a revenue of $104.4 billion in 2019 and is set to rise further at a CAGR of 10.4% from 2020-2027. This growth is due to the vast array of services that are provided to consumers such as internet connectivity as well as the ability to communicate with people using SMS. These factors are expected to further propel the growth of the segment in the estimated timeframe.
Regional Analysis
The Asia-Pacific region is anticipated to witness a significant rise in revenue to over $455.8 billion by 2027 at a stable CAGR of 14.9% from 2020-2027. The region, including countries such as China and India, are today known for the extensive availability of affordable smartphones which are also fitted with advanced features. This is expected to further add to the growth of the market in the forecast period.
COVID-19 Impact on the Global Mobile Value-added Service Market
The spread of the coronavirus all around the world resulted in extensive lockdown due to which people were limited to the confines of their homes. Due to this people turned to mobile applications to fulfill their requirements right from grocery shopping to online transactions to maintain no contact with external objects.
This ensured that the market experienced positive growth during the pandemic.
Key Market Players
The report contains a list of notable market players of the global mobile value-added service market who have been ensuring the constant growth of the market. They are as listed below:
1. Apple, Inc
2. Samsung Electronics Co. Ltd
3. Huawei Investment & Holding Co. Ltd
4. Comviva Technologies
5. One97 Communications
6. Mozat
7. Vodafone Group, plc
8. Reliance Industries, Ltd
9. Onmobile Global Limited
10. Alphabet Inc
These players are currently focusing on R&D activities, mergers & acquisitions, partnerships, and collaborations to sustain and attain a leading position in the market. For instance, in August 2019, One97 Communications Pvt, Ltd, a leading provider of telecom value added service both on the domestic and international front, partnered with AirChord Televentures, a mu7lti-media streaming company to launch JuiceUp. The mobile-broadcast application can be used to access live audio or video feeds using GPRS/data connection.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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