With smartphones becoming a ubiquitous product, industries such as tourism, retail, banking, financial services, and insurance (BFSI), healthcare, entertainment, and media are surging ahead to reach out to the vast base of mobile and smartphone users through A2P SMSs. By the end of 2014, half the world’s population had at least one mobile subscription, totaling to nearly 3.6 billion unique mobile subscribers.
The numbers are expected to increase by over one billion by 2020 globally. Transparency Market Research analyst states that this factor will have a substantial impact on the overall development of the A2P SMS and API market in the next few years.
The global A2P SMS API market is projected to expand at a 4.1% CAGR over the period between 2017 and 2024. The market, which held an opportunity worth US$186.0 million in 2017, is expected to rise to US$245.9 million by 2024. The global market for A2P SMS is expected to rise at a 4.9% CAGR over the said period and rise from a valuation of US$41.5 billion in 2017 to US$58.01 billion by 2024.
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Owing to deployment across a large number of industries, the technology behind traditional A2P SMS APIs are presently the leading contributor to the global A2P SMS and API market revenues. The segment accounted for 55.3% share of the market’s overall revenues in 2017 and is expected to retain its dominance from 2017 through 2024 as well, but lose prominence to the cloud API segment. The cloud API segment is expected to expand at a 4.3% CAGR over the said period, during which the segment of traditional API is expected to rise at a relatively less 3.9% CAGR.
The report covers end-user analysis of the A2P API on the basis of SMS aggregators, bulk SMS provider, marketers/resellers and telecom operators. On the basis of technology type, the market is segmented into cloud API and traditional API.
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The report also covers the analysis of A2P SMS at application level, which includes application such as pushed content services, customer relationship management services, promotional campaigns, interactive services among others The report includes a comprehensive coverage of the underlying economic and technological factors under the key trend analysis section.