A2P SMS Market growth in BFSI sector is driven by rising in e-commerce and customers’ preference for online payment services

A2P SMS Market has penetration into different end-user segments including BFSI, e-commerce, travel & transport, healthcare, and entertainment. The BFSI sector dominates the market as they use the service to inform customers about their transactions thereby offering cost-effective & reliable communication and sharing of time-critical information, driving the market growth. The medical centers use two-way messaging to notify and allow the user to book appointments. The entertainment and aviation industry notify the user about the timing and ticket details through A2P SMS. The rapid growth in e-commerce and customers’ preference for online payment services also increase the BFSI sector growth in the market.

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Several telecommunication service providers, cloud service providers, and handset vendors are working in collaboration to offer efficient working of A2P SMS market. These enterprises are focusing on accessing mobile platforms for their marketing and promotional strategies as A2P SMS is the most convenient way to personally connect with their customers. Hence, companies are allocating additional funds for in-mobile centric events as compared to Television or web-based promotional advertising activities.

Initially, only private business firms adopted the two-factor authorization feature; however, due to its ease-of-usage such as instant delivery, cost-effectiveness, and high-open rate, the A2P SMS usage has extended to the public sector. This feature is now increasingly utilized by industries for applications such as password resets, new registration authentication, and user profile information, thereby accelerating the A2P SMS market growth.

Customer relationship management service dominates the A2P SMS market as this application is used for providing transaction and billing-related information to the users, especially in the banking and financial service sectors. Due to the improved standard of living and rapid growth of e-commerce, customers rely more on online payment services rather than physical transactions owing to the ease of transactions offered by these applications, boosting the market growth.

A2P SMS Market size market demonstrates a rapid growth owing to the way in which A2P is utilized by various sectors globally where the messages are sent from an application mostly a web app to the mobile subscriber. The rising urbanization and increasing digitalization have resulted in the growth in the number of mobile subscribers across the world. The various initiatives taken up by the governments have increased the dependence on A2P SMS for mobile payments, accelerating the A2P SMS market growth. Changing customer behavior toward communication enables the enterprises to include SMS in their business functioning, thereby fueling the A2P SMS market demand.

The Asia Pacific A2P SMS market dominates due to the presence of the largest consumer base in this region. The government of the developing economies of China and India are undergoing various digital transformations resulting in a rise in the number of mobile subscribers, driving the market demand. For instance, in July 2015, the government of India launched the Digital India initiative aimed at transforming India into a digitally knowledgeable economy. The North American market is witnessing a fast growth rate due to improved lifestyle and willingness to pay higher prices for enhanced services. The rise in the IoT technologies, such as identity verification, smart homes, and mobile commerce, also drives market growth.

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