The short messaging service, popularly known as SMS, has evolved over the years. While consumers worldwide have gradually veered to instant messaging applications, including WhatsApp, WeChat, and Hike, network providers continue to find unique methods to ensure usage of SMS. At present, the overall engagement or user traffic for application-to-person (A2P) SMS type is scaling new heights – a trend that is expected to continue over the upcoming years. Leading top tier and medium-sized companies across the world are increasingly focusing on raising employee and customer engagement due to which, the A2P SMS market has experienced considerable growth.
While A2P SMS continues to fuel and revolutionize business messaging, new A2P SMS technologies are being developed by vendors operating in the current market landscape. Nearly 90 percent of the overall A2P traffic is likely to be driven by SMS during the forecast period due to which, significant developments across the A2P SMS market, in terms of technology, can be anticipated. The exponential surge in the number of mobile users worldwide, growing affinity toward mobile marketing, rising adoption in the banking sector, and two-factor authentication, particularly for web platforms and services, are some of the major factors that are expected to drive the global A2P SMS market, which is expected to reach ~US$ 101 Bn by the end of 2030.
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A2P SMS Emerges as Powerful Marketing Tool as Demand Grows
The adoption of A2P SMS is expected to garner significant traction during the forecast period, as more number of business entities across different domains, including tourism, healthcare, and banking are largely in favor of using A2P SMS as a default channel for marketing communications, employee engagement, and circulating notifications, alert, and reminders. However, as A2P SMS continues to garner impressive traffic, vendors operating in the current A2P SMS market are likely to offer solutions that are highly flexible and scale as per evolving business avenues during the forecast period. Businesses across the world are mainly focused on customizing their engagement strategy and mobile network operators are leaning toward A2P SMS to attain that objective. The adoption of A2P SMS across organizations of different sizes, profit or non-profit, etc., is on the rise, as companies continue to seek different ways to break through the cutthroat competition across different industrial sectors.
However, vendors operating in the current A2P SMS market are expected to invest in research to assess the evolving landscape of the messaging sphere. Product customization, focus on improving quality, and development of various A2P channels are some of the key areas that vendors are likely to focus on during the forecast period. In addition, as consumers continue to slant toward digital platforms to process their transactions, A2P SMS is set to gain a considerable amount of demand, particularly in nations such as India, Indonesia, Malaysia, etc. The growth of the A2P SMS market is a win-win situation for both – the vendors due to an added revenue channel and for the users as a cost-effective communication and marketing channel. The adoption of A2P SMS is on the rise, as it has played an imperative role in streamlining reminders and appointments to patients. In addition, A2P has more impact than an email, offers a personalization touch, fast, and cost-effective.
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Government Bodies and Agencies Lean Toward A2P SMS to Combat COVID-19
While the COVID-19 pandemic continues to cripple different industrial sectors worldwide, the A2P SMS market is anticipated to witness a sluggish period during 2020. As more number of governments across the world continue to fight the COVID-19 pandemic by enforcing lockdowns and announcing national quarantines, the average engagement and SMS traffic have experienced a considerable decline. The retail marketing sector is projected to remain the worst hit during the pandemic. However, traffic pertaining to online transactions, alerts, and notifications is moving in an upward trajectory, owing to a large-scale activity across the e-Commerce sector. An increase in one-time-password (OTP) and alerts traffic is expected to provide vendors a window of opportunity during the COVID-19 pandemic. Government bodies and other agencies are expected to utilize A2P SMS, as an effective tool during emergencies and create awareness regarding the COVID-19 disease.
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