Application-to-Person SMS and API Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 04/03/2017 -- 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 bn unique mobile subscribers. The numbers are expected to increase by over 1 bn by 2020 globally. Transparency Market Research analysts state that the factor is expected to have a substantial impact on the overall development of the A2P SMS and API market in the next few years.
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The global A2P SMS API market is expected to expand at a 4.1% CAGR over the period between 2016 and 2024. The market, which held an opportunity worth US$171.9 mn in 2015, is expected to rise to US$245.9 mn 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$37.84 bn in 2015 to US$58.01 bn by 2024.
Presently, the end-use segment of bulk SMS providers is the largest contributor to the A2P SMS and API market. In 2015, the segment accounted for over 34.1% share in the global market and is expected to expand at a 4.3% CAGR from 2016 through 2024, retaining its dominance in the global market through this period. The rising popularity of bulk A2P SMSs as an effective and cheaper mode for undertaking business communications has helped the segment remain at the forefront of the market in the next few years as well.
Other end-use segments of the global A2P SMS and API market such as SMS aggregators, marketers/resellers, and telecom operators are also expected to expand at equally healthy paces over the forecasting horizon. The segments of SMS aggregators and telecom operators are both expected to rise at 4.1% CAGR from 2016 through 2024.
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 2015 and is expected to retain its dominance from 2016 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.
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Asia Pacific is presently the largest revenue contributor of the global A2P SMS and API market and is expected to expand at the fastest pace among key regional markets as well. The region's prominence in the global market is owing to factors such as the rising penetration of smartphones, an expanding e-commerce industry, and rising online transactions.
In the region, the technology segment of cloud API is expected to expand at a faster pace as compared to the traditional API segment. North America, presently the second-largest contributor to market's revenues, is also expected to retain its position in the global market in the next few years as well.