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Premium messaging services are widely adopted by various end-user verticals, such as healthcare, retail, transport, financial institutes, and hospitality to interact with customers. Further, enterprises are using premium messaging as a grid lock solution to native mobile application to enhance customer interaction. Moreover, organizations are using cloud APIs with embedded contextual communications especially for field service and customer relationship management (CRM) software.The global premium messaging market was valued at $54,579 million in 2016, and is projected to reach at $78,349 million by 2023, growing at a CAGR of 5.4% from 2017 to 2023, owing to increase in expenditures on cloud application programming interface (API) messaging platform by enterprises across globally.
Rise in mobile subscriber base, focus on enhancing customer interaction, and surge in adoption of A2P (two-factor authentication) drive the market, providing lucrative growth opportunities for prominent players operating in the premium messaging market. However, massive rise in messages being sent through illegitimate routes and increase in mobile messaging spam are anticipated to hamper the premium messaging market growth during the forecast period.
The banking and financial institutions segment dominated the market in 2016, followed by retail sector. Further, these segments collectively accounted for around 52% share of the overall market revenue in 2016, owing to increase in need for two-factor authentication messaging services and rise in popularity of premium messaging services for sales, marketing, and promotions. Moreover, the market in healthcare sector is anticipated to grow at the second highest CAGR of around 5.7%.
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The cloud application programming interface (API) messaging platform segment is projected to grow at the CAGR of around 72% during the forecast period. This platform is the latest enterprise messaging solutions, which enable end users to integrate SMS into existing code, and allow mobile or web application to trigger automated messages for one-time password deliveries, notifications, and delivery confirmation. The Traditional & managed messaging services segment dominated the market in 2016, but is anticipated to witness significant decrease in its market share, owing to end-users shift toward cloud-based messaging platforms.
Profiling Key Players: Verizon, Mblox, Twilio, Inc., AT&T, Beepsend, CLX Communications, Dialogue Communications Ltd., Infobip Ltd., Mahindra Comviva, and Tata Communications Ltd.
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