Premium Messaging Market - Global Industry Analysis and Forecast | Growth Market Reports

The global premium messaging market is expanding at a substantial CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to the improved mobile marketing initiatives, quality improvement in content providers, and progress in SMS aggregators.

Premium messaging is a form of SMS that can be sent using a special short-code and the cost of the service is deducted from user’s available smartphone credits. A key example of premium SMS can be, texting in to vote for a candidate or competitor in entertainment shows such as singing competition, dancing, or talent search show. The charge for using the SMS service is debited from sender’s credit balance on smartphone.

In general, premium texting can be described as a SMS or texting service that users have to pay for sending it to third-party messaging systems that charge regular text messaging prices. These payments are either charged for content submitted to the user’s phone or for service attendance. Short codes are used in lieu of telephone numbers to send or receive text or video messages to or from programs.

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Market Trends, Drivers, Restraints, and Opportunities

• Extensive use of SMS as a corporate contact platform for organizational and marketing communications is expected to driving this market growth.
• Premium messaging systems are preferred by customers as the systems offer user-friendly and reducing cost of service. This is projected to boost the market.
• Availability of low-cost text messages service along with easy accessibility to the service using smartphones are key factors projected to fuel the market expansion in the coming years.
• Growing use of social messaging sites as voting platform for various polls is anticipated to hamper the premium messaging market expansion during the forecast period. .
• Rising concerns related to threats such as mobile spam and the proliferation of instant messaging are expected to impede the market growth.
• Advancement of new system such as customer relationship management (CRM) tactics is expected to create several opportunities for the players in the coming years.

Global Premium Messaging Market Segment Insights

SMS segment is expected to hold a large market share

On the basis of products, the market is bifurcated into premium SMS and premium MMS. The premium SMS segment is expected to hold a large share of the market during the forecast period owing to the easy access to SMS service and low-cost as compared to premium MMS. The rising adoption of premium SMS service by several entertainment companies for promotion of their TV shows and programs present a key driver for the segment growth.

Person to application segment is projected to exhibit a high CAGR

In terms of origin and termination, the global premium messaging market is segmented into application to person and person to application. The person to application segment is projected to exhibit a high CAGR during the forecast period owing to the wide use of applications for using premium SMS service. On the other hand, the application to person segment is expected to constitute a major market share in the coming years due to rising adoption of the service type.

BFSI segment is expected to grow at a substantial rate

Based on applications, the global premium messaging market is divided into banking, financial services, and insurance (BFSI), media & entertainment, hospitality, outsourcing, retail, and shipping & logistics. The BFSI segment held a key share of the market in 2020 and is anticipated to expand at a substantial rate during the forecast period. Premium messaging is widely adopted by the BFSI sector to inform consumers of order notices, payment updates, premium dues, new deals, and pricing alerts. However, the media & entertainment segment is projected to register a substantial growth rate during the forecast period. The messaging system is used by customers for various applications such as competing in or subscribing to contests, quizzes, programs, or voting via the service in media and entertainment. This presents a key factor drives the segment growth. On the other hand, the hospitality segment is anticipated to exhibit a significant CAGR during the forecast period owing to wide applications of the service for advising customers about hotel, flight, tourism company promotional schemes, as well as sending booking information.

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Regional Outlook

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to grow at a rapid pace in the coming years owing to early adoption of new technology in the communication industry and presence of big global players in the region especially in the US. Some new developments such as the launching of less fees charged for premium SMS by three big operators of the US, AT & T, T-Mobile, and Sprint are key aspects for regional market growth. On the other hand, the market in Asia Pacific is projected to hold a large market share during the forecast period due to the implementation of long-term evolution (LTE) solutions of the telecommunication industry in countries such as Japan and Korea.

Competitive Landscape

Major players competing in the premium messaging market include AT&T; T-Mobile; Sprint; mBlox; OpenMarket; Sybase 365; AMD Telecom SA; Infobip Plt.; Dialogue Communications Ltd.; Mobicage NV; Symsoft AB; and V3Mobi Communications Pvt. Ltd.

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