The BFSI A2p SMS includes A2p (application-to-person) SMS, which is a one-way communication, where a type of message is received by the person from a financial institute through various applications. The A2p messaging includes- chatbots, one-time password (OTP), pin codes, marketing messages, and virtual assistant reminders, where the response from the recipient is not required.
The Global BFSI A2p SMS Market is projected to grow at a mesmerizing rate during the forecast period. The market size of this market is expected to rise from $62.1 billion in 2020 to $XX billion by 2031, with a compound annual growth rate (CAGR) during the forecast period 2024-2031. The market dynamics responsible to drive the market growth mainly include – rising growth of mobile subscribers, increase in mobile healthcare and online purchase, increasing benefits in internal and external communication, and enhanced employment of A2p SMS in various industries, which all are expected to promote the market growth of Global BFSI A2p SMS Market.
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The BFSI A2p SMS Market is majorly driven by the foremost market dynamic including- rise in the growth of mobile subscribers. The upgrading ratio of the smartphone users is gradually increasing with every passing day, which will also replace computer usage due to innovative technologies, which are employed to develop a smartphone and the A2p SMS works efficiently for the mobile subscribers. As the financial institutions acquire an online business, for instance during the COVID-19, the A2p messaging was applicable for financial institutions to serve their duty via online mode with the help of smartphones. Hence, the rise in growth of mobile subscribers will positively impact the market growth and is expected to drive the Global BFSI A2p SMS Market during the forecast period.
Besides, the additional factor responsible to drive the market growth is the increasing benefits in internal and external communication. For an organization, it is very important to develop effective internal and external communication for various purposes such as to gain maximum sales and engage the staff as an attribute. This will require A2p messaging to make the communication more effective and easier for the internal and external organization. As the demand for A2p SMS increases, it will eventually boost the market growth and is expected to raise the Global BFSI A2p SMS Market.
The market players operating the BFSI A2p SMS Market include- AT & T Intellectual property, Tata Communications Ltd, Silver Street B.V., Proximus undergoing collaboration and partnership with the aim to develop strategies that will increase the market size, shares, and revenues of the Global BFSI A2p SMS Market. For instance, In December 2020, Silver Street B.V. announced a partnership with Soprano, in order to expand the CPaaS footprints and enterprise communication with the projected acquisition to strengthen the market position and concluded as the leading CPaaS solution provider globally. Additionally, they focus on strategies to enhance their product portfolio by developing and manufacturing new products, to ensure the rapid growth of the BFSI A2p SMS Market globally.
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Market Coverage
- Segment Covered-
o By Component
o By Application
o By Deployment Model
o By End User
- Competitive Landscape- AT&T Intellectual Property, Orange S.A., Twilio Inc., Tata Communications Ltd., Proximus, Sify technologies Ltd., and Infobip Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global BFSI A2p SMS Market Segment
By Component
- Platform
- A2P Services
By Application
- Customer Relationship Management Services
- Promotional & Marketing Services
- Authentication Services
- Pushed Content Services
- Others
By Deployment Model
- On-Premise
- Cloud
By End User
- Corporate
- Individual
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