Report Code: A11869 | Pages: NA | Jul 2023 | 2123 Views | ||
Author(s) : Vijay P | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the A2p Messaging In Bfsi Market
Request Now !The A2P messaging in BFSI market refers to any type of message traffic in which a person receives messages through an application from financial institutions. In addition, one-time password, marketing messages, chat bots or virtual assistants, appointment reminders, and pin codes are all examples of A2P messaging. A2P messaging is typically a one-way communication channel, which means that the recipient is not always expected to respond. It is a cost-effective way for businesses to increase consumer engagement as 98% of all text messages are opened by the recipient. This business model, also known as Interactive Marketing, Referral Marketing, or Network Marketing, will become the mainstream marketing model in future and will guide a new consumer concept, thereby driving the growth of the market. In addition, in A2P mode, production consumers not only receive products and services but also have the opportunity to start their own business and earn money. Production consumers may initially have to pay a higher price for products, but the benefits they receive far outweigh the cost as production consumers have the opportunity to shop smarter and teach others to do the same thing to make money. Therefore, the rise in demand for A2P messaging in BFSI while accessing banking data through online mobile devices from different location is expected to boost the A2P messaging in BFSI market growth in future.
The A2P messaging in BFSI market share is segmented on the basis of component, application, deployment type, end user, and region. Based on component, the market is bifurcated into platform and A2P service. By application, it is categorized into customer relationship management services, promotional & marketing services, authentication services, pushed content services, and others. Based on deployment type, the market is bifurcated into on-premise and cloud. By end user, it is categorized into North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key players operating in the A2P messaging in BFSI market include AT&T Intellectual Property, Orange S.A., Twilio Inc., Tata Communications Limited, Sinch, China Mobile Limited, Proximus, Sify Technologies Limited, and Infobip Limited. These players adopt collaboration, partnership, and agreement as their key developmental strategies to increase revenue of the A2P messaging in BFSI industry and develop new products for enhancing product portfolio.
COVID-19 Impact Analysis
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rise in the growth of mobile subscribers, increase in benefits in internal & external communications, proliferation of mobile payments, increase in mobile healthcare & online purchase, and growth in employment of A2P messaging in various industries are expected to drive the market growth in the future. However, risks associated with A2P messaging and growth in mobile malware are expected to limit the growth of the market. Contrarily, increase in the growing trend of mobile marketing via messaging is witnessed as an opportunity for the A2P messaging in BFSI market.
The global A2P messaging in BFSI market trends are as follows:
Rise in growth of mobile subscribers
Since the COVID-19 pandemic has stuck, it has become essential for every person to own a smartphone irrespective of their age and work. As lockdown has been implemented in many regions, it has been of utmost importance to conduct and go through all the work online. This, in turn, has helped many financial institutions to manage their businesses online and have sought A2P messaging services to keep their customers updated about all transactions to help them keep a tab on all other notifications. Smartphones have even replaced the usage of personal computers among bank employees to initiate banking processes. Moreover, technological advancements in case of A2P messaging help financial institutions to attract & retain skilled workforce. Therefore, increase in the growth of mobile subscribers is expected to foster the global A2P messaging in BFSI market growth during the forecast period.
Increasing benefits in internal and external communications
To ensure the success of every organization, one has to aim to improve both internal & external communications as business communication indeed plays an importance role. External and internal communication in business organizations and financial institutions will help gain more sales and can be added as an attribute to effectively engage the staff. In cases like these, A2P messaging helps in making communication easier and plays a significant role. Therefore, increase in adoption of A2P messaging is expected to boost the growth for the global A2P messaging in BFSI market revenue during the forecast period.
Key Benefits of the Report:
Questions Answered in the A2P Messaging in BFSI Market Research Report:Â Â Â Â Â Â
A2P Messaging in BFSI Market Report Highlights
Aspects | Details |
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By Component |
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By Deployment Type |
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By Application |
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By Region |
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Key Market Players | Sify Technologies Limited, Tata Communications Limited, China Mobile Limited, Sinch, Infobip Limited, Orange S.A., AT&T Intellectual Property, Twilio Inc., Company10, Proximus |
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