Allied Market Research

2024

A2p Messaging In Bfsi Market

A2P Messaging in BFSI Market Size, Share, Competitive Landscape and Trend Analysis Report by Component, by Application and by Deployment Type : Global Opportunity Analysis and Industry Forecast, 2023-2032

BI : IT in BFSI

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Author's: | Onkar Sumant
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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

  • During the COVID-19 outbreak, customer behavior and supply chain were hugely affected. This further impacted several service industries, including BFSI. The shift from traditional models to online platform resulted in the need for more effective and efficient communication and customer engagement services. As a result, the demand for enterprise SMS surged during the pandemic and is expected to rise in the coming years.
  • The COVID-19 impact has entirely changed the demand outlook for A2P services. Further, the rise in mobile marketing and advertisements during the pandemic has surged the adoption of A2P messaging services. During the pandemic, A2P messaging services helped many industries to stay connected with their customers and boost sales. Furthermore, the market is expected to witness significant growth during the forecast period.

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:

  • This study presents analytical depiction of the global A2P messaging in BFSI market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.      
  • The current market is quantitatively analyzed to highlight the global A2P messaging in BFSI market growth scenario.                              
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.  
  • The report provides a detailed market analysis on the basis of present and future competitive intensity of the market.

Questions Answered in the A2P Messaging in BFSI Market Research Report:      

  • Which are the leading market players active in the global A2P messaging in BFSI market?
  • What are the detailed impacts of COVID-19 on the market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?

A2P Messaging in BFSI Market Report Highlights

Aspects Details
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By Component
  • Platform
  • A2P service
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By Deployment Type
  • On-Premise
  • Cloud
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By Application
  • Customer Relationship Management Services
  • Promotional & Marketing Services
  • Authentication Services
  • Pushed Content Service
  • Others
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By Region
  • North America 
  • Europe  (France, Germany, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

Clickatell, Twilio, Infobip, OpenMarket, RouteMobile, CM, Twigcom, Slybroadcast, Syniverse, Tyntec

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A2P Messaging in BFSI Market

Global Opportunity Analysis and Industry Forecast, 2023-2032