Global Mobile Value-added Services (VAS) Market to Gain $1,464.1 Billion and Rise at a Growth Rate of 15.3% from 2020 to 2027 - Exclusive Report [229 pages] by Research Dive
The global mobile value-added services (VAS) market to experience upsurge during the Covid-19 crises. Rise in social networking applications is aiding the growth of the global mobile value-added services (VAS) market during the estimated timeframe.
NEW YORK, April 12, 2021 /PRNewswire/ -- As per a latest report studied by Research Dive, the Global Mobile Value-Added Services (VAS) Market is anticipated to generate a revenue of $1,464.1 billion by 2027, increasing from $479.0 billion in 2019, at a significant growth rate of 15.3% during 2020-2027 timeframe.
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Covid-19 Impact on the Mobile Value Added Services Market
Mobile value-added services (VAS) industry is enhancing during the coronavirus crises across the globe. Social distancing norms initiated by the government pushed people towards mobile VAS such as video calling, contactless payment methods, and online grocery shopping. Home quarantine and lockdown measures have augmented telecommunication services like VAS for people's entertainment and knowledge purposes. All these aspects are responsible for the market growth during the pandemic.
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Factors Impacting the Growth of the Mobile Value-added Services Market
Rise in social networking applications such as Facebook and Hangouts is aiding the growth of the mobile VAS market worldwide during the estimated timeframe. Moreover, upsurge in the utilization of mobile web and applications for entertainment, gaming, and communication is anticipated to fuel the market growth. However, lack of privacy is a major challenge faced by the mobile VAS and this aspect is expected to hinder the market. Nevertheless, exponential rise in the digitization is likely to create promising opportunities in the market.
Market Segmentation
The report classifies the market into segments based on solution, end-user, vertical type, and region.
- Among solution segment, the short messaging services sub-division is speculated to enhance at a CAGR of 14.2%, rising from a market size of $94.1 billion in 2019. Sub-division market upsurge is due to value in SMS marketing as this promises engagement & click through rates and earns higher open rates.
- Among end-user segment, the large enterprises sub-division was projected for $286.6 billion in 2019, at a considerable CAGR of 12.4% during the forecasted years. The advantage of the huge business economies to escalate profits by decreasing business costs is expected to surge the sub-division market growth in the future years.
- Among vertical type segment, the government sub-division stood at a market share of $104.4 billion in 2019, at a growth rate of 14.0% during the forecasted years. Investments by government in developing infrastructure connectivity in the rural areas are predicted to fuel the growth of the sub-division market in the coming years.
Regional Analysis
The Asia-Pacific region industry is estimated to surpass $455.8 billion by 2027, rising from a market share of $153.9 billion in 2019, at a CAGR of 14.9% during the forecasted years. The rising prevalence of smartphones in countries such as India and China is predicted to fuel the mobile VAS market in the estimated timeframe.
Top 10 Key Market Players and Recent Developments in Mobile Value-added Services Market
Some of the significant market players are
- Alphabet Inc.
- Apple Inc.
- Mozat
- Vodafone Group plc
- Reliance Industries Ltd.
- Samsung Electronics Co. Ltd.
- Huawei Investment & Holding Co. Ltd.
- Comviva Technologies
- Onmobile Global Limited
- One97 Communication.
Market players prefer inorganic growth strategies to expand into local markets. Mobile value-added service market players are emphasizing more on merger & acquisition and advanced product development. For instance, in April 2020, Vodafone, a telecommunications company, launched introduced 3 new plans for is VAS. These plans are available for the Mumbai circle only, costing INR 47, 67, and 78 and include validity benefits and caller tunes. - Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]
More about Mobile Value-added Services:
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