July 21, 2024
Ict

Cloud Communication is fastest growing segment fueling the growth of Enterprise A2P SMS Market

Enterprise A2P SMS involves messages sent from an application to a mobile user, often for purposes like one-time passwords, appointment reminders, news/media alerts etc. Such messages play a vital role in keeping users engaged with brands and providing them timely updates.

The global Enterprise A2P SMS Market is estimated to be valued at US$ 50.53 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving the Enterprise A2P SMS market is the rising adoption of cloud communication platforms. Modern businesses are increasingly adopting unified communication platforms that seamlessly integrate various channels like voice, video, chat and SMS. The flexibility and cost advantages offered by cloud-based platforms have made them popular among small and medium enterprises. By leveraging these platforms, businesses can build robust customer engagement strategies at minimal costs.

Segment Analysis
The global enterprise A2P SMS market is segmented based on messaging platform, enterprise size, vertical, and region. Based on messaging platform, the market is segmented into cloud API messaging platform and traditional and managed messaging platform. The cloud API messaging platform segment dominated the market in 2023 and is expected to continue its dominance over the forecast period. This is due to increasing adoption of cloud-based platforms for enhanced customer experience and engagement.

Key players analysis: Key players operating in the enterprise A2P SMS market are nfobip Limited, OpenMarket Inc., AMD Telecom S.A., Syniverse Holdings Inc., FortyTwo Telecom AB, Twilio Inc., Mblox Inc., Nexmo Inc., and CLX Communications AB. Twilio Inc. is currently the leading player globally, owing to its extensive clientele and wide range of offerings including programmable communication APIs and software development kits.

Regional analysis: North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This is attributable to well-established infrastructure and early adoption of advanced technologies across various industries in the region. Asia Pacific is expected to be the fastest growing region, owing to rapid digitalization and increasing adoption of cloud-based platforms across countries such as China and India.

Key Takeaways
The global enterprise A2P SMS market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing demand for omnichannel communication solutions and need to engage customers effectively.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it