Mobile Value Added Service Market to Reach USD 2445.47 Billion by 2032 | Reports and Data
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global mobile value added service market size was USD 751.26 Billion in 2022 and is expected to reach USD 2445.47 Billion in 2032, CAGR of 14%
NEW YORK, NY, UNITED STATES, June 6, 2023/EINPresswire.com/ -- The global Mobile Value Added Service Market was USD 751.26 billion in 2022. It is projected to reach USD 2445.47 billion by 2032, with a compound annual growth rate (CAGR) of 14% during the forecast period. The market's revenue growth is primarily driven by the increasing demand for personalized and customized mobile applications, mobile marketing, mobile entertainment, and mobile commerce services.
The rising popularity of mobile devices and the internet provides mobile VAS suppliers with greater opportunities to offer innovative and engaging services to their consumers. As mobile applications, especially social media apps, gain traction, the demand for mobile VAS services remains high. The market's revenue growth is expected to be further fueled by the growing number of smartphone users worldwide, leading to an increased need for mobile applications.
Mobile marketing is a crucial submarket within the mobile VAS industry. It involves advertising goods and services through mobile platforms such as SMS, MMS, push notifications, and mobile applications. Mobile marketing has become a powerful tool for engaging with customers due to the widespread use of mobile devices and the internet. The growth of mobile advertising platforms like Google AdWords and Facebook Ads has also contributed to the expansion of the mobile marketing sector. The increasing popularity of mobile devices and the internet is likely to drive higher demand for mobile marketing services.
Mobile entertainment is another significant sector within the mobile VAS industry, encompassing mobile TV, streaming music and video, and mobile gaming. The demand for mobile entertainment services is driven by the growing adoption of smartphones and tablets for accessing entertainment content. The availability of high-speed internet and the expansion of streaming services like Netflix and Amazon Prime Video have further supported the growth of the mobile entertainment market.
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Segments Covered in the Report
When examining the solution types in the mobile value-added service (VAS) market, several categories stand out. Firstly, there is messaging, which encompasses various communication services such as SMS (Short Message Service) and MMS (Multimedia Messaging Service). These messaging solutions play a pivotal role in connecting individuals and facilitating efficient communication through mobile devices.
Another prominent solution type is mobile money. This refers to the use of mobile devices for financial transactions, including mobile banking and mobile payments. With the increasing popularity and convenience of mobile devices, mobile money services have gained significant traction, providing users with seamless and secure financial transactions on-the-go.
Mobile advertising is also a key solution type within the mobile VAS market. This category involves promoting goods and services through mobile platforms, utilizing strategies such as SMS advertising, push notifications, and in-app advertisements. As mobile devices and the internet continue to dominate the digital landscape, mobile advertising presents an effective means of reaching and engaging with target audiences.
Location-based services are another noteworthy solution type in the mobile VAS market. These services utilize location data from mobile devices to offer personalized and context-aware experiences to users. Examples include location-based marketing, navigation services, and geo-targeted notifications. The integration of location-based services enhances user experiences and enables businesses to deliver targeted content and services based on their customers' location.
Lastly, there are other solution types within the mobile VAS market that encompass various services beyond the aforementioned categories. These may include mobile entertainment solutions, mobile healthcare applications, and mobile education platforms, among others. The market continuously evolves, introducing new and innovative solutions to cater to diverse user needs.
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Strategic development:
In 2021, Google made an announcement regarding the introduction of a new mobile payment service known as Google Pay in India. This service allows users to conveniently make payments directly from their mobile devices, while also offering additional value-added features like cashback rewards and loyalty points.
During the year 2020, Apple unveiled a diverse range of subscription services, namely Apple Music, Apple TV+, and Apple News+. These services were designed to provide users with a variety of added benefits, such as personalized recommendations and exclusive content.
Similarly, in 2020, Facebook made an announcement regarding the launch of a new set of services, including Facebook Shops and Facebook Pay. These services aim to enable users to shop directly through the Facebook app, while also providing various other value-added features like loyalty rewards and discounts.
Additionally, in 2020, Tencent revealed its plans to introduce a new range of services, which include WeChat Pay and Tencent Cloud. These services are intended to offer users a range of value-added features, such as secure mobile payments and cloud storage solutions.
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Competitive Landscape:
Google
Apple
Facebook
Tencent
Alibaba Group
Vodafone Group
AT&T Inc.
Verizon Communications Inc.
Bharti Airtel Limited
China Mobile Communications Corporation
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