According to a new market report published by Transparency Market Research, the global application-to-person (A2P) SMS and API market is projected to reach US$ 93,178.2 Mn by 2026. The market is expected to expand at a CAGR of 4.6% during the forecast period from 2018 to 2026.
Furthermore, rise of Two-Factor Authentication (2FA) and surging mobile marketing across various industry verticals including BFSI and retail verticals are contributing majorly to the growth of the application-to-person (A2P) SMS and API market. Asia Pacific is anticipated to lead the global application-to-person (A2P) SMS and API market during the forecast period, followed by North America, Europe, Middle East & Africa, and South America.
Factors such as increasing smartphone penetration, growing e-commerce industry, and transactions through internet based mobile applications are reasons for this fast growth. Within Asia Pacific, cloud API technology segment is projected to expand at the fastest rate compared to its traditional counterpart, expanding at a CAGR of 7.1%.
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Application developers, marketers, and brands together utilize SMS service to strengthen their customer base, by updating their users with breaking news, campaign perks, location-based opportunities, and other important information. Marketers and brands prefer text messaging over other marketing initiatives, as it allows them to reconnect with customers, who have deleted their apps or have not used their apps recently.
With the growing trend of SMS marketing in banking, financing, gambling/ betting, hospitality, leisure, and advertising industries, the impact of mobile marketing activities on the A2P SMS market is currently high. Brands are likely to increase their promotional activities, due to which the impact of mobile marketing activities is expected to be high in the short and medium term of the forecast period. However, with digitalization and growing internet penetration, brand promoters are likely to shift from SMS marketing to email marketing in the long run.