BFSI A2P SMS Market Size, Share, Growth Report 2030

Global BFSI A2P SMS Market: Overview

BFSI application-to-person SMS is the type of message traffic in which the person receives a message from an application of any bank and financial institute. A2P SMS is not limited to PIN codes, one-time passwords (OTPs), notifications, virtual assistants or chatbots, and marketing messages. BFSI A2P SMS helps to reach a large consumer base in a cost-effective manner.

Global BFSI A2P SMS Market: Growth Factors

The global BFSI A2P SMS market is growing at a rapid rate. Rapid digitalization in BFSI, increase in the trend of mobile marketing using SMS, and increase in the use of mobile in developing countries are the key aspects that are spurring the growth of the global market. A2P SMS helps the BFSI sector to connect & build a strong connection with the customers by assisting the customers with their needs, announcing customer activities & transaction details. Also, quick service is expected by tech-savvy consumers with an increase in the use of smartphones & strong internet connectivity. A2P SMS is highly effective in BFSI as it allows to send out verification SMS, notification SMS as well as anti-fraud detection SMS. In addition to this, the use of A2P SMS is fast, safe, reliable, and the simplest way to send SMS. This has led to an increase in demand for A2P SMS from banking, financial services, and insurance companies which in turn is driving the overall market growth. In addition to this, the growing demand for customer relationship management services and promotional campaigns are some of the factors that are driving the growth of the global market. Moreover, growing use of interactive and inquiry related services is also fostering the overall market growth. Furthermore, an increase in the integration of internet of things (IoT) to connect with customers using real-time data may provide advantageous opportunities for the growth of the global BFSI A2P SMS market over the forecast period. However, strict rules and regulations may hamper the growth of the global BFSI A2P SMS market.

The COVID-19 pandemic impact has completely changed the demand scenario for A2P services. In addition to this, increase in mobile marketing and digital advertising during pandemic conditions has significantly increased the adoption of A2P messaging services. Moreover, A2P SMS services assisted and helped many industries to stay connected with their customers and increase sales during the pandemic period. With all these factors the market is expected to continue its growth over the forecast period.

Global BFSI A2P SMS Market: Segmentation

The global BFSI A2P SMS market is bifurcated based on component, deployment mode, application, end-user, and region. The component segment is classified into A2P service and platform. Based on the deployment mode, the global market is divided into cloud and on-premise. Based on application, the global BFSI A2P SMS market is categorized as pushed content services, customer relationship management (CRM), promotional campaign, interactive services, and other services. The end-user segment comprises individuals and corporate.

Global BFSI A2P SMS Market: Regional Analysis

North America is anticipated to remain the largest market for BFSI A2P SMS during the forecast period. Factors such as increasing digitalization in the banking sector, growing customer base, and rapid adoption of advanced marketing services by the BFSI sector in the region are primarily contributing to the growth of the market. Europe is expected to contribute healthy revenue. Asia Pacific is projected to register the highest CAGR over the forecast period. This is majorly due to the increase in adoption of digital tools in the BFSI sector, growing use of smartphones in developing countries, and growing internet connections.

Global BFSI A2P SMS Market: Competitive Players

Sinch, Tata Communications Limited, Twilio Inc., Orange S.A., AT&T Intellectual Property, Infobip Limited, Sify Technologies Limited, Proximus, and China Mobile Limited are some of the key participants that are operating in the global BFSI A2P SMS market.

Global BFSI A2P SMS Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.