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Written by Business News » Updated on: June 28th, 2024
IMARC Group, a leading market research company, has recently released a report titled "Mobile Value-Added Services (MVAS) Market Report by Solution (Short Messaging Service (SMS), Multimedia Messaging Service (MMS), Location Based Services, Mobile Email and IM, Mobile Money, Mobile Advertising, Mobile Infotainment, and Others), Device Type (Mobile Phone, Tablet PC, Laptop or Data-Card, and Others), End-User (SMBS, Enterprises), Vertical (BFSI, Media and Entertainment, Healthcare, Education, Retail, Government, Telecom and IT, and Others), and Region 2024-2032". The study provides a detailed analysis of the industry, including the mobile value-added services market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global mobile value-added services (MVAS) market size reached US$ 983.5 Billion in 2023. Looking forward, the market is expected to reach US$ 3,156.2 Billion by 2032, exhibiting a growth rate (CAGR) of 13.4% during 2024-2032.
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Factors Affecting the Growth of the Mobile Value-Added Services (MVAS) Industry:
Widespread Adoption of Smartphones and High-Speed Internet:
The widespread adoption of smartphones and high-speed internet connectivity acts as a fundamental driver for the MVAS market. As mobile phone penetration reaches unprecedented levels globally, there is a corresponding increase in the demand for mobile services that go beyond voice communication. High-speed internet has become more accessible due to advancements in mobile technology, such as fourth generation (4G) and the emerging fifth generation (5G) networks, which offer faster data speeds and more reliable service. This connectivity allows mobile users to access a variety of services and applications that enhance their mobile experience, such as streaming multimedia, real-time gaming, and instant communication, contributing to the market growth.
The Evolution of Innovative Technologies:
The evolution of innovative technologies such as artificial intelligence (AI), machine learning (ML), and blockchain is propelling the MVAS market forward. AI and ML are being integrated into mobile applications to provide more personalized user experiences, predictive services, and improved data analytics. For example, AI can enhance customer service through chatbots that provide instant, 24/7 customer support on various platforms. Blockchain technology offers secure and transparent transactions, which is particularly beneficial for mobile banking and payment services, ensuring user trust and safety. These technological advancements improve the functionality of existing mobile services and foster the creation of new ones, thereby bolstering the MVAS market.
The Rising Demand for Personalized and Content-Rich Services:
There is a significant rise in demand for personalized and content-rich services among mobile users. Consumers increasingly expect services that are tailored to their preferences and needs, from curated entertainment and news feeds to personalized shopping experiences and targeted advertising. This demand drives the development of sophisticated data analytics tools within MVAS, enabling service providers to analyze user data and deliver customized content and services. Additionally, the consumption of digital content such as videos, music, and games continue to grow, further fueled by the increased capabilities of mobile devices and improved data services, aiding the market demand.
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Mobile Value-Added Services (MVAS) Market Report Segmentation:
By Solutions:
Short messaging service (SMS) accounts for the majority of shares due to its widespread accessibility and cost-effectiveness, making it a preferred communication channel for businesses and individuals globally.
By Device Type:
On the basis of device type, the market is segmented into mobile phones, tablet PCs, laptops or data cards, and others.
By End User:
Enterprises dominate the market growth as they rely on MVAS for various business operations, including communication, marketing, and customer engagement.
By Vertical:
The government dominates the market due to its extensive use of MVAS for citizen services, emergency notifications, and public communication.
Regional Insights:
Asia Pacific enjoys the leading position due to its large population, rapid technological adoption, and expanding digital infrastructure.
Global Mobile Value-Added Services (MVAS) Market Trends:
The increasing mobile commerce activities, where consumers use their mobile devices for shopping and financial transactions, are strengthening the market growth. Concurrently, the rising popularity of mobile health applications and services, which provide convenience and accessibility to healthcare advice and monitoring, is impelling the market reach. Besides this, the global rise in remote working and learning, which increases reliance on mobile services for productivity and communication, is creating a positive outlook for market growth. Furthermore, the growing need for mobile security services as cyber threats evolve plays a crucial role thus supporting the market expansion.
Top Companies Operated in Mobile Value-Added Services (MVAS) Industry:
Key Highlights of the Report:
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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