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Written by Business News » Updated on: November 01st, 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, IMARC Group expects the market 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:
Increasing Smartphone Penetration:
As smartphone penetration continues to rise globally, an increasing number of consumers have access to mobile internet services and advanced mobile applications. Smartphones serve as the primary gateway for accessing MVAS, providing users with the necessary hardware and connectivity to utilize a wide range of value-added services (VAS) such as mobile payments, entertainment, messaging apps, and digital content consumption. The growing availability of affordable smartphones, coupled with improving network infrastructure and data affordability, further accelerates smartphone adoption, expanding the addressable market for MVAS providers. As more consumers rely on smartphones for daily activities, the demand for convenient and innovative VAS on mobile platforms is contributing to the market growth.
Evolving Consumer Preferences:
Consumers seek personalized and convenient solutions that cater to their specific needs and preferences. MVAS providers capitalize on this trend by offering a diverse range of services tailored to different consumer segments, including entertainment, communication, healthcare, finance, and education. For instance, mobile gaming, streaming services, and social media platforms are popular MVAS categories that cater to the entertainment and socialization needs of consumers. Similarly, mobile payment solutions and digital wallets address the growing demand for convenient and secure financial transactions on mobile devices. By understanding and adapting to evolving consumer preferences, MVAS providers can develop innovative services that resonate with their target audience, bolstering the market growth.
Technological Innovations:
Technological innovations drive continuous advancements in MVAS offerings, enhancing the quality, functionality, and user experience of mobile value-added services. Emerging technologies such as fifth-generation (5G) connectivity, artificial intelligence (AI), augmented reality (AR), and machine learning (ML) enable MVAS providers to develop more sophisticated and immersive services that leverage the capabilities of modern smartphones. For example, AI-powered virtual assistants and chatbots enhance customer support and interaction in MVAS applications, while AR technologies enable immersive gaming experiences and interactive marketing campaigns. Additionally, advancements in mobile payment technologies and security solutions for mobile commerce and financial services are strengthening the market expansion.
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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 expansion of mobile-based health and wellness services, as consumers increasingly seek convenient access to digital health solutions, such as telemedicine consultations, fitness apps, and remote health monitoring, is supporting the market growth. Concurrently, the demand for localized and hyper-targeted marketing solutions, as businesses leverage MVAS to deliver personalized promotions, location-based offers, and targeted advertising campaigns to consumers, driving engagement, customer retention, and revenue generation through mobile channels, impelling the market reach. Besides this, the increasing integration of MVAS into Internet of Things (IoT) ecosystems, as connected devices and smart appliances rely on MVAS for data exchange, remote control, and automation, is providing an impetus to the market growth.
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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