Global MVAS Market to exceed $1.3 Trillion by 2024
Published Date: May 17, 2017 Authors: Preeti Wadhwani, Saloni Gankar
MVAS Market size is anticipated to exceed USD 1.3 trillion by 2024; according to a new research report by Global Market Insights.
The market growth can be attributed to introduction of LTE network services, IoT and growing inclination of customers to rely on the internet. Customers are willing to use mobile devices for booking tickets, gaming, making payments, and watching movies. With the handiness of mobile devices and availability of several mobile applications, customers are frequently using them almost everywhere, which is leading to the growth of the market globally.
The telecom sector has experienced considerable growth in the MVAS market. Demand for personalized, extremely relevant and content rich VAS has brought high growth prospects. Carrier providers are driving communication equipment providers and independent software vendors to help advance cost effective, dependable and well-tested applications, which are helping them generate revenue and improve customer satisfaction.
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With the falling prices of handsets and growing competition in the mobile device industry, handset manufacturers and network operators are shifting their focus on value added services to enrich their product portfolio and sustain industry presence. High investments in 3G and 4G services have been witnessed in the industry to help gain customer consumer base, thereby driving the market growth.
The penetration and reach of mobile devices can certify the distribution of a high amount of services in a fast, cost effective, and seamless way without the physical access. Owing to technology advancements, mobile devices at a low price can also support influential MVAS market applications allowing customers to check bank account information, receive personalized health alerts, exchange data through SMS, use entertainment-based services, and obtain vocational training.
Browse key industry insights spread across 200 pages with 99 market data tables & 10 figures & charts from the report, “Mobile Value-added Services (MVAS) Market Size By Solution (SMS, MMS, Instant Messaging/Email, Mobile Money, Infotainment), By Application (BFSI, Retail, Government, Healthcare, Education, Entertainment & Media, Telecom & IT), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, China, India, Japan, Mexico, Brazil), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Mobile gaming has been staking an increasingly vital claim in several European and Asian countries since the last few years. Due to rolling out of popular internet based mobile games such as Rollercoaster Tycoon and Pokémon Go! which use extensive mobile internet, operators are providing several VAS packages on internet subscriptions.
Mobile education is playing a vital role in increasing the reach and quality of education globally. The growth in smartphone and tablet adoption is projected to offer impetus to the education sector in the market.
Asia Pacific MVAS market is anticipated to witness substantial growth during the forecast period propelled by rising usage of mobile devices such as tablets and smartphones. Government administrations in this region are taking efforts to spread the usage of such devices.
The necessary infrastructure is being built in economies such as China, India, Japan and South Korea with a great speed that is supporting the industry growth. In addition, increasing demand for innovative technologies such as IoT and M2M in enterprises to manage the workforce coupled with employee and company-owned smart device implementation will fuel demand.
Industry participants include Amazon, Apple, Inc., Baidu, Inc. Gemalto N.V., Huawei Technologies Co., Ltd, Nokia Corporation, Mahindra Comviva, etc.
While several companies are mainly focused on corporate learning or providing exam alerts, there is great scope for the segment in distance education & tutoring services, mobile reading, language training, and vocational training on specific subjects. It is anticipated that these services will help customers increase their learning efficiency and will thereby positively impact the market growth.