SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global bulk SMS marketing services market is projected to exhibit a CAGR of 7.2% over the forecast period (2019 – 2027).
Key Trends and Analysis of the Bulk SMS Marketing Services Market:
Bulk SMS marketing services market growth is driven by rising adoption of artificial intelligence for bulk SMS services. Communication with customers is getting smarter with the implementation of artificial intelligence. AI chatbots directly engage with customers and also, it can serve a number of customers at the same time. Moreover, chatbots can send personalized messages to multiple customers at the same time, which further increases the engagement of customers.
The global bulk SMS marketing services market is segmented on the basis of component, deployment type, enterprise size, terminal type, type of SMS, end user, and region. Among terminal type, mobile-based segment held dominant position in the market in 2018 and it is expected to retain its dominant position over the forecast period, owing to rising sales of mobile phones across the globe. According to India Brand Equity Foundation (IBEF), mobile subscription in India is expected to increase up to 1.4 billion units by 2021.
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Among end user, the BFSI segment held dominant position in the market in 2018 and is expected to retain its dominance over the forecast period. This is owing to increasing adoption of bulk SMS marketing services by banking and other financial institutions to reduce theft and fraud management through one-time passwords (OTPs), sending messages for real-time transactions and fraud alerts. Moreover, cost required for sending notifications about their services and payment reminders to customers is low when bulk SMS services are used. Banks also use SMS service for credit card selling, reopening of withdrawn accounts, and others.
In 2017, North America held dominant position in the bulk SMS marketing services market and it is expected to retain its dominant position over the forecast period, owing to rising adoption of bulk SMS marketing services by major economies in the region. In addition, the U.S. government is focusing on improving the rules and regulations for bulk SMS across the country for protecting the privacy of customers in regards to commercial SMS messaging, i.e. the sending of marketing text messages on mobile phones. The Telephone Consumer Protection Act (TCPA) and the CAN-SPAM Act are applicable laws that are regulating marketing using SMS messaging in the U.S., which is boosting demand for bulk SMS marketing services in the region.
Key Market Takeaways:
- The bulk sms marketing services market is expected to witness a CAGR of 7.2% during the forecast period (2019–2027), owing to increasing adoption of bulk SMS marketing services by all end users
- Increasing adoption of transactional SMS across various end-use industries such as retail, travel, transportation, hotel, and BFSI is expected to boost the market growth over the forecast period. Retail stores send transactional messages about shipping details and purchase confirmation after purchasing. Online food delivery software or restaurants send transactional messages about the ordered food items, about the required delivery time or present status of the item.
Some of the major players operating in the global Bulk SMS marketing services market include-
agilecrm.com, Bitrix, Inc, Celerity Systems (Pty) Ltd, ClickSend, directSMS, Dove Soft Pvt Ltd., Exotel Techcom Pvt. Ltd, IMImobile, King Digital Pvt. Ltd., MessageBird., Osumare, SendPulse, Text Marketer, TextMagic Ltd, and others
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Market Segmentation:
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Global Bulk SMS Marketing Services Market, By Component:
- Software
- Services
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Global Bulk SMS Marketing Services Market, By Deployment Type:
- On-premise
- SaaS
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Global Bulk SMS Marketing Services Market, By Enterprise Size:
- SMEs
- Large Enterprises
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Global Bulk SMS Marketing Services Market, By Terminal Type:
- Mobile-based
- Desktop-based
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Global Bulk SMS Marketing Services Market, By Type of SMS:
- Transactional SMS
- Promotional SMS
- Alert SMS
- Personalize SMS
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Global Bulk SMS Marketing Services Market, By End User:
- Advertising & Event Management
- BFSI
- Cab Aggregator
- Media & Entertainment
- Retail
- Hotels & Resorts
- Others
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Global Bulk SMS Marketing Services Market, By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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