Global Premium Messaging Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Inquiry And Search Related Services, Voting And Entertainment, Authentication Services, Notifications And Alerts, Promotional And Marketing Services, Others), By Traffic (Multi-Country, National), By Industry (Telecom And IT, BFSI, Retail And E-Commerce, Travel And Tourism, Media And Entertainment Enterprises, Others), And By Geography - Forecasts From 2021 To 2026

The global premium messaging market is evaluated at US$63.980 billion for the year 2019 and is projected to grow at a CAGR of 5.19% to reach the market size of US$91.180 billion by the year 2026.

Market Overview.

Premium messaging is referred to a special program that can be subscribed to by giving an additional fee. For such a subscription, an increased amount is charged for the service which either reflects on the bill if the phone is postpaid or is deducted from the prepaid credit. 

The premium messaging services are widely used for participation in various types of contests or lucky draws being broadcast on TV or radio,  for spoil alerts, horoscopes, weather alerts or to participate in interactive radio or TV shows. Moreover, premium messaging are mostly text-based and are also used for making donations, subscription or voting services.

Key market drivers.

Few factors including the rising subscription base of mobile services, emphasis on improving customer interaction, and wide utilization of communication devices are responsible for the global growth of the premium messaging market. Moreover, the cost-effectiveness of SMS coupled with continuously dropping prices of premium messages and instant delivery of messages are some factors contributing to the market growth significantly. However, increasing instances of mobile messaging spam and the adoption of illegitimate routes for sending messages can hamper market growth.

The surge in the adoption of two-factor authentication is anticipated to be a tailwind to the market during the forecast period.

Two-factor authentication has gained significant traction in recent years given the rise in the number of cyber-attacks and mobile messaging spam. Key features of SMS include instant delivery, high open rate, and cost-effectiveness. Despite the fact that only private financial institutions initially adopted two-factor authentication, this feature is now increasingly being implemented by companies across all industry verticals for numerous applications such as new registration authentication, password resets, and changes in user profile information.

Innovations done in order to enhance the customer interface will drive the market in the coming years.

Several sectors have adopted SMS services for various purposes in recent years. With the increase in the adoption of bringing your own device trend coupled with the boom in the concept during the year 2020, the demand has increased in several end-use sectors as well. 

Impact of COVID-19 on the Premium Messaging Market

The advent of COVID-19 had a positive impact on the premium messaging market given the shift towards digitally working during the period as several industries opted for work from home coupled with bringing your own device trends to restrict human contact while continuing operations virtually. The adoption of digital services increased in the year 2020 with the emergence of several coworking platforms like Zoho amongst others. The demand for premium messaging is expected to continue with the same trend in the coming years given the rise in the market penetration of mobile users and subscribers

Global Premium Messaging Market Scope:

Segmentation

By Application

Inquiry And Search Related Services

Voting And Entertainment

Authentication Services

Notifications And Alerts

Promotional And Marketing Services

Others

By Traffic

Multi-Country

National

By Industry

Telecom And IT

BFSI

Retail And E-Commerce

Travel And Tourism

Media And Entertainment Enterprises

Others

By Geography

North America

USA

Canada

Mexico

South America

Brazil

Argentina

Others

Europe

Germany

France

UK

Others

Middle East & Africa

Saudi Arabia

UAE

Others

Asia Pacific

China

India

Japan

South Korea

Taiwan

Thailand

Indonesia

Others

Frequently Asked Questions (FAQs)

Q1. What will be the premium messaging market size by 2026?
A1. The global premium messaging market is projected to reach a total market size of US$91.180 billion in 2026. 

Q2. What are the growth prospects for the premium messaging market?
A2. The premium messaging market is projected to grow at a CAGR of 5.19% during the forecast period.

Q3. What is the size of global premium messaging market?
A3. Premium Messaging Market was valued at US$63.980 billion in 2019.

Q4. How is the premium messaging market segmented?
A4. The global premium messaging market has been segmented by application, traffic, industry, and geography.

Q5. What factors are anticipated to drive the premium messaging market growth?
A5. Few factors including the rising subscription base of mobile services, emphasis on improving customer interaction, and wide utilization of communication devices are responsible for the global growth of the premium messaging market.