- 12 June 2018 00:26
Telecom & IT sector to stimulate MVAS industry growth over 2017-2024, North America to majorly accelerate the regional revenue
MVAS market is anticipated to gain traction over the coming years, owing to its wide use in the telecom & IT, BFSI, education, retail, entertainment & media, education, government, and healthcare sectors. Intense competition across the mobile devices sector resulting in the declining costs of mobiles has forced the manufacturers and network operators to focus on mobile value-added services to enhance their product portfolio, which is expected to generate a profitable roadmap for the business. Portability of mobiles along with easy availability of various user-friendly mobile applications for making online payments, booking reservations, gaming, and watching movies has resulted in an escalation in MVAS market demand. As per Global Market Insights, Inc., “MVAS (Mobile value added services) industry is slated to hit USD 1300 billion by 2024, having attained a valuation of USD 400 billion in 2016.”
Considering the regional trends, APAC MVAS market is set to observe a notable expansion over the coming timeline, driven by the rampant popularity of smartphones, iPhones, and tablets. In addition, the widespread usage of novel technologies such as IoT and M2M in various firms to effectively handle the office activities will also spur the regional growth. India, South Korea, China, and Japan are likely to be the key revenue pockets.
LATAM MVAS industry is expected to grow considerably over the coming seven years, subject to favorable government policies facilitating convenient entry for mobile virtual network operators along with the promotion of cellular IoT services. The U.S., which contributed more than 25% of global MVAS market revenue in 2016, is foreseen to witness a substantial surge over 2017-2024 with the swift increase in the usage of digital media. The huge presence of digital media firms such as Amazon, Netflix, Apple TV etc., will further contribute towards the revenue.
Mobile value added services are playing a key part in enhancing the global reach and quality of online as well as distance education. Large-scale use of tablets and smartphones will provide a boost to MVAS industry growth across the education sector. MVAS market size will experience a significant surge across the telecom & IT sector as well, driven by the high demand for personalized, effective, and content-rich LTE network services such 3G & 4G.
SMS, infotainment, instant messaging, mobile money, and MMS are the major mobile value added solutions. Effective mobile value added services such as online banking, digital payment, digital wallet, and mobile remittance are expected to boost MVAS market value across the mobile money sector.
Gemalto N.V., Nokia Corporation, KongZhong Corporation, Baidu Incorporation, Mahindra Comviva, and Huawei Technologies Company Limited, AT&T Incorporation, Vodafone Group plc, and Google Incorporation are the major participants of MVAS industry.