According to Global System for Mobile Communications (GSMA) association, mobile technologies and services produced 4.6% of GDP on a global basis, valued $3.9 trillion in 2018, which is projected to reach $4.8 trillion (4.8% of GDP) by 2023 This growth is intended to benefit worldwide countries with the improvements in both the productivity and efficiency through increased take-up of mobile services. Value Added Services (VAS) technology providers have increased their focus towards developing personalized content based on consumer experience and original equipment manufacturers. It is leading to the rise in number of innovations in smartphones and mobile devices, which is resulting in the growth of MVAS market. According to IndustryARC, the MVAS market valued at $340 million in 2018, and is set to grow with a CAGR of 12.34% throughout the forecast period 2019-2025.
The report is titled: “Mobile Value Added Services (MVAS) Market: By Application (Financial, Utilities, Lifestyle, Advertising, Broadcasting, Others); By Device Type (Mobile, Tablet, Laptop, PC, Desktop, Others); By Modules (Commerce, Advertising, Location, Others) - Forecast (2019-2025).” This report presents a detailed analysis of mobile value added services, its various applications in financial transactions, advertising, broadcasting, in lifestyle and different modules. Additionally, it provides information about the growth drivers and opportunities of the MVAS market.
MVAS Market: Leading Segments
APAC reckoned a regional share of 38.4% in the global MVAS market in 2018, due to the already established MVAS market in China and Japan. The combined research of Wipro Technologies and the Internet and Mobile Association of India (IAMAI) has stated that there is a rise in the number of opportunities for both domestic and global mobile operators in the Indian MVAS market, to provide better network and connectivity, and also to increase their base by testing new VAS offerings. Furthermore, the increase in the usage of smartphones and tablets are driving the trend of MVAS in India. According to the GSM association, the Indian mobile economy is growing at a rapid pace. Recent developments such as multiple number of google play downloads in 2018, Bharti Airtel launch of 6,000 new sites in Gujarat during 2018-2019, and 5% rise in the mobile wallet transaction in July 2018 in India are contributing to the growth of MVAS market in this country. Six-fold rise in the Indian government spending, especially on telecommunications infrastructure and services is boosting the MVAS market demand in APAC region.
Mobile phones play significant role in outspreading financial services among global population. Financial transactions done with mobile wallet services, mobile remittance services, and business correspondence model-based services are contributing in the growth of MVAS revenues. Therefore, financial application is identified as the fastest growing segment at a CAGR of 14.14% during aforementioned period.
MVAS Market Trends
- 5G network potential is paving path to new product and service innovation in the telecommunication sector. Moreover, 5G technologies are projected to contribute $2.2 trillion to the global economy during a span of 15 years. Additionally, 5G provides 41% improved mobile service coverage and acting as a host of new exciting services. This network is allowing many operators to explore more apart from the traditional telecommunication businesses. Thus, these factors are collectively boosting the MVAS market growth in the fast-changing competitive landscape.
- Till 2018, nearly 5.1 billion people subscribed to mobile service all over the world. It indicates that almost 67% of the global population has subscribed for mobile services. It is estimated that mobile subscribers to reach 71% of the population by 2025. This increase in subscription for mobile services is due to the increasing interest of consumers particularly in gaining enriched and transformational education, health, finance and entertainment services through a smart phone.
- Internet of Things (IoT), and growing trend among people to rely on the Internet and their willingness to use mobile devices for booking tickets, watching movies, gaming, making payments, and doing office works are escalating the demand for uninterrupted mobile value added services. .
- The MVAS vendor provides SMS, mobile email, mobile advertising, location-based services, mobile money, and mobile infotainment solutions to fulfil customer necessity. These solutions are the key strategy to enable operators with a specific customer base and expand the market presence and uplift the business value.
MVAS Market: Competitive Landscape
Comverse, Tapjoy, Onmobile, Lumata, Mozat, Google, Comviva Technologies, AT&T, Vodafone, Apple, OnMobile, KongZhong, One97 Communication, and InMobi are some of the foremost companies operating in the global MVAS market.
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About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.