The mobile value-added services (VAS) market size is expected to grow by USD 342.50 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Mobile Value-added Services (VAS) Market 2020-2024 (Graphic: Business Wire)
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There has been a rapid increase in the number of smartphone users worldwide. The number of smartphone users with active connections constituted around 60% of the global active mobile connections in 2019. Consumers are increasingly using mobile devices for various purposes, ranging from gaming and web-browsing to e-commerce and social media interaction. The adoption of smartphone devices and tablets has been largely driven by users’ needs to access content on-the-go. With improvements in the Internet speeds and technological infrastructure, especially in emerging economies such as India and China, the smartphone penetration would continue to increase during the forecast period. This, in turn, is expected to drive the global mobile VAS market during the forecast period.
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As per Technavio, the digitization of key industries will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Mobile Value-added Services (VAS) Market: Digitization of Key Industries
With the rapid advent of urbanization, mobile Internet and technology are playing a profound role in customers’ day to day activities. The digitization of key industries such as transport and banking signifies the prominence of mobile-based services. For instance, the global popularity of cab booking applications, such as Uber and Ola, where customers can avail of transport through mobile location-based service (LBS) applications, has revolutionized the transport sector. The banking sector has also seen a rise in mobile-based services, with customers availing banking services on-the-go. While the developed economies have seen a gradual adoption of cashless payment systems, the emerging economies are witnessing rapid growth in mobile banking and digital payment systems. Hence, the growth of digitization in key industries is expected to drive the global mobile VAS market during the forecast period.
“Other factors such as the rapid penetration of mobile broadband, and the convenience of mobile payments will have a significant impact on the growth of the mobile VAS market value during the forecast period,” says a senior analyst at Technavio.
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Mobile Value-added Services (VAS) Market: Segmentation Analysis
This market research report segments the mobile value-added services (VAS) market by product (Mobile advertising, Mobile games, Mobile music and video streaming, Mobile money and m-commerce, and Mobile publications) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the mobile value-added services (VAS) market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rapid penetration of smartphones and mobile broadband in emerging economies such as China and India and the digitization of key industries.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20200825005554/en/