Bulk SMS marketing services refer to software and services that enable organizations to send promotional text messages to targeted customers or subscribers at scale. Such services play a vital role in digital marketing as SMS offers high open rates of 98% and click-through rates of 20%, allowing marketers to directly reach mass audiences with personalized, relevant promotional content and drive sales/conversions. Bulk SMS services help brands gain instant customer insights via two-way engagement and provide cost-effective customer acquisition and retention.
The global Bulk SMS Marketing Services Market is estimated to be valued at US$ 4.95 Bn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
To effectively reach mass audiences with promotional content and gain customer insights, opportunities exist for Bulk SMS service providers. With rising internet and smartphone proliferation globally, the addressable audience for mobile marketing is growing rapidly. Recent surveys show SMS open rates are significantly higher than email open rates. As more businesses leverage the power of mobile and SMS for digital marketing, the demand for Bulk SMS services allowing easy, scalable delivery of promotional texts is poised to surge further over the coming years. This presents a huge market opportunity for established as well as new players offering cost-effective, feature-rich Bulk SMS solutions.
Porter's Analysis
Threat of new entrants: Low capital requirement and lack of economies of scale pose threat of new entrants in the bulk SMS marketing services market. However, established players continuous innovation and brand loyalty acts as a barrier.
Bargaining power of buyers: Buyers have high bargaining power due to availability of various vendors offering bulk SMS marketing services. Buyers can negotiate on price and location.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute resources. Players can switch to alternative suppliers in case of price rise by any supplier.
Threat of new substitutes: Technologies like WhatsApp Business, Instagram Stories act as substitutes but lacks wide reach of traditional SMS.
Competitive rivalry: High due to large number of global and regional players offering similar services differing in pricing and features.
SWOT Analysis
Strength: Wide reach of SMS. Mass customization and personalized SMS services.
Weakness: Regulations around spamming. Dependency on telecom operators infrastructure.
Opportunity: Growth in mobile subscriber base. Increasing trend of mobile marketing.
Threats: Regulations around data privacy. Popularity of alternative messaging platforms.
Key Takeaways
The Global Bulk Sms Marketing Services Market Size is expected to witness high growth during the forecast period owing to growing trend of mobile marketing. The global Bulk SMS Marketing Services Market is estimated to be valued at US$ 4.95 Bn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030.
Regional analysis of Asia Pacific: Asia Pacific dominates the global market with over 40% share majorly driven by countries like India and China. India has second largest smartphone user base in the world with over 500 million users. Growing e-commerce and m-commerce in the region has increased use of mobile marketing tools like bulk SMS.
Key players operating in the bulk SMS marketing services market are Arkema S.A., Covestro AG, DuPont, Inc., EOS GmbH, Evonik Industries AG, INTAMSYS, Prototal Industries, Stratasys Ltd., BASF SE, Saudi Basic Industries Corporation (SABIC), Huntsman International LLC., NatureWorks LLC. Key players are focusing on innovations and strategic partnerships to strengthen market presence.
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https://www.trendingwebwire.com/bulk-sms-marketing-services-market-size-share-growth-outlook-2023/
