The global SMS firewall market is touted to reach USD 3.31 Bn mark by 2023, at a staggering growth rate of CAGR 10.5% from 2017 to 2023, Market Research Future (MRFR) reports. The SMS firewall works with various mobile network operators and SMS aggregators to ensure a hassle-free service. Preventing illegal SMS traffic and stopping probable data leakage are some of the key SMS firewall functions. Purchase of smartphones is touted to be the biggest driver of the market.
Drivers and Restraints:
With various media & entertainment sectors, government, BFSI, and others SMS as a medium to disseminate information, installation of SMS firewall has become of prime importance. The rise in application to person (A2P) SMS, stringent government measures, and growing concern regarding safety and security have opened up avenues for the global SMS firewall market. Other advantages, such as enhanced customer experience, high adaptability, reduced operational cost, fast implementation can also impact the global market growth in a significant way.
However, lack of technical expertise in programming SMS firewalls and anomaly in functionality can deter the predicted global market growth rate.
The rise in disposable incomes of consumers has also triggered a shift in consumer behavior. People have now started using more advanced handheld devices and getting dependent on their smartphones for various applications, such as business productivity and financial transactions. Hence, service providers are coming up with new technologies to give clients a safer experience. For instance, Cloudmark has introduced The Cloudmark Safe Messaging Cloud (SMC) where a blend of data analytics, automated threat monitoring and a team of experts provides real-time solutions with extreme accuracy.
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The global SMS firewall market has been segmented by SMS type, service, organization, and end-user.
By type, the segments are, application to person (A2P), person to application (P2A), and others. The A2P segment is touted to grow the maximum during the forecast period (2016-2023). Almost all the industry verticals are now relying on A2P such as banking, finance, travel, and healthcare. These type of SMS are spam free and expected to take the global market demand to new levels.
Service-wise segmentation includes SMS, A2P SMS, SMS fraud, unstructured supplementary service data (USSD), send routing info, signaling errors, and others. USSD is quite similar to that of SMS service, but it comes with a specific time frame within which the transaction can only take place. A2P SMS have various implementations, such as alerts, one-time passwords (OTP) verifications, and promotional messages.
Organization-based segmentation is comprised of small and medium scale enterprises (SME) and large-scale enterprises. Various SMEs are adopting cloud-based SMS solutions owing to its cost-effective nature and flexible structure. This can boost the market further during the forecast period.
By end-user, the market is segmented into media & entertainment, BFSI, retail & wholesale, telecom & IT, manufacturing, healthcare, government, industrial, education, and others. The telecom & IT sector holds a significant market share owing to their extensive usage of cloud-based SMS firewalls. Industrial sectors are also showing rapid growth and expected to register a considerable CAGR over the forecast period.
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