Increase in adoption of smartphones across the globe is a major growth driver for the mobile value added service market. There is a rise in usage of digital solutions, advanced applications, and value-added services in the market. The presence of multiple vendors has increased competition among Internet providers. Smartphones nowadays are used for checking different applications, web surfing, emails, social media interaction, etc. Mobile value-added services (MVAS) are services offered by telecom service providers to customers, apart from voice, SMS, and data services, in order to enhance the user experience. Reduced smartphone prices due to rising competition among manufacturers and service providers is expected to drive the mobile value added services market. Lower prices of smartphones have increased the penetration of mobile phones among the lower income population of emerging countries, leading to rising demand for mobile value added services.
There is an increasing need of smartphones due to the rapid growth in digitalization and adoption of technology in consumers. In addition, the expansion of the global smartphone market is due to rise in adoption of mobile value added services via online channels and responsible for the rising demand for smartphones. There is a growing popularity of online classrooms, virtual training, and meeting rooms due to digitalization in the education sector. The global spread of the COVID-19 pandemic has positively contributed to the online education segment. This is fuelling the market for mobile value added services across the globe. Market players are attracting customers by offering online education services. Digital devices are being increasingly used by consumers to manage data, courses, etc., of educational institutes. People are more likely to spend on online education services due to rising disposable income. All of these factors are responsible for the demand of mobile value added services.
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Over-the-top (OTT) media services are increasingly becoming popular across the globe. OTT platforms offer music and video streaming over the Internet. Some of the popular OTT platforms sucha s Hotstar, Netflix, Amazon Video, Hulu, and Disney+ are providing monthly, quarterly, or yearly subscriptions for their customers. The increasing trend of consuming fresh content at affordable prices is boosting the OTT segment growth, which is fueling the expansin of the mobile value added services market. These OTT platforms are value-added services, which are offered by telecom companies. In the entertainment industry, these platforms are highly popular due to the streaming of innovative content, so these platforms are creating value-grab opportunities for the market players.
Key providers of mobile value added services are focusing on developing cost-effective mobile value added services to attract customers. Market players are involved in the innovative growth strategies such as research & development, collaborations, and merger & acquisition with technology partners to improve their services and market presence.
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