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Steering Telecom Advancements with Mobile Value Added Services
Consumers are demanding for more entertainment services: the increasing number of active mobile users, availability of data packs at lower prices is driving the mobile VAS marketing growth. The traditional telecom services like email, Short Message Service (SMS), and Multimedia Services (MMS) are overruled by the Value Added Services (VAS) and various internet-based applications.
Music and gaming tools highly influence the telecom sector growth as most of the youngsters are interested in them. The telecom sector has the potential to grow with other mobile services like m-commerce, mobile banking, and location-based services along with VAS. The challenge for the telecom industry is to retain the customers to use their services as the internet-based applications are attracting more consumers. The mobile VAS is expanding its services to rural areas where there is more need for banking, gaming, and music.
Check This Out: Top VAS Companies
For the last three generations— 2g, 3g, and 4g—there was a need for additional hardware and software in fundamental architecture. However, with 5g, the focus shifts to VAS, NFV/SDN which will deliver more speed, better communication services, and efficient network utilization. From 2g to 4g, the goal was to enhance the network, but the 5g service is expected to aim at improving customer experience. According to Market Researcher, mobile gaming and music are expected to grow rapidly from 2017-2023 as the consumers demand innovative and personalized forms of entertainment.
The easy access and reach of mobile devices drive the fast, cost-effective, and seamless distribution of a high number of services without physical access. Due to technological advances, low-cost mobile devices can also support influential MVAS market applications that enable customers to check bank account information, receive personalized health warnings, exchange data via text messages, use entertainment services, and get vocational training. The Asia-Pacific MVAS market is expected to grow significantly due to the increasing use of mobile devices like tablets and smartphones. Global Mobile VAS Market, valued at around $355.7 billion in 2016, is projected to grow at a healthy growth rate of over 15.5 percent over the 2018-2025 forecast period. Thus, the telecom sectors need to focus more on product developments to enhance the customer experience.