Study says global mobile value-added services (mVAS) market is set to be worth a staggering $2.6trn by 2031 up from $869bn in 2024
The global mobile value-added services (mVAS) market is set to be worth a staggering $2.6 trillion by 2031, growing at 14% a year from $869 billion in 2024, driven by a global surge in social media use and smartphone penetration – and leading to growing opportunities worldwide for MNOs and the telemedia value chain.
According to the latest data from The Insight Project, mVAS – which it defines as all messaging, mobile money, location services, mobile advertising and mobile infotainment – is growing rapidly, driven by increasing end-user demand powered by evolving consumer preferences, technological advancements and greater awareness of the benefits mVAS brings.
Equally, says the study, as demand rises businesses are expanding their offerings, innovating to meet consumer needs and capitalising on emerging trends, which further fuels market growth.
Within this, rapidly growing smartphone penetration and the attendant use of social media is bringing even more consumers into using other mobile content, entertainment and payment services, driving even more growth in telemedia.
Smartphones are being used for accessing various internet applications such as browsing, messaging and interacting on social media platforms. In many regions, telecom providers offer a wide range of the underlying mVAS including voice, SMS and data services, among other additional services, to improve the overall user experience, which itself is driving growth across the digital sector.
The growing availability of budget-friendly smartphones is another key factor, boosting device adoption among populations and demographics with low income, which contributes to the demand for mobile value-added services worldwide.
Thus, says the report, the growing significance of social media platforms and the widespread use of smartphones are key factors fuelling market growth. On top of this, a diverse range of novel and inventive personalised mobile applications and mVAS are being introduced by telcos and service providers worldwide to address evolving consumer demands.
Moreover, the desire for tailored value-added services from both businesses and consumers contributes to the expansion of the telemedia market. This trend highlights the industry’s commitment to meeting the evolving needs of consumers and businesses through cutting-edge mobile solutions and services, says the study.
