Over the past decade, mobile phones have become multifunctional devices and a convenient way for companies to reach their customers. Companies can reach customers via mobile in several ways such as bulk SMS marketing and missed call services. Missed call services are adopted by companies for the purpose of lead generation, user registration, alert subscription, coupon delivery, conducting surveys, and getting feedbacks. Moreover, several organizations are utilizing missed call services in order to gain feedback from customers or to perform surveys about their products and services. E-commerce companies are using missed call services for cash-on-delivery verification, customer mobile number verification, and mobile validation.
The global missed call services market is expected to grow with a CAGR of 7.4% over the forecast period (2019–2027) owing to increasing adoption of missed call services by small and medium organizations for lead generation. Moreover, rising usage of cloud-based bulk SMS software is also expected to boost the market growth. However, data security concerns in cloud-based deployment are a major factor restraining growth of the market. Cloud-based deployment solutions store highly sensitive data related to customers' mobile numbers. A security breach can cause huge loss to the organization.
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Additionally, rapidly expanding IT industry in the U.S. is expected to create lucrative opportunities for missed call service providers in the region over the forecast period. According to The International Trade Administration (ITA), More than 40% of the US$ 5 trillion global IT market is in North America, and primarily in the United States. The industry accounts for US$ 1.8 trillion of the value-added GDP of the U.S., which is over 10% of the national economy) and 11.8 million jobs. Moreover, the presence of large manufacturers such as Apple Inc., Dell, and service providers such as Amazon.com, Inc. and Netflix are expected to boost the market growth in the region over the forecast period.
Market Dynamics
Growth of the global missed call services market is driven by rising adoption of missed call services by various end-use industries such as BFSI, IT & telecommunication, e-commerce, and retail, for registration of new customers in the company’s database or for re-setting or sending passwords of users’ accounts. Moreover, an increasing number of mobile users across the globe are boosting demand for missed call services across the globe. For instance, according to the India Brand Equity Foundation on February 2019, India accounts for nearly 30 million smartphone purchases every quarter, and it is expected that mobile phone subscriptions in India would reach 1.4 billion by 2021.
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Based on function, the lead generation segment is expected to exhibit the highest growth rate over the forecast period, owing to increasing adoption of missed call services across all end-use industries such as e-commerce, hospitality, BFSI, and education. Furthermore, online delivery partners use missed call service for customer’s mobile number verification, customer account activation, and for retrieving account password through a missed call from customer's registered mobile number.
Among deployment type, the cloud based segment is expected to exhibit the highest growth over the forecast period as it requires lower cost and less time for installation as compared to on premise-based deployment option. Furthermore, organizations operating in various industries are shifting towards the SaaS-based deployment option as it decreases the risk associated with cash flow oversight, increases productivity and efficiency, and provides improved reporting and analytical capabilities. For instance, according to Coherent Market Insights’ analysis, in 2017, SaaS-based services generated revenue of US$ 59.35 billion globally and is expected to increase up to US$ 114.6 billion by 2021.
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