Missed Call Services Market - Insights
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.
Figure 1. Global Missed Call Services Market Share (%), by Region, 2027
Source: Coherent Market Insights, 2018-19
North America is expected to be the largest and fastest-growing region in the Missed Call Services market over the forecast period owing to the increasing number of SME’s in the North America region, which will further boost the requirement of missed call services in the region. For instance, according to Congressional Research Service, gross employment gains from opening startup in the US, in the year 2010 was 3.23 million, which was increased up to 3.76 million by the year 2018.
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.
Figure 2. Global Missed Call Services Market Share (%), By Function, 2027
Source: Coherent Market Insights, 2018-19
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.
Some of the major players operating in the global Missed Call Services market include CloudShope Technologies Pvt. Ltd., C-Zentrix, Exotel Techcom Pvt. Ltd, Hakimi Solutions, Knowlarity Communications Pvt. Ltd., LeadNXT, OneRing.in, OZONETEL, Sarv, SparkTG, WebXion Technologies LLP, ZNI Wireless Pvt. Ltd. and others.