Over-the-top [OTT] messaging platforms have gained a lot of popularity in recent years due to their capacity to support multiple media-sharing features. According to recent reports shared by Juniper Research, OTT messaging platforms are expected to grow by 3.75 times in the next five years.
The accumulated message bank is forecasted to reach 375 billion texts by the end of 2028. The insurmountable growth of OTT messaging platforms is directly influenced by the decline in mobile network quality which no longer remains compatible with SMS texting. Businesses along with general consumers have been compelled to switch over to OTT platforms to initiate seamless communication via messaging.
SMS networks have been infiltrated by scammers and telemarketing executives who have contributed to its downfall. Moreover, the rising prices of SMSs due to the enhanced competition level within the mobile network sector have triggered users to opt for an alternate solution.
Reasons for the Switch
The effective pricing strategy adopted by OTT business messaging platforms has worked in their favour. OTT platforms capitalise on the stagnating SMS market and conveniently redirect high-spending businesses away from the conventional messaging communication channel.
The platforms have adopted diverse strategies for every business level that enhance user experience. The introduction of multi-factor authentication also proves to be a contributing factor in creating a sense of goodwill and security among users. Businesses originating from the retail industry have been identified as major players as they are expected to generate a total revenue of $2.6 billion by 2028 alone.
OTT messaging platforms ensure the integration of critical business data which plays a vital role in enhancing retail e-commerce strategies. Moreover, the inclusion of payment amenities also benefits businesses to secure customers in the long run. These upgrades in OTT messaging have added more value and enhanced the convenience aspect for businesses around the globe.
Analysing the Future Prospects
Competitive business firms will always prefer communication channels that are directly influencing a seamless communication process. Moreover, the availability of cheaper cellular data packages will assist companies in maintaining a balance between mobile networks and OTT messaging reliance.
The overall reach of OTT messaging platforms is far superior to what SMS texting offers. Businesses can directly connect with potential and existing customers to provide viable solutions in real time. With an immediate change in the communication dynamics, individuals operating within this field must acknowledge this trend and make decisions accordingly.