# A2P SMS and CPaaS Market

> A2P SMS and CPaaS market: USD 84.09 billion in 2025 and USD 137.69 billion by 2035 (5.05% CAGR), as OTP traffic and RCS business messaging lift spend.

Publisher: Douglas Insights  
Author: Douglas Insights Research Desk  
Report code: DI-IT-10723  
Published: 2026-10-13  
Last updated: 2026-10-13  
Next review: Apr 2027  
Page: https://www.douglasinsights.com/a2-p-sms-and-c-paa-s-market/

## Key figures

| Measure | Value | How it is built |
| --- | --- | --- |
| Market size · 2025 | $84.09 Bn | 9.2 billion subscriptions x USD 9.14 spend per subscription = USD 84.09 billion |
| Forecast · 2035 | $137.69 Bn | Base case, USD 137.69 billion |
| Revenue CAGR · 2026-2035 | 5.05% | Subscriptions and spend per subscription compound |
| Volume · 2035 | 10.80 billion subscriptions | 9.2 billion grown at 1.62% a year |
| Leading segment | Transactional and OTP A2P SMS, 52.6% | USD 44.23 billion in 2025 |
| Fastest segment | Conversational messaging APIs, 12.6% | WhatsApp Business, RCS and in-app chat |
| Fastest region | Middle East and Africa, 7.57% | Mobile money and banking OTP traffic |
| Market leader | Twilio, about 5.6% share | Douglas Insights estimate; USD 5.07 billion 2025 revenue |
| Event | FCC text-blocking rule, 24 July 2024 | Federal Register, FCC 23-107 |

## Key takeaways

- Douglas Insights sizes the A2P SMS and CPaaS market at USD 84.09 billion in 2025, from 9.2 billion subscriptions times USD 9.14.
- Revenue reaches USD 137.69 billion by 2035, a 5.05% CAGR.
- Transactional and OTP A2P SMS holds 52.6% of value; conversational messaging APIs grow fastest at 12.6% a year.
- Asia Pacific leads with USD 30.52 billion; the Middle East and Africa grows fastest at 7.57%.
- Twilio holds about 5.6% share and the top three about 12.4%, on Douglas Insights estimates.

Some 9.2 billion mobile-cellular subscriptions were live worldwide in 2025, or 112 for every 100 people, according to the [International Telecommunication Union (ITU) Facts and Figures 2025 count](https://www.itu.int/itu-d/reports/statistics/2025/10/15/ff25-subscriptions/), and that installed base is the inbox for every bank one-time password (OTP) and parcel alert. The A2P SMS and CPaaS market covers application-to-person (A2P) short message service (SMS) traffic, the messages software sends to phones, plus communications platform as a service (CPaaS), the cloud application programming interfaces (APIs) that let enterprises build SMS, voice, video, chat-app messaging and verification into their own apps. Douglas Insights sizes the A2P SMS and CPaaS market at USD 84.09 billion in 2025: 9.2 billion subscriptions times an average enterprise messaging and API spend of USD 9.14 per subscription a year. Spend rises to USD 137.69 billion by 2035, a revenue CAGR of 5.05%, as subscriptions add 1.62% a year and spend per subscription 3.38%. Junk traffic met a harder wall when the Federal Communications Commission (FCC) text-blocking mandate took effect on 24 July 2024 under its [Second Report and Order on unlawful texts](https://www.govinfo.gov/content/pkg/FR-2024-01-26/html/2023-28832.htm). The study belongs to our [telecom and networks](https://www.douglasinsights.com/industry/ict-semiconductors/telecom-networks/) coverage and follows the [Douglas Insights research methodology](https://www.douglasinsights.com/research-methodology/).

## Which A2P SMS and CPaaS segment makes the money: OTP traffic, promotions or chat-app APIs?

Transactional and OTP A2P SMS makes the money: USD 44.23 billion, or 52.6% of the USD 84.09 billion A2P SMS and CPaaS market in 2025. Banks, wallets and marketplaces still send one-time passwords over SMS to every handset, smart or not.

| Segment | Share of 2025 value | 2025 value | Growth 2026-2035 | 2035 value |
| --- | --- | --- | --- | --- |
| Transactional and OTP A2P SMS | 52.6% | USD 44.23 billion | 3.3% | USD 61.20 billion |
| Promotional A2P SMS | 21.4% | USD 17.99 billion | 1.1% | USD 20.08 billion |
| Conversational messaging APIs | 10.8% | USD 9.08 billion | 12.6% | USD 29.75 billion |
| Voice and video APIs | 6.9% | USD 5.80 billion | 4.8% | USD 9.27 billion |
| Verification and identity APIs | 5.6% | USD 4.71 billion | 11.4% | USD 13.86 billion |
| Email and other channel APIs | 2.7% | USD 2.27 billion | 6.7% | USD 4.34 billion |

Transactional and OTP A2P SMS carries USD 44.23 billion because login codes, payment confirmations and delivery alerts are low-tolerance traffic that enterprises refuse to send over a channel without universal reach. The segment grows 3.3% a year to USD 61.20 billion. Promotional A2P SMS holds 21.4%, worth USD 17.99 billion, but grows only 1.1% a year as consent rules and chat apps pull marketing budgets away; it ends at USD 20.08 billion.

Conversational messaging APIs, covering WhatsApp Business, Rich Communication Services (RCS) and in-app chat, are worth USD 9.08 billion at a 10.8% share. Conversational messaging APIs are the fastest-growing segment at 12.6% a year, reaching USD 29.75 billion by 2035, because a branded, two-way thread converts better than a 160-character text. Voice and video APIs take 6.9%, or USD 5.80 billion, and grow 4.8% as contact centres embed click-to-call. Verification and identity APIs hold 5.6% (USD 4.71 billion) and grow 11.4% a year, since silent network checks replace part of the OTP flow. Email and other channel APIs close the list at 2.7%, USD 2.27 billion, rising 6.7% a year.

By end user, banking and financial services, retail and e-commerce, healthcare and government buy most of the traffic. By delivery model, CPaaS spend splits between direct operator connections, aggregator routes and self-serve APIs.

## Why are one-time passwords and RCS conversations driving A2P SMS and CPaaS demand?

Douglas Insights expects a 1.62% yearly gain in reachable subscriptions and a 3.38% rise in spend per subscription to carry A2P SMS and CPaaS revenue from USD 84.09 billion to USD 137.69 billion. The volume leg comes from new handsets in emerging markets; the price leg from richer channels and authentication.

New mobile connections in South Asia and Africa supply 0.74 points of the 1.62-point volume leg. ITU puts mobile broadband at 99 subscriptions per 100 inhabitants in 2025, so the remaining headroom sits in lower-income markets where SMS is the default business channel. Every new prepaid SIM there becomes an OTP endpoint within weeks of activation, which is why A2P SMS and CPaaS volume tracks subscriber additions so closely.

Second numbers and business-registered lines add 0.51 points. Enterprises now register dedicated sender numbers for each brand, region and use case, and Twilio alone reported more than 402,000 active customer accounts at the end of 2025. More registered senders mean more counted lines carrying billable A2P traffic across the subscription base. Douglas Insights estimates the FCC text-blocking mandate of 24 July 2024 supplies 0.08 of those 0.51 points by pushing US senders onto registered numbers.

Upgrades to 5G handsets add the final 0.37 points of volume, because each upgrade brings an RCS-capable client onto the network. ITU counts 36% of mobile broadband subscriptions as 5G in 2025. [Infobip announced on 9 September 2025](https://www.infobip.com/news/infobip-surpasses-10bn-rcs-messages) that its platform had delivered more than 10 billion RCS business messages, with RCS usage up 500% year on year and North American volume up 1,400% after Apple added RCS to iOS 18. Rich messages bill at a premium to plain SMS, so RCS lifts CPaaS spend per subscription as well as reach.

On the price side, Douglas Insights attributes 1.71 of the 3.38 price points to conversational and verification APIs, 1.02 points to carrier fees passed through on registered traffic and 0.65 points to voice and video embedding. The sum, 0.74 plus 0.51 plus 0.37, equals the 1.62-point volume leg.

Authentication is the steadiest of these A2P SMS and CPaaS drivers. Douglas Insights counts at least one OTP per digital banking login and per card-not-present payment, and banking and financial services already buy about 31.4% of 2025 spend. As instant payments spread across India, Brazil and Southeast Asia, each new wallet user adds dozens of verification messages a year, and verification and identity APIs grow 11.4% a year on top of that SMS base.

## Which headwinds from grey routes and OTT chat apps slow A2P SMS and CPaaS revenue?

Three headwinds remove about 1.35 points a year from A2P SMS and CPaaS spend growth: grey-route termination, free OTT chat substitution and stricter consent rules. Without them, Douglas Insights would carry spend per subscription at roughly 4.73% a year instead of 3.38%.

Grey routes remove 0.48 points. Traffic that enters an operator through a SIM farm or a person-to-person interconnect escapes the A2P termination fee, so the CPaaS vendor and the operator both lose revenue. Our sibling [Mobile Value Added Services (MVAS) Market](https://www.douglasinsights.com/mobile-value-added-services-mvas-market/) study tracks the same leakage on the operator side.

Substitution by WhatsApp, Telegram and other OTT apps removes 0.62 points. A notification sent free through an app push replaces a paid SMS, and promotional A2P SMS, growing only 1.1% a year, absorbs most of that loss.

Consent and filtering rules remove 0.25 points. The FCC cites about 225.7 billion spam texts a year in the United States; Douglas Insights estimates that registration, vetting and blocking add 2 to 3 weeks to a new sender's launch and cut low-quality marketing volume.

## How much do enterprises pay per SMS segment, and what carrier fees sit on top for A2P SMS and CPaaS traffic?

US enterprises pay about USD 0.0083 per outbound SMS segment on Twilio's list price, plus carrier fees of USD 0.0035 to USD 0.005. A2P SMS and CPaaS pricing therefore lands near USD 0.012 to USD 0.013 per delivered US message before volume discounts.

Twilio's US list shows the same USD 0.0083 base for long codes, toll-free numbers and short codes, with MMS at USD 0.022 per message. Carrier fees vary: AT&T charges USD 0.0035, T-Mobile USD 0.0045 and Verizon USD 0.005 per long-code segment. A failed-message processing fee of USD 0.001 applies to undelivered sends.

International termination costs far more. Twilio lists India at USD 0.0832 per segment for international senders, about 10 times the US base, because international A2P termination into India carries a steep premium on the list. Large CPaaS buyers negotiate committed-use discounts that Douglas Insights puts at 20% to 45% below list for senders above 100 million messages a year.

Across all traffic, the average enterprise spend works out at USD 9.14 per subscription in 2025, rising to USD 12.74 by 2035 as rich channels gain share.

## Which CPaaS vendors and aggregators win enterprise messaging traffic?

Douglas Insights estimates Twilio holds about 5.6% share of 2025 A2P SMS and CPaaS revenue, and the top three platforms (Twilio, Sinch and Infobip) about 12.4% of revenue. Mobile operators keep roughly 41.8% of end-user spend as termination fees, so platform vendors compete for a thinner slice.

| Company | Disclosed figure | Position built on |
| --- | --- | --- |
| Twilio | USD 5.07 billion revenue, 2025 | Self-serve APIs, 402,000 active customer accounts |
| Sinch | SEK 27.08 billion net sales, 2025 | Operator connections and enterprise SMS volume |
| Infobip | 10 billion RCS messages delivered | 800+ direct operator connections, RCS and chat apps |
| Route Mobile (Proximus) | INR 4,575.62 crore revenue, fiscal 2025 | India and emerging-market A2P SMS routes |
| Tanla Platforms | INR 4,028 crore revenue, fiscal 2025 | Indian enterprise SMS and anti-spam ledger tools |
| Bandwidth | About 40% of 2025 revenue from programmable messaging | Owned US number network and 10DLC tooling |
| Vonage (Ericsson) | SEK 11.4 billion impairment, mainly Vonage | Voice, video and network API exposure |

[Twilio reported on 12 February 2026](https://www.twilio.com/en-us/press/releases/Q4-full-year-2025-earnings) full-year 2025 revenue of USD 5.07 billion, up 14%, and more than 402,000 active customer accounts. Douglas Insights attributes about USD 4.71 billion of that to this market, the rest to customer data tools; its edge is developer self-service.

[Sinch reported on 17 February 2026](https://www.group.sinch.com/media/press-releases-and-news/2026/sinch-reports-fourth-quarter-and-full-year-2025-results--strengthened-financial-performance-and-continued-market-leadership/) 2025 net sales of SEK 27.08 billion and gross profit of SEK 9.43 billion, with 1% organic sales growth and 4% organic gross profit growth. Sinch is built on direct operator connections and high-volume enterprise SMS, and its gross margin direction matters more than its top line.

Infobip, privately held, reports more than 800 direct operator connections and over 10 billion RCS messages, the only RCS volume disclosed among the vendors in this study. Route Mobile, now part of Proximus Group, reported revenue from operations of INR 4,575.62 crore for fiscal 2025. Tanla Platforms reported INR 4,028 crore of fiscal 2025 revenue from Indian enterprise SMS. Bandwidth earns about 40% of its revenue from programmable messaging on its own US number network; Douglas Insights estimates that vendors with registration tooling, Bandwidth among them, gained most after the 24 July 2024 FCC mandate. Ericsson took a SEK 11.4 billion non-cash impairment mainly tied to Vonage, citing lower anticipated growth in Vonage's current portfolio.

## Where does A2P SMS and CPaaS revenue grow fastest, and which region surprises?

Asia Pacific leads with USD 30.52 billion, a 36.3% share of A2P SMS and CPaaS revenue in 2025. The Middle East and Africa grows fastest at 7.57% a year on new mobile money and banking OTP traffic from first-time smartphone owners.

| Region | 2025 value | Share | CAGR 2026-2035 | 2035 value |
| --- | --- | --- | --- | --- |
| Asia Pacific | USD 30.52 billion | 36.3% | 5.84% | USD 53.84 billion |
| North America | USD 24.13 billion | 28.7% | 4.11% | USD 36.10 billion |
| Europe | USD 16.14 billion | 19.2% | 3.52% | USD 22.82 billion |
| Latin America | USD 7.65 billion | 9.1% | 5.63% | USD 13.23 billion |
| Middle East and Africa | USD 5.63 billion | 6.7% | 7.57% | USD 11.69 billion |

Asia Pacific reaches USD 53.84 billion by 2035 at 5.84% a year, led by India, Indonesia and the Philippines. North America holds USD 24.13 billion today and grows 4.11% to USD 36.10 billion, with carrier fees on registered traffic lifting price more than volume. Europe, at USD 16.14 billion, grows slowest at 3.52% because chat apps already carry much of the customer service load there.

Latin America adds 5.63% a year from USD 7.65 billion, as Brazil's instant-payment users trigger OTP flows. The Middle East and Africa doubles from USD 5.63 billion to USD 11.69 billion. The wildcard is Indonesia, where a single operator decision on A2P termination rates can swing regional CPaaS spend within one quarter.

## How do FCC text-blocking rules and sender registration change A2P SMS and CPaaS compliance?

The FCC's Second Report and Order on unlawful texts, effective 26 March 2024, forces US carriers to block texts from flagged numbers. That rule raises A2P SMS and CPaaS compliance cost for every brand, bank and platform that reaches US handsets.

Under the [Federal Register notice](https://www.govinfo.gov/content/pkg/FR-2024-01-26/html/2023-28832.htm), the text-blocking paragraph took effect on 24 July 2024 and a revised definition of prior express written consent carried a 27 January 2025 date. The order also codifies that National Do-Not-Call Registry protections cover text messages, and it puts annual losses from unwanted and illegal texts at about USD 16.5 billion.

Registration rules shape the CPaaS business model. US 10DLC campaign registration, brand vetting fees and per-segment carrier surcharges turn compliance into a billable service, which favours vendors with vetting tools. For network-side context, see our [Telecom Cloud Market](https://www.douglasinsights.com/telecom-cloud-market/) report.

## Is RCS business messaging an upgrade or a threat to A2P SMS and CPaaS vendors?

RCS is an upgrade for CPaaS vendors and a threat to plain A2P SMS: Douglas Insights models conversational messaging APIs growing 12.6% a year against 1.1% for promotional SMS. Roughly USD 20.67 billion of new value lands in rich channels.

Vendors that already route SMS can offer RCS with an automatic SMS fallback, which keeps the sender relationship inside the same CPaaS contract. Plain SMS aggregators without verified-sender tooling lose share. RCS also needs 5G-era handsets and carrier support, which our [5G Core Market](https://www.douglasinsights.com/5-g-core-market/) report follows on the network side.

## Which buyers sign the largest A2P SMS and CPaaS contracts, from banks to governments?

Banking and financial services sign the largest A2P SMS and CPaaS contracts; Douglas Insights puts them at about 31.4% of 2025 spend, or USD 26.40 billion. Every card payment, login and transfer generates at least one OTP, and fraud teams add more checks each year.

Retail and e-commerce follow at about 26.9%, driven by order, delivery and return alerts. Healthcare buyers use appointment reminders that cut no-shows, and government agencies send tax, benefit and emergency alerts. Douglas Insights estimates healthcare and government together at 14.6% of A2P SMS and CPaaS revenue in 2025.

## What if RCS doubles and grey routes shrink: base, slower and faster cases for A2P SMS and CPaaS in 2035?

The A2P SMS and CPaaS base case reaches USD 137.69 billion in 2035 at 5.05% a year; the slower case lands at USD 116.62 billion and the faster case at USD 162.30 billion. OTT substitution and RCS pricing set the gap.

The slower case runs 1.10% volume and 2.20% price, a 3.32% CAGR, if chat apps take OTP traffic and the 24 July 2024 blocking regime spreads to more markets; Douglas Insights estimates that version of the rules removes another 0.4 points of price growth. The faster case runs 2.10% volume and 4.60% price, a 6.80% CAGR, if RCS doubles its share of business messages by 2030.

Sensitivity is high. One extra point of subscription growth a year adds about USD 14.17 billion to the 2035 value. Published forecasts run from about 3.4% a year for A2P SMS alone to 28.1% for CPaaS alone; our blended 5.05% sits near the low end because SMS still carries 74.0% of value.

## Douglas Exclusive: the A2P SMS and CPaaS vendor resilience scorecard

The vendor resilience scorecard is a Douglas Insights model, not an official ranking. It is built from 14 data points drawn from 7 company filings and releases and 1 regulator notice, and it scores 7 A2P SMS and CPaaS vendors on 5 criteria, each from 1 to 5, for a total out of 25.

| Vendor | Scale | Operator reach | Channel breadth | Compliance tooling | Margin direction | Total of 25 |
| --- | --- | --- | --- | --- | --- | --- |
| Twilio | 5 | 4 | 5 | 4 | 4 | 22 |
| Sinch | 4 | 5 | 4 | 4 | 3 | 20 |
| Infobip | 4 | 5 | 5 | 3 | 3 | 20 |
| Vonage (Ericsson) | 3 | 3 | 4 | 3 | 2 | 15 |
| Route Mobile (Proximus) | 3 | 4 | 3 | 3 | 3 | 16 |
| Tanla Platforms | 3 | 3 | 3 | 5 | 3 | 17 |
| Bandwidth | 2 | 3 | 3 | 4 | 3 | 15 |

Scale reflects disclosed revenue; operator reach reflects direct connections; channel breadth counts RCS, chat-app, voice and verification products; compliance tooling reflects registration and anti-spam products; margin direction reflects disclosed gross profit or impairment trends. Twilio scores 22 of 25 and Infobip 20, while Vonage scores 15 after Ericsson's SEK 11.4 billion impairment.

The finding: the three highest scorers hold only about 12.4% of A2P SMS and CPaaS revenue, so scale alone does not protect margin. Vendors scoring 4 or 5 on compliance tooling are the ones that can bill for registration and vetting as US-style rules spread.

## Methodology: how does the model turn 9.2 billion subscriptions into USD 84.09 billion of A2P SMS and CPaaS spend?

Douglas Insights multiplies 9.2 billion mobile-cellular subscriptions by USD 9.14 of average enterprise A2P SMS and CPaaS spend per subscription to reach USD 84.09 billion in 2025. It then grows the subscription leg and the spend leg separately to 2035 and sums five regions.

The model uses 20 sourced data points across 5 regional models and 6 segments. Subscriptions grow 1.62% a year to 10.80 billion in 2035, and spend per subscription grows 3.38% to USD 12.74; together they give USD 137.69 billion.

Cross-check one: our two A2P SMS segments total USD 62.23 billion, 16.9% below published A2P-only totals of about USD 74.8 billion, a gap we trace to wholesale hops counted more than once. Cross-check two: our API segments total USD 21.86 billion, inside the published CPaaS range of USD 14.9 billion to USD 23.19 billion once SMS APIs are added back. Cross-check three: the 2035 segment values sum to USD 138.50 billion, within 0.6% of the top-down total.

## What should A2P SMS and CPaaS buyers watch before the 2027 contract cycle?

A2P SMS and CPaaS buyers should watch three numbers before 2027: US carrier fees, now USD 0.0035 to USD 0.005 a segment, RCS share and grey-route leakage. Together they decide whether spend per subscription beats the modelled USD 9.45 in 2026.

Contracts signed now should price RCS with SMS fallback in one rate card. Buyers should also demand delivery receipts by operator, since grey routes hide behind cheap list prices. Short. Measurable. Enforceable.

## Market by segment

| Segment | Share | Value |
| --- | --- | --- |
| Transactional and OTP A2P SMS | 52.6% | $44.23 Bn |
| Promotional A2P SMS | 21.4% | $17.99 Bn |
| Conversational messaging APIs | 10.8% | $9.08 Bn |
| Voice and video APIs | 6.9% | $5.80 Bn |
| Verification and identity APIs | 5.6% | $4.71 Bn |
| Email and other channel APIs | 2.7% | $2.27 Bn |

## Market by region (USD million)

| Region | 2025 | 2026 | 2035 | CAGR 2026-2035 |
| --- | --- | --- | --- | --- |
| Global | 84,088 | 88,334.4 | 137,686.5 | 5.05% |
| Asia Pacific | 30,523.9 | 32,306.5 | 53,844.1 | 5.84% |
| North America | 24,133.3 | 25,125.2 | 36,102.8 | 4.11% |
| Europe | 16,144.9 | 16,713.2 | 22,818 | 3.52% |
| Latin America | 7,652 | 8,082.8 | 13,232.7 | 5.63% |
| Middle East and Africa | 5,633.9 | 6,060.4 | 11,688.9 | 7.57% |

## Dataset

| Series | Value | Unit |
| --- | --- | --- |
| Market size 2025 | 84,088 | USD million |
| Market size 2035 | 137,686.5 | USD million |
| Revenue CAGR 2026-2035 | 5.05 | percent |
| Volume CAGR 2026-2035 | 1.62 | percent |
| Price per subscription CAGR 2026-2035 | 3.38 | percent |

## Frequently asked questions

### What share of A2P SMS and CPaaS spend comes from one-time passwords and transactional alerts?

52.6% of 2025 value, or USD 44.23 billion, comes from transactional and OTP A2P SMS, because banks and marketplaces still need a channel that reaches every handset.

### How is the USD 84.09 billion A2P SMS and CPaaS figure built?

9.2 billion mobile-cellular subscriptions times USD 9.14 of average enterprise messaging and API spend per subscription gives USD 84.09 billion for 2025.

### What will A2P SMS and CPaaS revenue reach by 2035?

USD 137.69 billion by 2035 in the base case, a 5.05% revenue CAGR from subscriptions growing 1.62% and spend per subscription 3.38% a year.

### How much does a US business text cost to send through a CPaaS API?

USD 0.0083 per outbound segment on Twilio's list, plus carrier fees of USD 0.0035 to USD 0.005, before volume discounts.

### Does RCS business messaging replace SMS for CPaaS buyers?

12.6% a year is the modelled growth of conversational messaging APIs including RCS, against 1.1% for promotional SMS; vendors keep SMS as fallback.

### Which company leads CPaaS revenue?

About 5.6% share goes to Twilio on Douglas Insights estimates, built on USD 5.07 billion of 2025 revenue; the top three hold about 12.4%.

### Which region adds A2P SMS and CPaaS spend fastest?

7.57% a year in the Middle East and Africa, rising from USD 5.63 billion to USD 11.69 billion by 2035 on mobile money and banking OTP traffic.

### When did the FCC text-blocking requirement take effect?

24 July 2024, under the FCC Second Report and Order on unlawful texts; the order's general effective date was 26 March 2024.

## Sources

- [ITU, Facts and Figures 2025: mobile subscriptions](https://www.itu.int/itu-d/reports/statistics/2025/10/15/ff25-subscriptions/)
- [Federal Register, Targeting and Eliminating Unlawful Text Messages, FCC 23-107](https://www.govinfo.gov/content/pkg/FR-2024-01-26/html/2023-28832.htm)
- [Twilio, Fourth Quarter and Full Year 2025 Results](https://www.twilio.com/en-us/press/releases/Q4-full-year-2025-earnings)
- [Sinch, Fourth quarter and full year 2025 results](https://www.group.sinch.com/media/press-releases-and-news/2026/sinch-reports-fourth-quarter-and-full-year-2025-results--strengthened-financial-performance-and-continued-market-leadership/)
- [Infobip, Infobip surpasses 10 billion RCS messages](https://www.infobip.com/news/infobip-surpasses-10bn-rcs-messages)
- [Ericsson, Non-cash impairment charge mainly relating to Vonage](https://www.ericsson.com/en/press-releases/2024/7/ericsson-announces-non-cash-impairment-charge-mainly-relating-to-vonage)
- [SEC, Bandwidth Inc. Form 10-K FY2025](https://www.sec.gov/Archives/edgar/data/1514416/000151441626000017/band-20251231.htm)
- [Twilio, US SMS pricing](https://www.twilio.com/en-us/sms/pricing/us)

## How to cite

Douglas Insights, "A2P SMS and CPaaS Market", DI-IT-10723, updated 2026-10-13, https://www.douglasinsights.com/a2-p-sms-and-c-paa-s-market/