The robocall mitigation market is estimated to be worth US$ 5.4 billion in 2023, with projections indicating a substantial increase to US$ 18.05 billion by 2033. This means the industry is expected to grow at a considerable annual rate of 12.7% throughout the forecast period.
One of the key issues that concerns the public is the ease with which telemarketers can hide their true identity or make robocalls from anywhere on the internet while making their caller ID information appear legitimate, deceiving the call recipient. This deceptive practice has led to many individuals falling victim to fraudulent schemes and losing money.
To address this growing problem, the government has stepped in to establish a secure communication system. This government intervention is a driving force behind the development of solutions for robocall mitigation. With the rising number of illegal robocalls, the market for robocall mitigation is poised for significant growth in the near future.
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IT & Telecommunication End Use to continue being Growth Axis for Robocall Mitigation Revenue
Robocall mitigation end-use in IT and telecommunication generated more revenue compared to other segments. The development of the internet has increased the number of illegal robocalls performed through telecommunications. In order to mitigate the illegal robocall and frauds associated with it, telecommunication companies are using robocall mitigation solutions like call authentication, robocall prevention, and robocall analytics, which is driving the segment growth. The IT & Telecommunication segment recorded a CAGR of 29.1% during 2015-2021.
US to hold the largest share in the global Robocall Mitigation Market
The US generated the highest revenue in the robocall mitigation market in 2021. The implementation of the STIR/SHAKEN call authentication framework and its associated policies, has been driving the robocall mitigation market in the US. The market in the US held a size of US$ 1.6 Billion in 2021 and is expected to reach a valuation of US$ 6.4 Billion by 2032. The robocall mitigation market in the country is projected to account for a US$ 4.3 Billion absolute dollar growth opportunity by the end of 2032.
Leading Key Players:
The landscape of the Robocall Mitigation Market is dominated by key players like Brightlink, LiveVox Holdings, Metaswitch, Mobileum Inc., Neustar Inc., Numeracle, Ribbon Communications, Thales, Transaction Network Services (TNS), TransNexus, Bulk Solutions, LLC, and Neural Technologies Limited. Each of these entities contributes significantly to the development and implementation of solutions aimed at curtailing the menace of unwanted automated calls, showcasing innovation and expertise in this crucial domain.
The Growing Threat of Robocalls
Robocalls represent more than just an annoyance; they pose a serious threat to privacy, security, and productivity. These automated calls are often used for fraudulent activities, including scams and identity theft, causing financial and emotional distress to unsuspecting victims. Furthermore, robocalls disrupt legitimate communication channels, leading to decreased efficiency and trust in telecommunications networks.
Market Dynamics and Trends
The robocall mitigation market is characterized by dynamic shifts driven by advancements in technology and evolving regulatory landscapes. Key trends include the development of sophisticated call-blocking algorithms, the integration of artificial intelligence and machine learning for real-time analysis, and collaboration between industry stakeholders to establish standardized protocols for call authentication and verification.
