WhatsApp Business is the most in-demand rich messaging channel among brands and businesses looking to communicate with over 2 billion WhatsApp users today, according to the latest research from business messaging specialists Mobilesquared.
Mobilesquared’s latest Databook & Report, WhatsApp Business Messaging Traffic & Spend Forecasts, estimates WhatsApp Business will experience unprecedented growth of more than 5,400% among medium and large businesses looking to use its API from just 992 at the end of 2019 to almost 55,000 by 2024.
WhatsApp Business APIs are currently available from over 60 partners and permit inbound traffic (such as customer care enquiries initiated by customers via WhatsApp), and outbound traffic (such as updates and alerts sent to customers who have already contacted a business via WhatsApp).
Mobilesquared predicts the majority of the business messaging traffic generated over WhatsApp will be inbound traffic (also referred to as P2A or person-2-application), making WhatsApp Business the go-to messaging channel for customer care.
Total enterprise spend on WhatsApp Business by medium and large businesses is forecast to grow from $38.7 million in 2019 to $3.6 billion by 2024, a compound annual growth rate (CAGR) of 151%.
The 10 markets with the largest spend (India, Brazil, Germany, South Africa, Mexico, USA, Argentina, UK, Russia and Italy) together accounted for 68% of the total spend in 2019.
Mobilesquared also suggests there were 5.25 million small and micro businesses using the free WhatsApp Business App at the end of 2019, and this number will rise to almost 7 million by the end of the period, while the total number of WhatsApp users will grow from 1.96 billion to 3.1 billion.
What we are starting to identify from our research across SMS, RCS and now WhatsApp is that different messaging channels will be used for particular use cases and services. WhatsApp is the only rich messaging channel businesses currently want to know about, but that is in the context of P2A communications between a consumer and a brand. What we expect to emerge in the coming years is that outbound A2P traffic will centre on SMS and RCS, with inbound P2A traffic split between WhatsApp, ABC and RCS – with WhatsApp likely to become a dominant force.
Gavin Patterson, chief data analyst, Mobilesquared