According to the latest report by IMARC Group, titled “Rich Communication Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on the global rich communication services market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
Rich Communication Services Market Overview:
The global rich communication services (RCS) market size reached a value of US$ 1,210.90 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 5,528.60 Million by 2027 exhibiting a CAGR of 27.70% during 2022-2027.
Rich communication services (RCS) refer to a carrier-implemented mobile communication alternative to short message services (SMS) as well as multimedia messaging services (MMS). It allows users to create group chats, support end-to-end encryption, and send attachments such as video files and images. In recent years, RCS has gained traction due to its numerous benefits, such as better streaming of audio and video, higher-targeted communication to reach consumers, one-app functionality, security, better streaming of audio and video, and enhanced sender verification.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Rich Communication Services Market Trends and Drivers:
One of the primary factors driving the market is the increase in the number of smartphones. Additionally, extensive adoption of RCS among various industry verticals, including information technology (IT), entertainment and banking, information technology (IT), hospitality, financial services, and insurance (BFSI) sectors, is contributing to the industry growth. Other than this, the escalating demand for next-generation text services is creating a positive market outlook.
Besides this, there has been extensive investments in the long-term evaluation (LTE) and IP multimedia subsystem (IMS) to facilitate the next generation of broadband mobile services. Furthermore, the utilization of RCS in the corporate sector for marketing, advertising strategies, and peer-to-peer messaging (P2P) is positively influencing the market growth.
In line with this, various collaborations between market players to upgrade RCS and the implementation of universal communication protocol specifications by the global system for mobile communications association (GSMA) to allow operator service interoperability. Other growth-inducing factors include the advent of the 5G network and the integration of RCS with various technological solutions such as artificial intelligence (AI), voice-over long-term evolution (VO-LTE), and application programming interface to promote next-generation messaging and chatbot interaction.
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Global Rich Communication Services Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Global Message Services
- Google LLC (Alphabet Inc.)
- Huawei Technologies Co Ltd
- Mavenir plc
- SK Telecom Co Ltd
- Telefonaktiebolaget LM Ericsson
- Telstra Corporation Limited
- T-Mobile US Inc.
- Verizon Communications Inc.
- Vodafone Group PLC
- ZTE Corporation
The report has segmented the market on the basis of region, communication type, deployment mode, organization size, application and industry vertical.
Breakup by Communication Type:
- A2P
- P2A
- P2P
Breakup by Deployment Mode:
- Cloud-based
- On-premises
Market Breakup by Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Application:
- Rich Calls and Messaging
- Cloud Storage
- Marketing and Advertising Campaign
- Content Delivery
- Others
Breakup by Industry Vertical:
- Healthcare
- Retail and E-commerce
- BFSI
- IT and Telecom
- Travel and Tourism
- Others
Market Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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