Overview and Scope
Rich Communication Services (RCS) is a messaging protocol that allows for more advanced communication between mobile devices compared to traditional SMS messaging. It allows users to organize group conversations with their peers, transmit images and videos, receive read receipts, and use end-to-end encryption.
Sizing and Forecast
The rich communication services (rcs) market size has grown exponentially in recent years. It will grow from $5.55 billion in 2023 to $7.5 billion in 2024 at a compound annual growth rate (CAGR) of 35.3%. The growth in the historic period can be attributed to shift from sms to rich media, smartphone proliferation, mobile internet accessibility, consumer demand for enhanced messaging, collaboration between mobile operators.
The rich communication services (rcs) market size is expected to see exponential growth in the next few years. It will grow to $25.15 billion in 2028 at a compound annual growth rate (CAGR) of 35.3%. The growth in the forecast period can be attributed to 5g network rollout, increased focus on customer engagement, integration with chatbots and ai, rise of conversational commerce, global expansion of rcs ecosystem. Major trends in the forecast period include advancements in mobile network technologies, integration with business communication, carrier partnerships and rcs rollouts, multichannel communication platforms.
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Segmentation & Regional Insights
The rich communication services (rcs) market covered in this report is segmented –
1) By Type: Application-to-Person (A2P), Person-To-Application (P2A), Person-to-Person (P2P)
2) By Development Model: On-Premise, Cloud
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
4) By Application: Rich Calls And Messaging, Content Delivery, Value Added Services, Marketing And Advertising Campaign, Cloud Storage
5) By Industrial Vertical: Healthcare, Retail And E-commerce, Banking, Financial Services and Insurance (BFSI), IT And Telecom, Travel And Tourism, Other Industrial Verticals
North America was the largest region in the rich communication services (RCS) market in 2023. The regions covered in the rich communication services (rcs) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing adoption of mobile service subscribers is anticipated to drive the growth of the rich communication services (RCS) market. Mobile service subscribers refer to individuals or companies that have signed up for a mobile phone service supplied by a mobile network operator and have access to services such as voice calls, text messaging, and data services on their mobile devices. Rich communication services (RCS) have the potential to promote mobile service subscriber uptake by providing a more engaging, interactive, and feature-rich messaging experience than traditional SMS texting. For instance, in February 2023, according to the Office of Communications, a UK-based intergovernmental organization, the overall number of active UK mobile subscribers was 83.25 million at the end of March 2022. This is equivalent to a 2% rise starting in March 2021. Therefore, the increasing adoption of mobile service subscribers is driving the growth of the rich communication services (RCS) market.
Key Industry Players
Major companies operating in the rich communication services (rcs) market report are AT&T Inc., Vodafone Idea Limited, Deutsche Telekom AG, Google LLC, Verizon Communications Inc., SK Telecom Co. Ltd., ZTE Corporation, Global Message Services, HRMavenir Systems Inc., Infobip Ltd., Huawei Technologies Co. Ltd., T-Mobile Inc., Ericsson, Reliance Jio Infocomm Limited, Swisscom AG, Telefónica S.A., Bell Canada Enterprises Inc., TELUS Communications Inc., Rogers Communications Inc., China Mobile Communications Corporation, NTT Docomo Inc., SoftBank Group Corporation, KDDI Corporation, KT Corporation, LG Uplus Corp., Singapore Telecommunications Limited, StarHub Limited, M1 Limited, True Corporation Public Company Limited, TOT Public Company Limited, Total Access Communication PCL (DTAC), Advanced Info Service Public Company Limited
The rich communication services (rcs) market report table of contents includes:
1. Executive Summary
2. Rich Communication Services (RCS) Market Characteristics
3. Rich Communication Services (RCS) Market Trends And Strategies
4. Rich Communication Services (RCS) Market – Macro Economic Scenario
5. Global Rich Communication Services (RCS) Market Size and Growth
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31. Global Rich Communication Services (RCS) Market Competitive Benchmarking
32. Global Rich Communication Services (RCS) Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Rich Communication Services (RCS) Market
34. Rich Communication Services (RCS) Market Future Outlook and Potential Analysis
35. Appendix
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