Global Rich Communication Services (RCS) Market To Be Driven By The Growing Smartphone Penetration In The Forecast Period Of 2023-2028
Rich Communication Services (RCS) Market Size, Analysis, Industry Overview and Forecast Report till 2028
The new report by Expert Market Research titled, ‘Global Rich Communication Services (RCS) Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global rich communication services (RCS) market, assessing the market based on its segments like deployment model, enterprise size, application, industry vertical and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 1,521 million
- Forecast CAGR (2023-2028): 35.5%
- Forecast Market Size (2026): USD 9,125 million
The market for rich communication services (RCS) has seen substantial growth due to factors such as the rising demand for Increasing usage of the internet of things (IoT) and expanded access to internet facilities across industries, resulting in enhanced digitalisation. According to World Bank data, 49 percent of the world’s population had internet connection in 2017, up from 41.7 percent in 2015. Furthermore, rising mobile phone ownership is considerably contributing to industry growth. According to the World Bank’s 2016 World Development Report, 8 out of 10 individuals in developing countries own a cellphone, and this percentage is likely to rise gradually over time. Furthermore, the business is expected to benefit from significant technical improvements. In the foreseeable term, these factors are expected to have a beneficial impact on market growth.
Rich Communication Services (RCS) Industry Definition and Major Segments
RCS (rich communication services) are mobile messaging services that compete with SMS and other web-based messaging systems. The RCS is a SIP and HTTP-based communication channel that allows users to do tasks such as calling, texting, video calling, and file sharing. RCS communication works online, just with web-based proprietary messaging services, but it also requires a phone system, like with SMS services. As a result, RCS offers interactive communication capabilities, such as in web-based communication mechanisms like messenger and WhatsApp, as well as SMS reach.
Based on the deployment model, the industry is divided into:
Based on the enterprise size, the industry is divided into:
- Small and Medium Scale Enterprises
- Large Scale Enterprises
Based on the application, the industry is divided into:
- Rich Calls and Messaging
- Content Delivery (Content Sharing, File Transfer)
- Value Added Services (VAS)
- Marketing and Advertising Campaign
- Cloud Storage
Based on the industry vertical, the industry is divided into:
- Retail and E-Commerce
- IT and Telecom
- Travel and Tourism
The regional markets for rich communication services (RCS) include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Rich Communication Services (RCS) Market Trends
Geographically, in the forecast period, North America is expected to hold a significant proportion of the rich communication services (RCS) market. This rise is due to the presence of large market participants in the region. In addition, the region’s expanding availability of 5G networks is likely to promote market growth. Furthermore, the demand for advanced communication channels, such as chatbots, is projected to fuel the industry’s expansion. RCS also provides mobile network operators with major growth options for internet messaging and communication services. Meanwhile, major technical advancements in Asia Pacific are likely to drive market demand, resulting in market growth over the forecast period.
Based on deployment model, the cloud sector is predicted to have a significant market share in the rich communication services (RCS) business. This rise can be attributed to the growing popularity of cloud computing, which offers benefits including increased scalability, fewer maintenance costs, and ease of integration. In addition, the rising demand for rich communication services in the healthcare sector, in an effort to make healthcare amenities more accessible to people throughout the world, is expected to drive market growth. These factors are projected to contribute to overall market growth throughout the forecast period.
Key Market Players
The major players in the market are AT&T, Google LLC, Vodafone, Deutsche Telekom AG, Ribbon Communications Operating Company, Inc., among others.
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