Rich Communication Services Market Size is Predicted to Attain $12.27 Billion by 2027

According to the report published by Allied Market Research, the global rich communication services (RCS) market was pegged at $1.15 billion in 2019 and is estimated to hit $12.27 billion by 2027, registering a CAGR of 34.7% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.

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Increase in awareness about the benefits of RCS over existing OTT services, surge in number of online marketing & advertising companies among small and medium enterprises, development of voice over long term evolution technology (Vo-LTE) along with mobility service, and rise in adoption of cloud-based services for managing mobile content fuel the global rich communication services market. On the other hand, limited end to end encryption solutions and increasing competition over over-the-top (OTT) platforms impede the growth to some extent. Nevertheless, penetration of 5G networks and smartphones across the globe is projected to create lucrative opportunities in the industry.

Impact of Covid-19 on Rich Communication Services (RCS) Market:

• The outbreak of covid-19 gave way to surge in demand for rich communication services, since health organizations across the globe chose to communicate more effectually with public.

• At the same time, the demand for A2P communication has also taken a spike, which, accordingly, has reinforced the global rich communication services market.

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By deployment type, the cloud segment contributed to more than half of the total market revenue in 2019, and is projected to lead the trail by 2027. The same segment would also exhibit the fastest CAGR of 36.4% throughout the forecast period.

By organization size, the large enterprises segment accounted for nearly three-fifths of the total market share in 2019, and is expected to dominate by the end of 2027. Simultaneously, the SME's segment would grow at the fastest CAGR of 36.6% during the forecast period.

The growth of the global rich communication services (RCS) market is driven by factors such as growing number of online marketing & advertising companies and increasing development of voice over long-term evolution technology (VO-LTE) along with mobility service. Moreover, rising adoption of cloud-based services among small & medium-scale enterprises for managing mobile content further boosts the rich communication services market growth globally.

However, limited end-to-end encryption and increasing competition by over-the-top platforms hinder the growth of the rich communication services market globally. Furthermore, growing penetration of 5G networks and growing investment by top players in 5G networks; increasing use of smartphones; and strict regulations for OTT messaging services create lucrative opportunities for the rich communication services market globally.

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In 2019, the global rich communication services market share was dominated by the large enterprises segment, and is expected to maintain this trend during the forecast period as the implementation of rich communication service is further helping IT & telecommunication teams of large enterprises to change the way of communication with messaging, which can deliver rich content. As the messaging and communicating needs are changing, they do not cope well with the traditional way of messaging in large enterprises or campus environments.

Therefore, rich communication service implementation is growing at a rapid pace among large enterprises, which provides a dynamic and flexible approach. However, small & medium enterprises are expected to witness the highest growth in the coming years, owing to growing focus on sharing of rich content and rise in awareness about the benefits of audio visual messaging for better understanding of the intention of message across SMEs. Therefore, these factors are driving growth of the rich communication services market.

The leading market players analyzed in the global rich communication services market report include Vodafone Idea Limited (NSE:IDEA), Google LLC/Alphabet Inc., China Mobile (HKG: 0941), Ericsson (NASDAQ: ERIC), Verizon Communications Inc., SK Telecom, Deutsche Telekom AG, ZTE Corporation, AT&T Inc., and Huawei Technologies Co. Ltd. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.

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