Rich Communication Services Market Size Worth USD 15.06 Billion By 2027 | Emergen Research

The global Rich Communication Services (RCS) market size was USD 2.00 Billion in 2022 and is expected to register a rapid revenue CAGR of 22.3% during the forecast period. In a recent market analysis report, the global Rich Communication Services (RCS) market is anticipated to witness substantial growth in the coming years. The report highlights key drivers, trends, and insights shaping the RCS landscape for enterprises worldwide.

Key Market Drivers:

The adoption of cloud-based RCS solutions by both large and mid-sized enterprises is emerging as a significant catalyst for market growth. Additionally, the development of Voice Over Long Term Evolution (Vo-LTE) technology is revolutionizing mobility services, enhancing user experience, and advancing mobile broadband evolution.
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Enhanced Communication Capabilities:

RCS, often hailed as the successor to SMS, offers enriched functionality, allowing users to send not only text but also images, videos, location data, and documents. This modernization fosters personalized digital experiences and facilitates transactions, driving businesses to embrace RCS for communication purposes.

Market Opportunities and Challenges:

While RCS presents abundant opportunities for businesses to engage with customers proactively, challenges such as lack of awareness and security concerns around end-to-end encryption may impede market growth. However, the integration of Artificial Intelligence (AI) technologies holds promise in enhancing customer engagement and operational efficiency within the RCS platform.

Segment Insights:

• Application Segmentation: Rich calls and messaging constitute the largest revenue share, fueled by the popularity of high-speed video calls and instant messaging. Advertising and marketing campaigns are also on the rise, leveraging RCS for interactive engagement.

• Industry Verticals: Retail and e-commerce sectors lead in RCS adoption, leveraging the platform for direct orders, real-time updates, and personalized recommendations. The BFSI sector is rapidly embracing RCS for mobile banking services, enhancing customer experiences and facilitating seamless transactions.

• Enterprise Size: Small and Medium-sized Enterprises (SMEs) are witnessing the fastest growth rate, driven by increased awareness and the benefits of audio-visual messaging. Meanwhile, large enterprises prioritize user experience and communication efficiency, leveraging RCS for targeted marketing and seamless interactions.

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Future Outlook:

Looking ahead, the RCS market is poised for continued expansion as businesses increasingly recognize the value of enhanced communication platforms. With advancements in technology and evolving consumer preferences, RCS is set to play a pivotal role in shaping the future of digital communication.

About the Report:

The market analysis report provides comprehensive insights into the global RCS landscape, covering market drivers, trends, opportunities, and challenges. It serves as a valuable resource for enterprises seeking to leverage RCS for enhanced communication and customer engagement.

Rich Communication Services (RCS) Top Companies and Competitive Landscape

The global Rich Communication Services (RCS) market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective RCS solutions.

• AT&T
• Deutsche Telekom AG
• Huawei Technologies Co., Ltd.
• ZTE Corporation
• SK Telecom Co., Ltd.
• Verizon
• Mavenir
• Telefonaktiebolaget LM Ericsson
• Vodafone
• Nokia
• Global Message Services
• Rogers Communications
• Twilio Inc.
• KDDI CORPORATION
• Telit
• Orange Business
• China Mobile Limited
• Google LLC
• T-Mobile USA, Inc.
• Telefónica S.A.

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Rich Communication Services (RCS) Latest Industry News

• In May 2023, Global Message Services (GMS) announced the launch of its enterprise AI Chatbots solution, which will help to improve customer care, support, and experience while lowering enterprise costs. Within two weeks, the organization can implement the solution on-premise or in the cloud. Enterprises that require assistance with the deployment and administration of their chatbots can obtain further consulting. Smart chatbots are increasingly becoming recognized as a tool, and when used successfully, can expedite both external and internal communication processes. Organizations can not only improve the customer experience but also reallocate resources to other business operations by automating information retrieval through seamless workflow integration and offering relevant responses.

• In February 2023, Vodafone Group PLC expanded its European relationship with Google for messaging services, Pixel devices, and television. Vodafone will market Pixel7 phones, watches, and buds for European services powered by Google Jibe Cloud and Android TV. The companies expanded collaboration will allow Vodafone customers to enjoy rich new communications experiences by leveraging Google Jibe Cloud to power Vodafone's use of Rich Communications Services. The deal will also see the introduction of Pixel 7 handset to Vodafone consumers, as well as the development of Vodafone features for additional Pixel categories. In addition, Android TV will be chosen as the primary platform for Vodafone's television service in nine countries. The enhanced arrangement will also allow Google to tap into the full potential of Vodafone's 5G and ultra-fast fibre-optic networks.

Rich Communication Services (RCS) Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global Rich Communication Services (RCS) market on the basis of application, industry vertical, end-use industry, and region:

• Application Outlook (Revenue, USD Billion; 2019-2032)
o Advertising and Marketing Campaign.
o Rich Calls and Messaging
o Content Delivery
o Cloud Storage
o Value Added Services

• Industry Vertical Outlook (Revenue, USD Billion; 2019-2032)
o Healthcare
o Retail and E-commerce
o Information Technology (IT) and Telecom
o Banking, Financial Services, and Insurance (BFSI)
o Travel and Tourism

• Enterprise Size Outlook (Revenue, USD Billion; 2019-2032)
o Small and Medium Enterprises (SMEs)
o Large Enterprises

• End-Use Industry Vertical Outlook (Revenue, USD Billion; 2019-2032)
o Individual Consumers
o Enterprises

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa

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