Rich Communication Services Market: Key Drivers, Insights, Outlook, Overview, and Research Report 2024-2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Rich Communication Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $25.66 billion In 2028 At A CAGR Of 21.3% :

The rich communication services market size has grown exponentially in recent years. It will grow from $9.86 billion in 2023 to $11.83 billion in 2024 at a compound annual growth rate (CAGR) of 20.0%. The growth in the historic period can be attributed to increased adoption of smartphones, network modernization and expansion, widespread use of text messages, growing need for advanced communication solutions by large enterprises, cost-effectiveness of text messages for information dissemination.

The rich communication services market size is expected to see exponential growth in the next few years. It will grow to $25.66 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to evolution of mobile messaging services, demand for enhanced multimedia messaging, advancements in mobile network technologies, growing demand for enhanced security features, competition among mobile service providers. Major trends in the forecast period include rich media and interactive content in messaging, cross-platform compatibility for seamless communication, integration of rcs with e-commerce platforms, emphasis on privacy and data protection, customization and personalization features in messaging apps.

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Rich Communication Services Market Major Segments
The rich communication services market covered in this report is segmented -

1) By Deployment Type: On-Premise, Cloud
2) By Enterprise Size: Small And Medium Enteprises, Large Enterprises
3) By Application Type: Rich Calls And Messaging, Content Delivery (Content Sharing, File Transfer), Value Added Services (VAS), Marketing And Advertising Campaign, Cloud Storage
4) By Industry Vertical Type: Healthcare, Retail And E-commerce, BFSI, IT And Telecom, Travel And Tourism, Other Industry Vertical Types

Key Driver - Expanding Mobile Service Subscriptions Driving Rich Communication Services Market Growth

The increasing adoption of mobile service subscribers is expected to propel the growth of the rich communication services market. A mobile service subscription refers to a contract for a public mobile cellular service that uses cellular technology to give users access to the Public Switched Telephone Network (PSTN). It covers both analog and digital cellular technologies and postpaid and prepaid subscriptions. A mobile service subscription allows users to read receipts, type indicators, high-quality photos, and text. According to a mobility report shared by Ericsson, a Sweden-based multinational networking and telecommunications company, mobile customers are expected to be 6.7 billion in 2022, up from 6.1 billion at the end of 2021. Smartphone-related subscriptions are still increasing, accounting for 6.3 billion at the end of 2021, making up nearly 77% of all mobile phone subscriptions. By 2027, this is expected to increase to 7.8 billion, or 87% of all mobile subscribers. About 620 million 5G subscriptions were added during the first quarter of 2022, and by the end of the year, that number is anticipated to reach 1 billion. Therefore, the increasing adoption of mobile service subscribers will drive the rich communication services market.

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Prominent Trend - Tech Advancements And The Emergence Of Mavenir's Cpaas Reshape The Rich Communication Services Market

Technological advancements have emerged as a key trend gaining popularity in the rich communication services market. Major companies operating in the rich communication services market are introducing new technologies to sustain their position in the market. For instance, in November 2022, Mavenir, a US-based network software company has introduced its Communications Platform as a Service (CPaaS), a merged Software as a Service (SaaS) solution. Mavenir's CPaaS amalgamates Application Programming Interface (API) enablers and pre-made applications to present a comprehensive solution for customer engagement and business messaging monetization, specifically designed for Communications Service Providers (CSPs). This CPaaS offering plays a crucial role in digital transformation, enabling businesses to enhance customer engagement and streamline operations. Moreover, it presents burgeoning business prospect for CSPs. Mavenir's CPaaS empowers enriched messaging with Smart 2FA, Chatbot Studios, Visual Flow Builder, and diverse APIs for voice, video, and omnichannel communications.

Rich Communication Services Market Players
Major companies operating in the rich communication services market report are AT&T Inc., Google LLC, Vodafone Group Plc, Deutsche Telekom AG, Telefonaktiebolaget LM Ericsson, Apple Inc., Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., Microsoft Corporation, Meta platforms Inc., Twilio Inc., Genesys Telecommunications Laboratories Inc., Interop Technologies LLC, Mavenir Systems Inc., Nokia Corporation, Cisco Systems Inc., Verizon Communications Inc., Orange S. A., SK Telecom Co. Ltd., Telefonica S. A., T-Mobile US Inc., BT Group Plc, Singapore Telecommunications Limited, KT Corporation, China Mobile Limited, Nippon Telegraph and Telephone Corporation, Rakuten Communications Corp., ZTE Corporation, Tele2 AB

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Largest And Fastest Growing Region In The Market
North America was the largest region in the rich communication services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the rich communication services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Rich Communication Services Market Report Structure
3. Rich Communication Services Market Trends And Strategies
4. Rich Communication Services Market - Macro Economic Scenario
5. Rich Communication Services Market Size And Growth
…..
27. Rich Communication Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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