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Future of the Rich Communication Services (RCS) Market: Trends, Innovations, and Key Forecasts Through 2034
Rich Communication Services (RCS)
Rich Communication Services (RCS) Market Size Growth Forecast: What to Expect by 2025?
In recent years, the market size for rich communication services (RCS) has seen significant growth. The forecast suggests a surge from a worth of $7.5billion in 2024 to a value of $10.14 billion in 2025, marking a compound annual growth rate (CAGR) of 35.1%. Factors contributing to this growth in the past include a transition from standard text messaging to rich media, an increase in smartphone usage, improved access to mobile internet, the consumer's increasing demand for advanced messaging options, and collaborative efforts among mobile service providers.
How Will the Rich Communication Services (RCS) Market Size Evolve and Grow by 2029?
In the coming years, it is projected that the rich communication services (RCS) market will experience tremendous growth. The market is predicted to reach $34.39 billion in 2029, with a compound annual growth rate (CAGR) of 35.7%. The projected growth during this period can be ascribed to the rollout of the 5G network, enhanced focus on customer interaction, integration with chatbots and AI, the rise of conversational commerce, and the global growth of the RCS ecosystem. The forecast period is characterized by significant trends such as advancements in mobile network technologies, the integration of business communication, collaborations with carriers and RCS implementations, and the development of multichannel communication platforms.
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What Drivers Are Propelling the Growth of Rich Communication Services (RCS) Market Forward?
The rise in the number of mobile service subscribers is foreseen to propel the expansion of the rich communication services (RCS) market. The term "mobile service subscribers" pertains to individuals or organizations that have registered for a mobile phone service provided by a mobile network carrier, having access to amenities like voice calls, data services, and text messaging on their mobile devices. Rich communication services (RCS) have the capacity to enhance mobile service subscriber engagement by offering a more interactive, feature-packed, and captivating messaging experience in comparison to conventional SMS texting. For instance, data from the Office of Communications, a UK-based intergovernmental organization, revealed that the total number of active UK mobile subscribers stood at 83.25 million at the end of March 2022, indicating a 2% increase from March 2021. Hence, the escalating adoption of mobile service subscribers is paving the way for the growth of the rich communication services (RCS) market.
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Which Emerging Trends Are Transforming the Rich Communication Services (RCS) Market in 2025?
The rise of technological advancements is a significant trend observed in the rich communication services (RCS) market. Firms in the RCS market are adopting innovative technologies to maintain their market position. For example, in September 2022, Kirusa, a U.S. communication solutions provider, introduced RichOTP service. This new service allows businesses to transmit secure one-time passwords (OTPs) via the messaging app to their customers' mobile devices, a method deemed more secure and dependable than conventional SMS messaging. The primary purpose of this service is to simplify the process for businesses sending OTPs, crucial for secure transactions and verifying accounts.
What Are the Key Segments in the Rich Communication Services (RCS) Market?
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
Subsegments:
1) By Application-To-Person (A2P): marketing Messages, Transactional Messages, Notifications And Alerts
2) By Person-To-Application (P2A): Customer Support Interactions, Service Requests, Feedback And Surveys
3) By Person-To-Person (P2P): One-On-One Messaging, Group Chats, Multimedia Messaging
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Who Are the Key Players Shaping the Rich Communication Services (RCS) Market's Competitive Landscape?
Major companies operating in the rich communication services (RCS) market include 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., Ericssion, 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
What Geographic Markets Are Powering Growth in the Rich Communication Services (RCS) Market?
North America was the largest region in the rich communication services (RCS) market in 2024. 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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