Rich Communication Services Market Size and Forecast 2024-2033|AT&T Inc., Google LLC, Vodafone Group Plc, Deutsche Telekom AG, Telefonaktiebolaget LM Ericsso

Overview and Scope

RCS (rich communication services) refers to a next-generation SMS protocol that upgrades text messaging. The default messaging app on a device receives rich features such as payments, high-res photo and file sharing, location sharing, and video calls. The rich communication services are used to replace SMS by enabling users to send messages that are more effective and interesting, something the user can never accomplish with SMS.

Sizing and Forecast

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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Segmentation & Regional Insights

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

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

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Major Driver Impacting 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.

Key Industry 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

The rich communication services market report table of contents includes:

1. Executive Summary

2. Rich Communication Services Market Characteristics

3. Rich Communication Services Market Trends And Strategies

4. Rich Communication Services Market – Macro Economic Scenario

5. Global Rich Communication Services Market Size and Growth

26. South America Rich Communication Services Market

27. Brazil Rich Communication Services Market

28. Middle East Rich Communication Services Market

29. Africa Rich Communication Services Market

30. Rich Communication Services Market Competitive Landscape And Company Profiles

Top Major Players: