The Rich Communication Services (RCS) Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Rich Communication Services (RCS) Global Market Report 2024, The rich communication services (rcs) market size has grown exponentially in recent years. It will grow from $5.55 billion in 2023 to $7.5 billion in 2024 at a compound annual growth rate (CAGR) of 35.3%. The growth in the historic period can be attributed to shift from sms to rich media, smartphone proliferation, mobile internet accessibility, consumer demand for enhanced messaging, collaboration between mobile operators.
The rich communication services (rcs) market size is expected to see exponential growth in the next few years. It will grow to $25.15 billion in 2028 at a compound annual growth rate (CAGR) of 35.3%. The growth in the forecast period can be attributed to 5g network rollout, increased focus on customer engagement, integration with chatbots and ai, rise of conversational commerce, global expansion of rcs ecosystem. Major trends in the forecast period include advancements in mobile network technologies, integration with business communication, carrier partnerships and rcs rollouts, multichannel communication platforms.
The increasing adoption of mobile service subscribers is anticipated to drive the growth of the rich communication services (RCS) market. Mobile service subscribers refer to individuals or companies that have signed up for a mobile phone service supplied by a mobile network operator and have access to services such as voice calls, text messaging, and data services on their mobile devices. Rich communication services (RCS) have the potential to promote mobile service subscriber uptake by providing a more engaging, interactive, and feature-rich messaging experience than traditional SMS texting. For instance, in February 2023, according to the Office of Communications, a UK-based intergovernmental organization, the overall number of active UK mobile subscribers was 83.25 million at the end of March 2022. This is equivalent to a 2% rise starting in March 2021. Therefore, the increasing adoption of mobile service subscribers is driving the growth of the rich communication services (RCS) market.
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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
Top Major Players
AT&T Inc.
Vodafone Idea Limited
Deutsche Telekom AG
Google LLC
Verizon Communications Inc.
Technological advancement is a key trend gaining popularity in the rich communication services (RCS) market. Companies operating in the rich communication services (RCS) market are adopting new technologies to sustain their position in the market. For instance, in September 2022, Kirusa, a US-based communication solutions provider, launched the RichOTP service. With RichOTP, companies can send secure OTPs to their customers’ mobile devices through the messaging app, which provides a more reliable and secure method than traditional SMS messaging. The service is designed to make it easier for companies to deliver OTPs, essential for secure transactions and account verification.
The rich communication services (rcs) market report table of contents includes:
1. Executive Summary
2. Rich Communication Services (RCS) Market Characteristics
3. Rich Communication Services (RCS) Market Trends And Strategies
4. Rich Communication Services (RCS) Market – Macro Economic Scenario
5. Global Rich Communication Services (RCS) Market Size and Growth
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31. Global Rich Communication Services (RCS) Market Competitive Benchmarking
32. Global Rich Communication Services (RCS) Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Rich Communication Services (RCS) Market
34. Rich Communication Services (RCS) Market Future Outlook and Potential Analysis
35. Appendix
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