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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According to a new market research report "Rich Communication Services (RCS) Market by Application (Advertising Campaign, Content Delivery, and Integrated Solutions), End-User (Consumers and Enterprises), Enterprise Size, Enterprise Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the RCS market size is projected to grow from USD 4.5 billion in 2019 to USD 10.6 billion by 2024, at a CAGR of 18.9% from 2019 to 2024.Major growth drivers for the market include the growing expenditures on digital marketing across verticals.Browse and in-depth TOC on “Rich Communication Services (RCS) Market” 91 - Tables36 - Figures 143 - Pages Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=4839266Advertising campaign application to hold a larger market size during the forecast periodAdvertising campaigns via digital marketing is the prominent approach adopted by enterprises to attract customers.
Sharing rich media contents have enabled end-users to engage greatly with the enterprises to take benefits of the services.
Enterprises being the prominent stakeholders for RCS in the market, advertising campaign application is expected to maintain dominance throughout the forecast period.Enterprise consumers to hold the largest market size during the forecast periodThe enterprises throughout verticals are expected to have a significant dependency on SMS for digital marketing.
Deployment of RCS messaging platforms to share media-rich content amongst the end-users is expected to bring growing instances of customer engagements.Speak to Our Expert Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=4839266North America to hold the largest market size during the forecast periodThe Rich Communication Services (RCS) Market in North America is expected to grow significantly due to the increasing investments by vertical for digital marketing.
Moreover, the region is mainly driven by a large number of enterprises investing heavily for an advertising campaign to promote their offerings, followed by intense internet penetration within the area.
Additionally, telcos in North America are amongst the early adopters of RCS which include AT, Verizon, and T Mobile.Major vendors covered in the Rich Communication Services (RCS) Market include Google (US), China Mobile Limited (Spain), AT Inc. (US), Sprint Corporation (US), Deutsche Telekom AG (Germany), Vodafone Group plc (UK), Verizon (US), Telefonica (US), Orange Business (US), KDDI (Japan), Slovak Telekom (Slovakia), TELIT (Italy), SK Telecom (South Korea), Telstra (Australia), LG U+ (South Korea), Celcom (Malaysia), Freedom Mobile (Canada), Rogers (Canada), T-Mobile (US), and O2 (UK).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
Engage your customers with rich text messaging Texting has developed a way far better than it used to be, with character limitations, boring messages, and hurting charges with extra characters typed in.
In recent years, we all have witnessed the way communication has changed altogether.
With technology advancements, conversation and communication with customers have become more interesting and interactive.
With the mobile industry and apps integrated with rich text messaging makes it possible for a business to expand, know their customers better, and learn more about the pain point of your potential customers.
With Rich Text Messaging communication goes beyond texting.
Using images, videos, PDFs, maps and many other features has made a sizeable difference.
