Rich Communication Services Market Growth
According to Market Research Future, the global rich communication services (RCS) market has been segmented based on application, end-user, organization size, vertical, and region/country.
The Rich Communication Services (RCS) Market is growing continually. The market growth attributes to the rising need for advertisement and the increasing adoption of smartphones. Smartphones are becoming increasingly affordable due to the cutthroat competition among smartphone manufacturers and network carriers to deliver competitive products and services.
The recent Coronavirus epidemic has hugely impacted the market growth due to imposed lockdown mandates and work from home environments. The marketing & notification campaigns based on digital platforms that were carried out during the pandemic through messaging have boosted the demand for RCS services. Additionally, the Covid-19 pandemic has forced businesses to accelerate their digital transformation and messaging, and conversational commerce is a key enabling tool for businesses.
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Rich communication services (RCS) is a next-generation text messaging protocol used by mobile operators and mobile phones to replace the old generation text messaging service called Short Messaging Service or SMS. RCS helps consumers in booking appointments, making seamless payments, availing boarding passes, submitting survey answers, receiving notifications from banking & e-commerce institutions, and marketing & promotional alerts. Additionally, it offers features such as rich and verified messages, a large messaging capacity of over 8,000 characters, video calling within messaging applications, group chats, read receipts to sender, and platform-independent messaging.
By application, the global rich communication services (RCS) market has been divided into advertisement, content delivery, integrated solutions, and others.
By end user, the global rich communication services (RCS) market has been divided into individual consumers and enterprises.
Based on organization size, the global rich communication services (RCS) market has been divided into small and medium enterprise and large enterprise.
By vertical, the global rich communication services (RCS) market has been divided into BFSI, IT & telecommunications, media & entertainment, tourism & logistics, retail & ecommerce, healthcare, and others. The retail & ecommerce vertical is expected to grow the fastest during the forecast period as the increasing initiatives from businesses to connect with the consumers and rising adoption of smartphones.
The rich communication services (RCS) market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
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North America dominates the global rich communication services market. The largest market share attributes to the presence of several notable players such as Google (US), AT&T (US), Verizon (US), Mavenir (US), KDDI America, Inc. (US), Twilio Inc. (US), and Interop Technologies (US). Besides, the early adoption of advanced messaging features connected via SMS by marketers to foster the marketing campaigns drive the regional market’s growth.
Moreover, the high adoption of IoT technology and smart devices such as smartphones and smart TV propel market growth in the region. Considerable technological advances in OTT platforms and the proliferation of the Internet and smart connected devices boost the regional market’s growth. The North American RCS market is anticipated to retain its dominance throughout the assessment period.
Europe stands second in the global rich communication services market. The market growth is driven by the expansion strategy adopted by the major players in the industry. Additionally, the rising adoption of RCS services for customer acquisition and to improve customer engagement by notifying them about new offers and process automation through alerts impact the regional market growth.
Also, the need for advertisement and customer aftersale services and surveys regarding improvements in their day-to-day business activities fosters market growth in the region. The European mobile RCS market is expected to show immense growth over the forecast period.
The rich communication services market in the Asia Pacific region is growing rapidly. Factors such as the rising OTT platforms and the disposable income of demographics provide impetus to the market growth. Moreover, the increasing demand for high-speed internet connectivity propels the development of the rich communication services market.
Countries, including China, Japan, and India, are the largest markets for RCS services in the region. The APAC rich communication services market is expected to gain momentum growing at the highest CAGR in the coming years.
The key players operating in the global rich communication services (RCS) market include AT&T (US), Vodafone Limited (UK), Google (US), Verizon (US), Telefonaktiebolaget LM Ericsson (Sweden), Orange (France), KDDI America, Inc. (New York), Telit (UK), SK TELECOM CO., LTD. (Korea), Telstra Group (Australia), Tanla Solutions Limited (UAE), Mavenir (US), Nokia (Finland), INTEROP TECHNOLOGIES (US), and Twilio Inc. (US).
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