Current research on the Global Rich Communication Service Market shows that the market has witnessed rapid development which will continue to grow in significant rate in the forecasted period 2018-2026.
The Rich Communication Service Market revenue was valued at USD 22.6 Billion in 2026 and is anticipated to grow with a CAGR of 22% in the projected period.
Higher use of 5G networks and the rising development of VO-LTE or voice over long-term evolution technology have helped in the growth of the Global Rich Communication Service Market or RCS. The rise of the mobile content and the use of cloud based services by various enterprises will be the major market drivers in the coming years.
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Covid 19 lockdowns have hindered physical meetings for many businesses and opened new opportunities for the growth of the Global Rich Communication Service Market as many enterprises moved towards RCS services like video conferences and messaging.
Rich Communication Service (RCS) Market Report Scope:
|Revenue Forecast in 2026:||USD 22.6 Billion|
|Growth Rate:||CAGR of 22% from 2020 to 2026|
|Forecast Period:||2020 -2026|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
The Rich Communication Service Market is segmented into deployment model, end user vertical, and region.
On the basis of the deployment model, the market is bifurcated into On-Premise and cloud.
Based on application or the end user, the market is segmented into BFSI, retail, healthcare, media and entertainment, travel and hospitality. Increasing investments on digital marketing and advertising companies as well as VO-LTE or voice over long-term evolution technology will help in the development of the Global Rich Communication Service Market size. Also growing use of smartphones and 5G networks will continue to be driving forces of growth of the market.
By Organization Size:
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Depending on region, the market is segmented into North America, Asia Pacific, Europe and the rest of the world.
North America holds the largest rich communication service market share and will witness steady growth in the market due to the highest number of 5G handsets in the region as well as increasing online marketing services. Asia Pacific will be fastest growing market and likely to occupy significant share of the Global Rich Communication Service Market revenue.
Growing use RCS services by the banking sector and various enterprises will be responsible for the growth of the Global Rich Communication Service Market.
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Some of the major players in the rich communication service market are Google LLC, Huawei Technologies Co. Ltd., Vodafone Group PLC, Mavenir Systems and Telefonaktiebolaget LM Ericsson. These key players concentrate on manufacturing products with cutting edge technology. They also opt for strategic contracts and mergers to maintain a strong position in the highly competitive market scenario.
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