Rich Communication Services (RCS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The global rich communication services (RCS) market reached a value of US$ 1,210.90 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 5,528.60 Million by 2027 exhibiting a CAGR of 27.70% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Rich communication services (RCS) refer to a carrier-implemented text-based protocol, which is designed as an alternative for short message services (SMS) and multimedia messaging services (MMS). It enables users to create group chats, send attachments, like images and videos files, get read receipts, and have support for end-to-end encryption through smartphones. RCS offers various benefits, such as higher-targeted communication to reach consumers, security, better streaming of audio and video, one app functionality, and improved sender verification.
Rich Communication Services (RCS) Market Trends:
The widespread adoption of RCS across various industrial verticals, such as healthcare, information technology (IT), hospitality, entertainment and banking, financial services, and insurance (BFSI) sector, is one of the key factors driving the RCS market growth. In line with this, the increasing investments in the long-term evaluation (LTE) and IP multimedia subsystem (IMS) for facilitating the next generation of broadband mobile services is acting as another major growth-inducing factor. Additionally, the RCS finds extensive application in the corporate sector for peer-to-peer (P2P) messaging, marketing, campaigning, and advertising strategies, which is further contributing to the market growth. Apart from this, the strategic collaborations between the key players for advancing RCS and the implementation of universal communication protocol specification by the global system for mobile communications association (GSMA) for enabling operator service interoperability are propelling the market growth. Other factors, such as the introduction of 5G network and the integration of RCS with several technological solutions, like cloud-based, artificial intelligence (AI), voice over long-term evolution (VO-LTE), and application programming interface, to promote the next-generation messaging and chatbot interaction, are creating a positive outlook for the market across the globe.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global rich communication services (RCS) market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on communication type, deployment mode, organization size, application and industry vertical.
Breakup by Communication Type:
Breakup by Deployment Mode:
Breakup by Organization Size:
Small and Medium-sized Enterprises
Breakup by Application:
Rich Calls and Messaging
Marketing and Advertising Campaign
Breakup by Industry Vertical:
Retail and E-commerce
IT and Telecom
Travel and Tourism
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Global Message Services, Google LLC (Alphabet Inc.), Huawei Technologies Co Ltd, Mavenir plc, SK Telecom Co Ltd, Telefonaktiebolaget LM Ericsson, Telstra Corporation Limited, T-Mobile US Inc., Verizon Communications Inc., Vodafone Group PLC, and ZTE Corporation. Key Questions Answered in This Report:
How has the global rich communication services (RCS) market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global rich communication services (RCS) market?
What are the key regional markets?
What is the breakup of the market based on the communication type?
What is the breakup of the market based on the deployment mode?
What is the breakup of the market based on the organization size?
What is the breakup of the market based on the application?
What is the breakup of the market based on the industry vertical?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global rich communication services (RCS) market and who are the key players?
What is the degree of competition in the industry?
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