ID: MRFR/ICT/8890-HCR | February 2021 | Region: Global | 101 pages
Global Rich Communication Service (RCS) Market size is expected to register an exponential CAGR during the forecast period.
The 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. Moreover, RCS enables business organizations to send alerts & notifications to their customers regarding the latest offers & on-going discounted sales, new product arrivals, and the delivery status of their orders. The rich communication service (RCS) market is driven by the rising need for advertisement and the increasing adoption of smartphones. Furthermore, the affordability of smartphones due to cutthroat competition among smartphone manufacturers and network carriers to deliver competitive products and services is contributing to market growth. Additionally, rapid technological developments in the IT industry are accelerating market growth. However, the market growth is likely to be hampered by the limitations of security provided by end-to-end encryption.
Global Rich Communication Service Market has been segmented based on Application, End User, Organization Size, Vertical, and Region.
By Application, the global rich communication service market has been divided into an advertisement, content delivery, integrated solutions, and others.
By End User, the global rich communication service market has been divided into individual consumers and enterprises.
By Organization Size, the global rich communication service market is divided into small and medium enterprise and large enterprise.
Based on Vertical, the global rich communication service market has been divided into BFSI, IT & telecommunications, media & entertainment, tourism & logistics, retail, healthcare, and others.
Global Rich Communication Service Market has been analyzed for four regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
The global rich communication service market is estimated to register an exponential CAGR over the forecast period. The geographic analysis of the global rich communication service (RCS) market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America is expected to register the largest market share due to an increase in demand for RCS services across industry verticals in this region. The US is expected to lead the market in North America due to enhanced messaging features for marketers connected via SMS, high technological adoption, and innovation in the marketing campaigns. Additionally, the presence of key players such as AT&T (US), Google (US), Verizon (US), KDDI America, Inc. (US), Mavenir (US), INTEROP TECHNOLOGIES (US), and Twilio Inc. (US) drives the growth of the regional market.
The European market for RCS is expected to stand at the second position during the review period mainly due to the expansion strategy adopted by the major players in the industry. Also, the increasing demand for enriched consumer experience is boosting the market growth to the next level. Asia-Pacific is anticipated to be the fastest-growing market in the rich communication service (RCS) market during the forecast period.
Global Rich Communication Service (RCS) Market is witnessing growth primarily due to a rising need for advertisement and the increasing adoption of smartphones. Major players have opted for partnerships, acquisitions, and product enhancement as their key organic growth strategies to enhance their positions in the market and cater to the demands of end-users across verticals. Also, the industry players are competing over the advancement of features offered. Additionally, the companies are providing larger file-sharing options, which is making their unique selling proposition. Apart from all the aforementioned factors, the companies are working on expanding their compatibility with mobile phones of various makes and platforms. Clients can now enjoy a competitive edge with customer engagement by notifying them regarding the offer alerts and automation of processes such as customer acquisition, customer aftersale services, and surveys regarding improvements in their day-to-day business activities.
Impact of COVID19
Global Telecommunications Industry has reported an increase in demand for mobile communications, mainly due to a shift towards work from home environments by a large share of the global workforce. Furthermore, the lockdowns imposed by government authorities across the globe have impacted the majority of industry verticals. The retail industry adopted digital solutions for catering to the demand from consumers providing home deliveries and online services. Additionally, the marketing campaigns that were carried out during the pandemic situation were based on digital platforms, mainly through messaging. This positively affected the demand for rich communication services, enriching the market growth to the next level.
The Key Players in the Global Rich Communication Service (RCS) Market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include AT&T (US), Vodafone Limited (UK), Google (US), Verizon (US), Telefonaktiebolaget LM Ericsson (Sweden), Orange (France), KDDI America, Inc. (US), 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). The key strategies adopted by the market players include partnerships, acquisitions, agreements, and collaborations.
Global Rich Communication Services (RCS) Market, 2018–2026 (USD Billion)
Source: MRFR Analysis
Frequently Asked Questions (FAQ) :
Huge demand for next-generation text services is the major driver of the global RCS market.
Lack of secure encryption protocols for protecting data can limit the market growth.
The global rich communication service (RCS) market size can reach USD 22.6 billion by 2026.
The global RCS market can expand at 22% CAGR from 2018 to 2026.
North America can purportedly be lucrative for the global RCS market.
Tanla Solutions Limited, KDDI America, Inc., Telefonaktiebolaget LM Ericsson, SK TELECOM CO., LTD., Telstra Group, Mavenir, Nokia, Twilio Inc., Verizon, Vodafone Limited, INTEROP TECHNOLOGIES, Orange, Telit, Google, and AT&T are prominent players.