Rich Communication Services (RCS) Market Growth Revenue 2022, Size, Share, Demand and Forecast to 2027
The latest research study “Rich Communication Services (RCS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global rich communication services market size 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.
Rich
communication services (RCS) refer to a carrier-implemented mobile
communication alternative to short message services (SMS) as well as multimedia
messaging services (MMS). It allows users to create group chats, support
end-to-end encryption, and send attachments such as video files and images. In
recent years, RCS has gained traction due to its numerous benefits, such as
better streaming of audio and video, higher-targeted communication to reach
consumers, one-app functionality, security, better streaming of audio and
video, and enhanced sender verification.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Rich Communication Services Market Trends and Drivers:
One of the
primary factors driving the market is the increase in the number of
smartphones. Additionally, extensive adoption of RCS among various industry
verticals, including information technology (IT), entertainment and banking,
information technology (IT), hospitality, financial services, and insurance
(BFSI) sectors, is contributing to the industry growth. Other than this, the
escalating demand for next-generation text services is creating a positive
market outlook.
Besides
this, there has been extensive investments in the long-term evaluation (LTE)
and IP multimedia subsystem (IMS) to facilitate the next generation of
broadband mobile services. Furthermore, the utilization of RCS in the corporate
sector for marketing, advertising strategies, and peer-to-peer messaging (P2P)
is positively influencing the market growth.
In line with
this, various collaborations between market players to upgrade RCS and the
implementation of universal communication protocol specifications by the global
system for mobile communications association (GSMA) to allow operator service
interoperability. Other growth-inducing factors include the advent of the 5G
network and the integration of RCS with various technological solutions such as
artificial intelligence (AI), voice-over long-term evolution (VO-LTE), and
application programming interface to promote next-generation messaging and
chatbot interaction.
Rich Communication Services Market Report Scope | |
Report Coverage | Details |
Market size value in 2021 | US$ 1,210.90 Million |
Market forecast in 2027 | US$ 5,528.60 Million |
Growth Rate | CAGR of 27.70% from 2022 to 2027 |
Base year for estimation | 2021 |
Historical data | 2016-2021 |
Forecast period | 2022-2027 |
Global Rich Communication
Services Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Top Key Players:
- 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
- ZTE Corporation
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The report has segmented the market on the
basis of region, communication type, deployment mode, organization
size, application and industry vertical.
Breakup by
Communication Type:
· A2P
· P2A
· P2P
Breakup by
Deployment Mode:
· Cloud-based
· On-premises
Breakup by
Organization Size:
· Large
Enterprises
· Small
and Medium-sized Enterprises
Breakup by Application:
· Rich
Calls and Messaging
· Cloud
Storage
· Marketing
and Advertising Campaign
· Content
Delivery
· Others
Breakup by Industry
Vertical:
· Healthcare
· Retail
and E-commerce
· BFSI
· IT
and Telecom
· Travel
and Tourism
· Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China,
Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United
Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico,
Others)
- Middle East and Africa
If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success
Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the
Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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