Global Rich Communication Services Market Insights Forecasts to 2032
- The Global Rich Communication Services Market Size was valued at USD 4.75 Billion in 2022.
- The Market is Growing at a CAGR of 22.5% from 2022 to 2032
- The Worldwide Rich Communication Services Market Size is expected to reach USD 36.2 Billion by 2032
- Asia Pacific is expected to Grow the fastest during the forecast period.
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The Global Rich Communication Services Market Size is expected to reach USD 36.2 Billion by 2032, at a CAGR of 22.5% during the forecast period 2022 to 2032.
Rich communication services are a sort of text-based mobile protocol that was meant to succeed in SMS and MMS texting. RCS allows users to organize group conversations with their peers, transmit images and videos, receive read receipts, and use encryption at every stage of transmission. The majority of rich communication services solutions can also add value to existing messaging technology and assist in providing a solution for customers akin to over-the-top (OTT) services. RCS is compatible with all networks. RCS has evolved into a vital tool for enterprises seeking to connect to their clients. As smartphone technology advances, it is critical for businesses to keep up with the rising demand. All existing technologies, such as MMS/SMS and emails, are included in this new form of communication channel. With this technique, rich content can be delivered straight to the intended consumer without the usage of a third-party program.
Global Rich Communication Services Market Report Coverage
|Market Size in 2022:||USD 4.75 Billion|
|Forecast Period 2022-2032 CAGR:||22.5%|
|2032 Value Projection:||USD 36.2 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||By Type, By Industry, By Region and COVID-19 Impact Analysis.|
|Companies Covered:||AT&T, Vodafone, Deutsche Telekom, Google, Verizon, Telefonica, Orange Business, Telit, SK Telecom, Telstra, LG U+, Celcom, Freedom Mobile, Rogers, T-Mobile, O2, Telia Company, Magyar Telekom, Claro, Swisscom, Reliance Jio and other key vendors.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The growing usage of mobile service prospects, an increase in the number of smartphone users, higher spending on SMS advertising, and possible uses of rich communication services to enhance existing SMS services are some of the key factors driving the growth of the rich communication services market expansion over the forecast period. Rich communication services, which include advanced features such as group conversations, multimedia sharing, video conferences, and GPS sharing, have the potential to entirely substitute SMS and MMS messaging. The increasing adoption of smartphones around the world is projected to have a favorable impact on the market for rich communication services in the coming years. As a result, the growing number of mobile service subscribers is expected to be a prominent driver driving market development over the forecast duration. Aside from the added advantages of individual messaging, the usage of rich communication services by organizations for Application to Person (A2P) messaging is expected to be a major driver in the industry. Mobile manufacturers, telecom operators, and third-party application developers have all contributed to the growth of the market for rich communication services. The widespread utilization of rich communication services is primarily driven by the property of interoperability, due to the assistance of all of the participants. Furthermore, a number of additional factors, including the rollout of the 5G network and the merging of advanced communication services with a number of technological advancements, including cloud-based, artificial intelligence (AI), voice-over long-term evolution (VO-LTE), and application programming interface, are fostering an upward trend for the rich communication services market globally.
By Type Insights
The A2P segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global rich communication services market is segmented into the A2P, P2A, and P2P. Among these, the A2P segment is dominating the market with the largest revenue share of 68.3% over the forecast period. Businesses send A2P communications through bulk messaging systems to increase their customer reach. The key element leading to the segment's large revenue share is the adoption of rich communication services and commercial messaging platforms by multiple businesses for promoting their goods and services to customers. Furthermore, the COVID-19 pandemic has increased the need for A2P connectivity in the customer experience strategies of organizations of all sizes, resulting in a faster growth in demand for rich communication services than formerly.
By Industry Insights
The BFSI segment accounted for the largest revenue share of more than 24.7% over the forecast period.
On the basis of industry, the global rich communication services market is segmented into retail, media & entertainment, BFSI, healthcare, travel & tourism, and others. Among these, the BFSI segment is dominating the market with the largest revenue share of 24.7% over the forecast period. The rise in usage is attributed to the growing worldwide acceptance of mobile banking services. Rich communication services platforms have the goal of providing banks with capabilities such as mobile payments, account opening, credit/debit card requests, bank and ATM location, and customer assistance. Banks and other financial institutions can also employ rich communication services for web-based marketing by connecting with the institutes' databases and improving the client engagement.
North America dominates the market with the largest market share over the forecast period.
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North America is dominating the market with more than 38.7% market share over the forecast period, because of the region's substantial adoption of 5G networks and expanding utilization of artificial intelligence (AI) and other sophisticated connected devices. Additionally, the increased demand for modern messaging services, virtual assistants shifting customer service away from conversational communications, and rich communication service provide possibilities to mobile network operators (MNOs) for setting up services based on new advances in technology that are being developed for the native messaging channel. Furthermore, higher utilization of rich communication services platforms by firms such as Subway IP LLC and Express for operating their advertisement campaigns is expected to boost the region's rich communication services market expansion.
Asia Pacific, on the contrary, is expected to grow the fastest during the forecast period. This increase is due to higher disposable income and a boom in smartphone penetration in the region. The ever-growing population, improving smartphone connections, increasing mobile payments, growing retail industry, and the adoption of advanced SMS systems for advertising and CRM are the key drivers for the rich communication services market in the region.
List of Key Market Players
- Deutsche Telekom
- Orange Business
- SK Telecom
- LG U+
- Freedom Mobile
- Telia Company
- Magyar Telekom
- Reliance Jio
Key Market Developments
- On May 2023, Global Message Services (GMS) has announced the release of their enterprise AI Chatbots solution, which is targeted at increasing efficiency in departments such as Customer Care, HR and Recruitment, and Marketing and Sales. GMS' AI Chatbots solution compliments GMS' larger leading CPaaS communication platform, offering organizations a one-stop-shop solution for securely engaging with clients via SMS, WhatsApp, Viber, RCS, or Push. Within two weeks, the organization can implement the solution on-premises or in the cloud.
- On February 2023, Samsung Electronics, a global leader in innovative semiconductor technology, announced the acquisition of standardized 5G non-terrestrial networks (NTN) modem technology enabling direct connection between smartphones and satellites, particularly in remote locations. Samsung intends to include this technology into its Exynos modem solutions, speeding the commercialization of 5G satellite communications and opening the road for the 6G-powered Internet of Everything (IoE).
- On November 2022, Breezeline has introduced "Hosted Voice Essential," a new cloud-based phone solution aimed at small enterprises. Breezeline created the new Hosted Telephony Essential service in response to increased demand for a cloud-based telephony solution among small enterprises.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Rich Communication Services Market based on the below-mentioned segments:
Rich Communication Services Market, Type Analysis
Rich Communication Services Market, Industry Analysis
- Media & Entertainment
- Travel & Tourism
Rich Communication Services Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1. What is the market size of the rich communication services market?The Global Rich Communication Services Market is expected to grow from USD 4.75 billion in 2022 to USD 36.2 billion by 2032, at a CAGR of 22.5% during the forecast period 2022-2032.q
2. Which are the key companies in the market?AT&T, Vodafone, Deutsche Telekom, Google, Verizon, Telefonica, Orange Business, Telit, SK Telecom, Telstra, LG U+, Celcom, Freedom Mobile, Rogers, T-Mobile, O2, Telia Company, Magyar Telekom, Claro, Swisscom, Reliance Jio
3. Which segment dominated the rich communication services market share?The BFSI segment in industry type dominated the rich communication services market in 2022 and accounted for a revenue share of over 24.7%.
4. What are the elements driving the growth of the rich communication services market?The introduction of 5G networks, together with the increased use of Rich Communication Services (RCS) in business organizations for collaborative messaging, advertising, campaigning, and other purposes, are driving the worldwide rich communication services (RCS) market.
5. Which region is dominating the rich communication services market?North America is dominating the rich communication services market with more than 38.7% market share.
6. Which segment holds the largest market share of the rich communication services market?The A2P segment based on type holds the maximum market share of the Rich Communication Services market.
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