The global rich communication services market revenue was around US$ 2.74 billion in 2022 and is estimated to reach US$ 40.2 billion by 2031, growing at a compound annual growth rate (CAGR) of 35% during the forecast period from 2023 to 2031.
Rich communication service (RCS) is a framework between mobile and phone service providers. Conventional Multimedia Messaging Services (MMS) and short message services (SMS), which has been utilised over the past few decades. It is intended to be substituted by the rich communication system.
Market Driving Factors
The rise in awareness about RCS benefits over regular OTT services and the number of advertising and marketing competitions drive the market growth. The classic over-the-top systems, like WhatsApp. Skype, and Facebook, Messenger, are common among people. Therefore, technological advancement increases the possibility of cyber threats attacking this platform. This results in significant data and privacy loss. RCS messaging offers increased protection against such incidents. RCS has many benefits over conventional OTT platforms since operators manage the networks over which messages are delivered, allowing them to offer superior service.
The surge in the prevalence of 5G networks is likely to create opportunities in the market.5G wireless networks promoted the exploitation and progression of vast capacity and robust and complicated heterogeneous infrastructure connectivity. Thus, there has been a surge in efforts to create a 5G network more capable of managing complex operational contexts and supporting several new services.
Restricted end-to-end encryption to limit market expansion.
Regional Analysis
North America dominates the market. This is because high penetration of 5G networks and the surge in the utilisation of artificial intelligence and intelligent connected devices in the region. Additionally, the increase in demand for digital transformation among several end-users and the convergence of many technologies, like artificial intelligence and cloud computing, have greatly impacted the region and surged its telecommunication and IT budgets.
Asia Pacific is predicted to dominate the market. The surge in demands for rich communication services in the region as a result of the emergence of high-end technologies like 5G network and artificial intelligence, and the increasing requirement to send bulk messages for marketing, as well as a significant shift toward digitization by small and medium-sized enterprises have a positive impact on the market expansion.
Segmentation Insights
Deployment Model Insight
The on-premise segment will hold the largest share of the market. The on-premise deployment model for rich communication services enables the RCS solution to perform on systems located on the premises of an organization, as opposed to a server farm or the cloud. This service delivers cutting-edge security measures, which fuels its adoption by IT & telecom, large-scale BFSI, and healthcare organizations.
Enterprise Size Insight
The small & medium scale enterprise dominates the market. Increasing focus on sharing rich content and awareness of audio-visual messaging's benefits for SMEs fuels the market. Furthermore, the deployment of rich communication services is on the increase among small and medium-sized enterprises (SMEs) because it provides several benefits, such as enhanced product branding, chatbots, the transfer of rich content, and real-time analytics, which enable them to become more intelligent, productive, and effective.
Application Insight
The marketing & advertising campaign segment dominates the market. Marketing and advertising campaigns are expensive and time-consuming for businesses. Making the best advertisement requires many people's infrastructure, hardware, and physical labour. As a result, the 4.0 industrial revolution is causing a movement in business towards digitalization. This varies the overall business perspective on advertising and marketing. Companies are concentrating on digital and social media marketing to engage targeted audiences.
Industry Vertical Insight
The retail & e-commerce segment is expected to dominate the market. The retail and e-commerce industry depends on customers' purchasing habits. Multiple retail and eCommerce websites interact with the user via RCS messaging technology. In addition, rich communication service is utilised to place orders directly through rich messaging and is facilitated with product recommendations based on prior purchase history. It includes order feedback collection, shipping updates, and delivery time inquiries. Therefore, this factor is predicted to generate new retail and e-commerce market trends and opportunities.
The IT & telecom segment dominates the market. Rich communication service is broadly utilised in the IT and telecommunications industry to offer customers complete, consistent, and reliable information that consumer service representatives can utilize to improve the user experience. In addition, the trend among telecommunications companies to embrace next-generation messaging services for their extended business communication to foster the efficient and effective use of public relations resources is an effective factor influencing the adoption of rich communication services in the telecommunications industry.
Prominent Companies
Segmentation Outline
The global rich communication services market segmentation focuses on Deployment Model, Enterprise Size, Application, Industry Vertical, and Region.
By Deployment Model
By Enterprise Size
By Application
By Industry Vertical
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL RICH COMMUNICATION SERVICES MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: RICH COMMUNICATION SERVICES MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL RICH COMMUNICATION SERVICES MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL RICH COMMUNICATION SERVICES MARKET, BY DEPLOYMENT MODEL
5.1 OVERVIEW
5.2 CLOUD
5.3 ON-PREMISE
6 GLOBAL RICH COMMUNICATION SERVICES MARKET, BY ENTERPRISE SIZE
6.1 OVERVIEW
6.2 SMALL & MEDIUM-SCALE ENTERPRISE
6.3 LARGE SCALE ENTERPRISE
7 GLOBAL RICH COMMUNICATION SERVICES MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 RICH CALLS & MESSAGING
7.3 CONTENT DELIVERY
7.4 VALUE-ADDED SERVICES (VAS)
7.5 MARKETING & ADVERTISING CAMPAIGN
7.6 CLOUD STORAGE
8 GLOBAL RICH COMMUNICATION SERVICES MARKET, BY INDUSTRY VERTICAL
8.1 OVERVIEW
8.2 HEALTHCARE
8.3 RETAIL & E-COMMERCE
8.4 BFSI
8.5 IT & TELECOM
8.6 TRAVEL & TOURISM
8.7 OTHERS
9 GLOBAL RICH COMMUNICATION SERVICES MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL RICH COMMUNICATION SERVICES MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 AT&T INC
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 VODAFONE IDEA LIMITED
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 GOOGLE LLC
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 VERIZON COMMUNICATIONS INC
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 DEUTSCHE TELEKOM AG
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 CHINA MOBILE
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 ERICSSON
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8. HUAWEI TECHNOLOGIES CO LTD
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 ZTE CORPORATION
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 SK TELECOM
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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