The latest report by IMARC Group, titled “Rich Communication Services (RCS) Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global rich communication services (RCS) market size reached a value of US$ 1,210.90 Million in 2021. Rich communication services (RCS) refer to a text-based protocol used as an alternative for short message services (SMS) and multimedia messaging services (MMS). It is designed to enhance the functionality of messaging applications that are pre-installed on smartphones. It allows users to create group chats, get read receipts, send images and videos, and enable end-to-end encryption. It also allows users to write more than the 160-character limit and eliminates the threat of spam by third-party apps. Owing to these properties, various enterprises are adopting RCS to connect directly with their customers.
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.
Global Rich Communication Services (RCS) Market Trends:
The market is primarily driven by the rising adoption of RCS across various industrial verticals, such as information technology (IT), healthcare, hospitality, financial services, entertainment and banking, and insurance (BFSI) industries. Besides this, the introduction of the 5G network and the integration of RCS with advanced technologies, such as cloud-based, voice over long-term evolution (VO-LTE), artificial intelligence (AI), and application programming interface (API), are also contributing to the market growth. In addition, various enterprises are adopting RCS for peer-to-peer (P2P) messaging, marketing, campaigning, and advertising strategies. This, coupled with the increasing investments in the long-term evaluation (LTE) and IP multimedia subsystem (IMS) for facilitating next-generation broadband mobile services, is creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 5,528.60 Million by 2027, exhibiting a CAGR of 27.70% during the forecast period (2022-2027).
- Based on the communication type, the market has been segregated into A2P, P2A, and P2P.
- On the basis of the deployment mode, the market has been bifurcated into cloud-based and on-premises.
- Based on the organization size, the market has been classified into large, and small and medium-sized enterprises.
- On the basis of the application, the market has been segmented into rich calls and messaging, cloud storage, marketing and advertising campaign, content delivery, and others.
- Based on the industry vertical, the market has been categorized into healthcare, retail and e-commerce, BFSI, IT and telecom, travel and tourism, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some 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.
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