Rich Communication Services (RCS) Market

Market Overview:

The global rich communication services (RCS) market size reached US$ 1,935.7 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 11,219.1 Million by 2032, exhibiting a growth rate (CAGR) of 21.1% during 2024-2032.

Rich communication services (RCS) refer to a carrier-implemented text-based protocol, which is designed as an alternative for short message services (SMS) and multimedia messaging services (MMS). It enables users to create group chats, send attachments, like images and videos files, get read receipts, and have support for end-to-end encryption through smartphones. RCS offers various benefits, such as higher-targeted communication to reach consumers, security, better streaming of audio and video, one app functionality, and improved sender verification.

Rich Communication Services (RCS) Market Trends:

The widespread adoption of RCS across various industrial verticals, such as healthcare, information technology (IT), hospitality, entertainment and banking, financial services, and insurance (BFSI) sector, is one of the key factors driving the RCS market growth. In line with this, the increasing investments in the long-term evaluation (LTE) and IP multimedia subsystem (IMS) for facilitating the next generation of broadband mobile services is acting as another major growth-inducing factor. Additionally, the RCS finds extensive application in the corporate sector for peer-to-peer (P2P) messaging, marketing, campaigning, and advertising strategies, which is further contributing to the market growth. Apart from this, the strategic collaborations between the key players for advancing RCS and the implementation of universal communication protocol specification by the global system for mobile communications association (GSMA) for enabling operator service interoperability are propelling the market growth. Other factors, such as the introduction of 5G network and the integration of RCS with several technological solutions, like cloud-based, artificial intelligence (AI), voice over long-term evolution (VO-LTE), and application programming interface, to promote the next-generation messaging and chatbot interaction, are creating a positive outlook for the market across the globe.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global rich communication services (RCS) market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on 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

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles 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.

Report Coverage: