Rich Communication Services Market, By Type, By Application, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2023-2030
Rich communication services market size was valued at USD 920.1 Million in 2022, expanding at a CAGR of 30.1% from 2023 to 2030.
Rich Communication Services (RCS) encompass a set of advanced messaging protocols and standards designed to enhance the capabilities of pre-installed mobile messaging applications. Offering features such as group chats, media sharing, video calls, and location sharing, RCS is poised to supplant traditional SMS and MMS messaging. The growing adoption of mobile services subscribers plays a pivotal role in driving market expansion in the foreseeable future.
Rich communication services market- Market Dynamics
Proliferation of smartphones worldwide is expected to propel the market demand
The proliferation of smartphones worldwide is expected to exert a positive influence on the rich communication services market. As smartphone usage continues to rise, the demand for messaging communication escalates, with RCS offering enhancements like read receipts and group chats, elevating the messaging experience. Carrier companies' decisions to roll out RCS as a software update for existing smartphones further propels market growth. Beyond individual messaging benefits, RCS is increasingly adopted by enterprises for Application to Person (A2P) messaging, particularly in SMS marketing efforts, aiming to reach a broad customer base rapidly. RCS business messaging platforms are engineered to replace existing A2P messaging platforms, solidifying the adoption of rich communication services on a global scale.
Rich communication services market- Key Insights
As per the analysis shared by our research analyst, the global Rich communication services market is estimated to grow annually at a CAGR of around 30.1% over the forecast period (2023-2030)
Rich communication services market is projected to grow at a significant rate due to proliferation of smartphones worldwide
Based on Type, A2P was predicted to show maximum market share in the year 2022
Based on application, retail was the leading segment in 2022
On the basis of region, North America was the leading revenue generator in 2022
Rich communication services market- Segmentation Analysis:
The Global Rich communication services market is segmented on the basis of Type, By Application, and Region.
The market is divided into three categories based on Type: A2P, P2A, and P2P. The A2P segment dominated the market, surpassing a substantial market share, and is poised to demonstrate a robust Compound Annual Growth Rate (CAGR) throughout the forecast period. A2P messages, conveyed by businesses through bulk messaging platforms, serve as a potent means to extend their outreach to customers. The prominent revenue share of this segment can be chiefly attributed to the widespread utilization of RCS business messaging platforms by numerous enterprises for marketing their products and services.
The market is divided into six categories based on Application: Retail, Media & Entertainment, BFSI, Healthcare, Travel & Tourism, Other. In 2022, the retail segment secured the largest market share and it is expected to witness the highest CAGR during the forecast period. This growth is driven by the increasing adoption of technology among diverse retailers, aimed at enriching the overall customer shopping experience. RCS platforms empower retailers with the capability to present product images in diverse creative formats and offer valuable insights into customer preferences, thus significantly enhancing their chances of converting potential leads.
Rich communication services market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Rich communication services market- Competitive Landscape:
In the Rich Communication Services (RCS) market, companies are actively engaged in the development and deployment of advanced messaging solutions to meet the evolving demands of modern communication. These companies are working on enhancing the user experience by offering features like enriched media sharing, real-time messaging, group chats, and seamless integration of multimedia content. Additionally, they are forging partnerships with mobile carriers to expand the reach of RCS services and ensure compatibility across a wide range of devices.
Furthermore, companies are focusing on the integration of RCS with business messaging platforms, catering to enterprises seeking efficient Application to Person (A2P) communication solutions. This involves providing businesses with tools for customer engagement, marketing, and customer support through RCS, tapping into its potential for high engagement rates and rich multimedia capabilities.
Recent Developments:
In July 2019, Syniverse Technologies LLC revealed its collaboration with China Telecom Global to deliver connectivity services to mobile operators in the Middle East & Africa region.
In June 2023, ZTE introduced a lineup of private 5G devices tailored for field and industry applications. The 5G UniEngine V1100A integrates core, RAN, and O&M functionalities, presenting a comprehensive 5G private network solution. The MSE N100 serves as a portable testing tool for simplification and verification purposes, while the SmartEdge 6100 handles TNS protocols.
In May 2023, Global Message Services (GMS) launched its enterprise AI Chatbots solution, aimed at enhancing productivity in customer care, support, and overall customer experience, while concurrently reducing operational costs for enterprises.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL RICH COMMUNICATION SERVICES MARKET KEY PLAYERS
Telefonaktiebolaget LM Ericsson
Google LLC
Huawei Technologies Co Ltd
Mavenir Systems
Samsung Electronics Co Ltd
ZTE Corporation
Global Message Services
Sinch AB
Juphoon System Software Co Ltd
Summit Tech
GLOBAL RICH COMMUNICATION SERVICES MARKET, BY TYPE
A2P
P2A
P2P
GLOBAL RICH COMMUNICATION SERVICES MARKET, BY APPLICATION
Retail
Media & Entertainment
BFSI
Healthcare
Travel & Tourism
Others
GLOBAL RICH COMMUNICATION SERVICES MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Rich Communication Services Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Rich Communication Services Market Snippet by Type
2.1.2. Rich Communication Services Market Snippet by Application
2.1.3. Rich Communication Services Market Snippet by Country
2.1.4. Rich Communication Services Market Snippet by Region
2.2. Competitive Insights
3. Rich Communication Services Key Market Trends
3.1. Rich Communication Services Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Rich Communication Services Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Rich Communication Services Market Opportunities
3.4. Rich Communication Services Market Future Trends
4. Rich Communication Services Industry Study
4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. Rich Communication Services Market: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. Rich Communication Services Market Landscape
6.1. Rich Communication Services Market Share Analysis, 2022
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. Rich Communication Services Market - By Type
7.1. Overview
7.1.1. Segment Share Analysis, By Type, 2022 & 2030 (%)
7.1.2. A2P
7.1.3. P2A
7.1.4. P2P
8. Rich Communication Services Market - By Application
8.1. Overview
8.1.1. Segment Share Analysis, By Application, 2022 & 2030 (%)
8.1.2. Retail
8.1.3. Media & Entertainment
8.1.4. BFSI
8.1.5. Healthcare
8.1.6. Travel & Tourism
8.1.7. Others
9. Rich Communication Services Market- By Geography
9.1. Introduction
9.1.1. Segment Share Analysis, By Geography, 2022 & 2030 (%)
9.2. North America
9.2.1. Overview
9.2.2. Rich Communication Services Key Manufacturers in North America
9.2.3. North America Market Size and Forecast, By Country, 2018 - 2030 (US$ Million)
9.2.4. North America Market Size and Forecast, By Type, 2018 - 2030 (US$ Million)
9.2.5. North America Market Size and Forecast, By Application, 2018 - 2030 (US$ Million)