New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Rich Communication Services (RCS) Global Market Report 2023" - https://www.reportlinker.com/p06466686/?utm_source=GNW
, Infobip Ltd., Huawei Technologies Co. Ltd., T-Mobile US Inc., Infobip Ltd., Ericssion, Reliance Jio Infocomm Limited, and Swisscom AG.
The global rich communication services (RCS) market is expected to grow from $4.10 billion in 2022 to $5.55 billion in 2023 at a compound annual growth rate (CAGR) of 35.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The rich communication services (RCS) market is expected to reach $18.43 billion in 2027 at a CAGR of 35.01%.
The rich communication services (RCS) market includes revenues earned by entities by group messaging, rich media sharing, read receipts, typing indicators, chatbot and enhanced calling.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Rich Communication Services (RCS) is a messaging protocol that allows for more advanced communication between mobile devices compared to traditional SMS messaging. It allows users to organize group conversations with their peers, transmit images and videos, receive read receipts, and use end-to-end encryption.
North America was the largest region in the rich communication services (RCS) market in 2022. The regions covered in rich communication services (RCS) report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of rich communication services (RCS) are A2P, P2A, and P2P.A2P (Application-to-Person messaging) is a sort of corporate messaging in which marketers send text messages to mobile customers via a software application.
A2P (Application-to-Person messaging) is used for sending alerts, notifications, and other types of automated messages.It is deployed on-premises and cloud, in small and medium enterprises and large enterprises.
It is used in rich calls and messaging, content delivery, value added services, marketing and advertising campaign, and cloud storage, by healthcare, retail and e-commerce, BFSI, IT and telecom, travel and tourism, and others.
The increasing adoption of mobile service subscribers is anticipated to drive the growth of the rich communication services (RCS) market.Mobile service subscribers refer to individuals or companies that have signed up for a mobile phone service supplied by a mobile network operator and have access to services such as voice calls, text messaging, and data services on their mobile devices.
Rich communication services (RCS) have the potential to promote mobile service subscriber uptake by providing a more engaging, interactive, and feature-rich messaging experience than traditional SMS texting. For instance, in February 2023, according to the Office of Communications, a UK-based intergovernmental organization, the overall number of active UK mobile subscribers was 83.25 million at the end of March 2022. This is equivalent to a 2% rise starting in March 2021. Therefore, the increasing adoption of mobile service subscribers is driving the growth of the rich communication services (RCS) market.
Technological advancement is a key trend gaining popularity in the rich communication services (RCS) market.Companies operating in the rich communication services (RCS) market are adopting new technologies to sustain their position in the market.
For instance, in September 2022, Kirusa, a US-based communication solutions provider, launched the RichOTP service.With RichOTP, companies can send secure OTPs to their customers’ mobile devices through the messaging app, which provides a more reliable and secure method than traditional SMS messaging.
The service is designed to make it easier for companies to deliver OTPs, essential for secure transactions and account verification.
In September 2021, Gupshup, a US-based platform for conversational messaging, acquired Dotgo for an undisclosed sum.This acquisition broadens, diversifies, and enriches Gupshu’s portfolio by adding conversational messaging, which allows organizations and developers to construct customer experiences.
Gupshup will also use Dotgo to expand its footprint in the African market. Dotgo is a US-based platform for mobile publishing that operates in the rich communication services (RCS) market.
The countries covered in the rich communication services (RCS) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The rich communication services (RCS) market research report is one of a series of new reports that provides rich communication services (RCS) market statistics, including rich communication services (RCS) industry global market size, regional shares, competitors with a rich communication services (RCS) market share, detailed rich communication services (RCS) market segments, market trends and opportunities, and any further data you may need to thrive in the rich communication services (RCS) industry. This rich communication services (RCS) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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