Global Rich Communication Services (RCS) Market to Reach Value of USD 15.06 Billion by 2032 | Emergen Research

Vancouver, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The global Rich Communication Services (RCS) market exhibited remarkable growth in 2022, with a market size of USD 2.00 billion. It is now set to continue its rapid expansion with a projected revenue Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period.

Enhancing Messaging with RCS

Rich Communication Services (RCS) is transforming the way we communicate, offering a feature-rich alternative to traditional SMS. This modernization empowers users to do more than just text – they can send images, videos, location data, and even documents. Businesses are increasingly adopting RCS for its ability to engage customers effectively, as research suggests that RCS messages are read 35 times more often than emails, and engagement with brands using RCS is 74% higher.

Driving Factors

The growth of RCS is driven by various factors, including the rise of Voice Over Long Term Evolution technology (Vo-LTE) and mobility services. Enterprises are embracing cloud-based RCS solutions, further propelling market growth. Moreover, the comprehensive network coverage ensures a broader reach, enabling seamless collaboration through RCS on smartphones.

Challenges to Consider

While RCS brings immense potential, a lack of awareness and security limitations in end-to-end encryption remain challenges. It's essential to address these issues to sustain the market's growth.

AI Integration

A significant trend in RCS is the integration of Artificial Intelligence (AI) technologies, such as chatbots and virtual assistants. AI-powered chatbots can efficiently answer questions and improve customer engagement, making interactions smoother.

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Applications and Verticals

• Rich Calls and Messaging accounted for the largest share in the RCS market in 2022, making it a popular choice for high-speed video calls and instant messaging.
• Advertising and Marketing Campaigns are on the rise, with RCS enabling businesses to engage with consumers interactively.
• In Industry Verticals, Retail and E-commerce lead the way with RCS messaging improving customer experiences and enhancing shopping journeys.
• The BFSI segment is growing steadily, providing mobile banking services and using RCS for web-based campaigns.
• In terms of Enterprise Size, SMEs are witnessing the fastest growth, thanks to product branding, chatbots, and real-time analytics.
• Large Enterprises are also adopting RCS to prioritize user experiences and efficient communication, especially for targeted marketing campaigns and customer assistance.

Regional Insights

• North America dominated the RCS market in 2022, benefiting from the high penetration of 5G networks and AI-driven smart devices.
• The Asia Pacific region is projected to experience the fastest growth due to widespread smartphone usage and the integration of digital payments.
• Europe holds a considerable share of the market, driven by expansions by major players and the rising demand for enriched consumer experiences.

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Scope of Research

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Major Companies and Competitive Landscape

The global Rich Communication Services (RCS) market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective RCS solutions. Some major players included in the global Rich Communication Services (RCS) market report are:

• AT&T
• Deutsche Telekom AG
• Huawei Technologies Co., Ltd.
• ZTE Corporation
• SK Telecom Co., Ltd.
• Verizon
• Mavenir
• Telefonaktiebolaget LM Ericsson
• Vodafone
• Nokia
• Global Message Services
• Rogers Communications
• Twilio Inc.
• KDDI CORPORATION
• Telit
• Orange Business
• China Mobile Limited
• Google LLC
• T-Mobile USA, Inc.
• Telefónica S.A.

Strategic Development

• In May 2023, Global Message Services (GMS) announced the launch of its enterprise AI Chatbots solution, which will help to improve customer care, support, and experience while lowering enterprise costs. Within two weeks, the organization can implement the solution on-premise or in the cloud. Enterprises that require assistance with the deployment and administration of their chatbots can obtain further consulting. Smart chatbots are increasingly becoming recognized as a tool, and when used successfully, can expedite both external and internal communication processes. Organizations can not only improve the customer experience but also reallocate resources to other business operations by automating information retrieval through seamless workflow integration and offering relevant responses.
• In February 2023, Vodafone Group PLC expanded its European relationship with Google for messaging services, Pixel devices, and television. Vodafone will market Pixel7 phones, watches, and buds for European services powered by Google Jibe Cloud and Android TV. The companies expanded collaboration will allow Vodafone customers to enjoy rich new communications experiences by leveraging Google Jibe Cloud to power Vodafone's use of Rich Communications Services. The deal will also see the introduction of Pixel 7 handset to Vodafone consumers, as well as the development of Vodafone features for additional Pixel categories. In addition, Android TV will be chosen as the primary platform for Vodafone's television service in nine countries. The enhanced arrangement will also allow Google to tap into the full potential of Vodafone's 5G and ultra-fast fibre-optic networks.
  
  

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For the purpose of this report, Emergen Research has segmented the global Rich Communication Services (RCS) market on the basis of application, industry vertical, end-use industry, and region:

• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Advertising and Marketing Campaign.
  • Rich Calls and Messaging
  • Content Delivery
  • Cloud Storage
  • Value Added Services

• Industry Vertical Outlook (Revenue, USD Billion; 2019-2032)
  • Healthcare
  • Retail and E-commerce
  • Information Technology (IT) and Telecom
  • Banking, Financial Services, and Insurance (BFSI)
  • Travel and Tourism

•      Enterprise Size Outlook (Revenue, USD Billion; 2019-2032)

• Small and Medium Enterprises (SMEs)
• Large Enterprises

• End-Use Industry Vertical Outlook (Revenue, USD Billion; 2019-2032)
  • Individual Consumers
  • Enterprises
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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