Dublin, Oct. 21, 2021 (GLOBE NEWSWIRE) -- The "Global Rich Communication Services (RCS) Market (2021-2027) by Type, Application, Service, End-User, Deployment, Organization Size, and Geography, Competitive Analysis, Impact of Covid-19, Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Rich Communication Services (RCS) Market is estimated to be USD 5.7 Bn in 2021 and is expected to reach USD 15.78 Bn by 2027, growing at a CAGR of 18.5%.
Key factors such as an increasing number of advertising and marketing companies followed by a rising number of digitally connected people have led to a rise in the demand for Rich Communication Services (RCS) market. The rising number of people using smartphones has led to a high mode of communication via text messaging. The adoption of RCS solutions can be effective in enhancing such an experience for its customers. Further advancements in technologies such as voice over long-term evolution technology (VO-LTE) increase the subscriber base. Therefore, enterprises are utilizing RCS solutions for digitally marketing the product to have a high reach over the market. All the factors have led to a growth in the market of RCS solutions.
The factors such as the limited capacity of an RCS solution to offer end to end encryption has led to privacy issues. Also, the lack of interoperability between the OEMs and the carrier networks is likely to restrain market growth.
Market Dynamics
Drivers
- High Penetration Rate of Smartphones
- Increasing Number of Advertising and Marketing Companies
- Increasing Development of Voice Over Long-Term Evolution Technology (Vo-LTE)
Restraints
- Limited Capability to Offer End-To-End Encryption
- Lack of Interoperability Between OEMs and Carrier Networks
- Difficulty to Cope with Ott Service Providers
Opportunities
- Strict Regulations for OTT Messaging Services
- Growing Penetration of 5G Networks and Growing Investment by Top Players
Challenges
- Lower User Base due to The Proliferation of Messaging Apps
- Lack of Awareness about the Implementation and Use of Services
Segments Covered
By Type, the market is classified as A2P, P2A, and P2P. Amongst all, the A2P segment, also known as automated enterprise-to-person text messaging, is estimated to hold the highest market share. The A2P messages are adopted by various businesses for sending bulk messages to expand their customer reach. Since text messages are still considered an important means of communication worldwide, the use of RCS solutions can help make effective use of A2P messaging. This has resulted in the growth of the A2P segment in the RCS market.
By Application, the market can be classified as Advertising Campaign, Content Delivery, Integrated Solutions and Others. Amongst all, the Advertising Campaigns hold the highest market share. This is mainly due to the rising digital marketing efforts that the enterprises focus on different advertising campaigns adopting social media. Through these campaigns, the end-users feel connected with the product/service offered by an enterprise. This helps the firms to attract market and retain existing customers.
By Services, the market is classified as Content Sharing, IP Video calls, VoIP, File Transfer and Chat. Amongst all, the Chat segment is estimated to hold the highest market share. With a high number of smartphone users globally, chat or instant messaging services are more popular amongst users. The adoption of RCS solutions can help in providing an enhanced customer experience to chat services. Also, many RCS vendors are deploying these services in their chat features, which is additionally contributing to the growth of the market.
By End Users, the market is classified as consumers and enterprises. Amongst the two, the Enterprises hold the highest market share in the market. These platforms are required more by the enterprises during various marketing efforts adopted by the firm to attract customers to their product offerings. With the adoption of Rich Communication Services (RCS) platforms, it becomes easy for these firms to share media-rich content with their customers and ensure constant customer engagement.
By Deployment, the market is classified as cloud-based and on-premise. Amongst the two, the Cloud-based deployment holds the highest market share. The cloud-based deployment has been increasingly seeing its application in a wide industry vertical. It is due to faster speed, ease of accessibility, lower investment, and quick data analysis. This helps in reducing the operational costs and bring efficiency in processes. This has led to a higher adoption rate for the cloud-based RCS solution segment.
By Organization Size, the market is classified as large enterprises and small and medium-sized enterprises. Amongst the two, Large Enterprises hold the highest market share as they have the financial resources to invest in marketing efforts. Therefore they are more willing to invest in solutions such as RCS to ensure targeted advertising campaigns and marketing strategies for higher customer engagement. This has led to high adoption of RCS solutions amongst large enterprises resulting in high segment growth.
By Industry Vertical, the market is classified as BFSI, Telecom and IT, Media and Entertainment, Tourism and Logistics, Retail, Healthcare and Others. Amongst all, the Retail segment holds the highest market share. The retailers want to provide an exceptional shopping experience to their customers, and therefore, they are adopting different software tools. The adoption of the RCS platform helps the retailers to provide product images in creative formats with insightful data related to customer preferences about a product. This helps in increasing the conversion rate and is thus preferred by the retailers. This has helped in supporting the growth of the retail market segment.
By Geography, North America is estimated to lead the market. The factors attributed to the growth of the market are advancements in technologies and the presence of key RCS solution vendors such as Verizon, T-Mobile, etc. With a rise in digitalization and advanced technologies, enterprises are using it to their benefit by investing heavily in the areas of digital marketing. They are also adopting advertising campaigns via RCS solutions to ensure maximum product reach. Therefore the high implementation of these solutions in this region, thus leading to growth in this market.
Company Profiles
Some of the companies covered in this report are AT&T Inc., Vodafone Idea Limited, Google LLC/Alphabet Inc., Verizon Communications Inc., Deutsche Telekom AG, China Mobile, Ericsson, Huawei Technologies Co. Ltd, ZTE Corporation, SK Telecom, etc.
Competitive Quadrant
The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Why buy this report?
- The report offers a comprehensive evaluation of the Global Rich Communication Services (RCS) Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes in-depth market analysis using Porter's 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
Report Highlights:
- A complete analysis of the market including parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current, and projected size of the market based on value and volume
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Key Topics Covered:
1 Report Description
2 Research Methodology
3 Executive Summary
4 Market Overview
4.1 Introduction
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Challenges
4.3 Trends
5 Market Analysis
5.1 Porter's Five Forces Analysis
5.2 Impact of COVID-19
5.3 Ansoff Matrix Analysis
6 Global Rich Communication Services Market, By Type
6.1 Introduction
6.2 A2P
6.3 P2A
6.4 P2P
7 Global Rich Communication Services Market, By Application
7.1 Introduction
7.2 Advertising Campaign
7.3 Content Delivery
7.4 Integrated Solutions
7.5 Others
8 Global Rich Communication Services Market, By Services
8.1 Introduction
8.2 Content Sharing
8.3 IP Video Call
8.4 VoIP
8.5 File Transfer
8.6 Chat
9 Global Rich Communication Services (RCS) Market, By End Users
9.1 Introduction
9.2 Consumers
9.3 Enterprises
10 Global Rich Communication Services (RCS) Market, By Deployment
10.1 Introduction
10.2 Cloud Based
10.3 On premise
11 Global Rich Communication Services (RCS) Market, By Organization Size
11.1 Introduction
11.2 Large Enterprises
11.3 Small and Medium-sized Enterprises
12 Global Rich Communication Services (RCS) Market, By Enterprise Vertical
12.1 Introduction
12.2 BFSI
12.3 Telecom and IT
12.4 Media and Entertainment
12.5 Tourism and Logistics
12.6 Retail and eCommerce
12.7 Healthcare
12.8 Other Enterprise Vertical (Government and Utilities)
13 Global Rich Communication Services (RCS) Market, By Geography
13.1 Introduction
13.2 North America
13.2.1 US
13.2.2 Canada
13.2.3 Mexico
13.3 South America
13.3.1 Brazil
13.3.2 Argentina
13.4 Europe
13.4.1 UK
13.4.2 France
13.4.3 Germany
13.4.4 Italy
13.4.5 Spain
13.4.6 Rest of Europe
13.5 Asia-Pacific
13.5.1 China
13.5.2 Japan
13.5.3 India
13.5.4 Indonesia
13.5.5 Malaysia
13.5.6 South Korea
13.5.7 Australia
13.5.8 Russia
13.5.9 Rest of APAC
13.6 Rest of the World
13.6.1 Qatar
13.6.2 Saudi Arabia
13.6.3 South Africa
13.6.4 United Arab Emirates
13.6.5 Latin America
14 Competitive Landscape
14.1 Competitive Quadrants
14.2 Market Share Analysis
14.3 Competitive Scenario
14.3.1 Mergers & Acquisitions
14.3.2 Agreements, Collaborations, & Partnerships
14.3.3 New Product Launches & Enhancements
14.3.4 Investments & Fundings
15 Company Profiles
15.1 AT&T
15.2 Vodafone Idea Limited
15.3 Deutsche Telekom AG
15.4 Google/Alphabet Inc
15.5 Verizon Communications Inc
15.6 Telefonica
15.7 Orange Business
15.8 China Mobile
15.9 KddI
15.10 Slovak Telekom
15.11 Telit
15.12 SK Telecom
15.13 Telstra
15.14 LG U+
15.15 SAP SE
15.16 Huawei Technology Co
15.17 Ericsson Inc.
15.18 Nokia Networks
15.19 Mavenir systems Inc.
15.20 Interop Technologies LLC
16 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/cr7pnu
