New York, United States , Nov. 27, 2023 (GLOBE NEWSWIRE) -- The Global Rich Communication Services Market Size is to grow from USD 4.75 Billion in 2022 to USD 36.2 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 22.5% during the projected period.
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Rich communication services are a category of text-based mobile protocol designed to compete with SMS and MMS texting. It allows users to create group chats, transmit attachments, including photographs and videos, receive read receipts, and leverage end-to-end encryption via cell phones. Rich communication services have numerous advantages, including more focused communication with consumers, security, increased audio and video streaming, one-app functionality, and improved sender authentication. A significant number of rich communication services solutions can also add value to existing messaging technology and help provide clients with a solution similar to over-the-top (OTT) services. All networks are compatible with RCS. One of the important factors driving the rich communication services market growth is the growing usage of RCS across several industrial verticals including healthcare, information technology (IT), hospitality, entertainment, banking, financial services, and insurance (BFSI). Furthermore, a number of other factors, such as the rollout of the 5G network and the convergence of advanced communication services with a variety of technological advancements, such as cloud-based, artificial intelligence (AI), voice-over long-term evolution (VO-LTE), and application programming interface, are fueling an upward trend for the global rich communication services market.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Rich Communication Services Market Size, Share, and COVID-19 Impact Analysis, By Type (A2P, P2A, P2P), By Industry (Retail, Media & Entertainment, BFSI, Healthcare, Travel & Tourism, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The A2P segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global rich communication services market is segmented into the A2P, P2A, and P2P. Among these, the A2P segment is dominating the market with the largest revenue share of 68.3% over the forecast period. Businesses use bulk messaging platforms to send A2P communications to their customers. The use of rich communication services and commercial messaging platforms by different firms for promoting their goods and services to clients is the major factor driving the segment's significant revenue share.
The BFSI segment accounted for the largest revenue share of more than 24.7% over the forecast period.
On the basis of industry, the global rich communication services market is segmented into retail, media & entertainment, BFSI, healthcare, travel & tourism, and others. Among these, the BFSI segment is dominating the market with the largest revenue share of 24.7% over the forecast period. The increased utilization can be due to the expanding global popularity of mobile banking services. The purpose of rich communication services platforms is to provide banks with capabilities including mobile payments, account opening, credit/debit card requests, bank and ATM location, and customer assistance.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 38.7% market share over the forecast period, owing to the region's increasing deployment of 5G networks and expanding utilization of artificial intelligence (AI) and other sophisticated linked gadgets. Furthermore, the increased use of rich communication services platforms for advertising campaigns by companies such as Subway IP LLC and Express is likely to drive the region's rich communication services market growth. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period. This rise is the result of increased disposable income and a surge in smartphone penetration in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Rich Communication Services Market include AT&T, Vodafone, Deutsche Telekom, Google, Verizon, Telefonica, Orange Business, Telit, SK Telecom, Telstra, LG U+, Celcom, Freedom Mobile, Rogers, T-Mobile, O2, Telia Company, Magyar Telekom, Claro, Swisscom, Reliance Jio, and among others.
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Recent Market Developments
On May 2023, Global Message Services (GMS) has announced the release of their enterprise AI Chatbots solution, which is targeted at increasing efficiency in departments such as Customer Care, HR and Recruitment, and Marketing and Sales. GMS' AI Chatbots solution compliments GMS' larger leading CPaaS communication platform, offering organizations a one-stop-shop solution for securely engaging with clients via SMS, WhatsApp, Viber, RCS, or Push. Within two weeks, the organization can implement the solution on-premises or in the cloud.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Rich Communication Services Market based on the below-mentioned segments:
Rich Communication Services Market, Type Analysis
- A2P
- P2A
- P2P
Rich Communication Services Market, Industry Analysis
- Retail
- Media & Entertainment
- BFSI
- Healthcare
- Travel & Tourism
- Others
Rich Communication Services Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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