PUBLISHER: The Business Research Company | PRODUCT CODE: 1392868
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392868
“Rich Communication Services Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on rich communication services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for rich communication services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The rich communication services market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
RCS (Rich Communication Services) represents an advanced SMS protocol designed to enhance text messaging. The default messaging app on a device gains enriched features, including capabilities for payments, high-resolution photo and file sharing, location sharing, and video calls. Rich communication services aim to replace traditional SMS, offering users a more effective and engaging messaging experience beyond the limitations of SMS.
Rich communication services are deployed in various settings, with main deployment types including on-premise and cloud configurations, catering to both small and medium enterprises as well as large enterprises. On-premise RCS involves hosting IT infrastructure hardware and software applications locally, providing businesses with greater control over resources, including functionality, security, and maintenance. In contrast, cloud-based RCS utilizes a public cloud platform or a remote data center to host IT assets. Rich Communication Services find application in diverse areas such as rich calls and messaging, content delivery (including content sharing and file transfer), value-added services (VAS), marketing and advertising campaigns, and cloud storage. They are employed across different industry verticals, including healthcare, retail and e-commerce, BFSI, IT and telecom, travel and tourism, among others.
The rich communication services market research report is one of a series of new reports from The Business Research Company that provides rich communication services market statistics, including rich communication services industry global market size, regional shares, competitors with an rich communication services market share, detailed rich communication services market segments, market trends and opportunities, and any further data you may need to thrive in the rich communication services industry. This rich communication services 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.
The rich communication services market size has grown exponentially in recent years. It will grow from $9. 86 billion in 2023 to $11. 83 billion in 2024 at a compound annual growth rate (CAGR) of 20. 0%. The growth observed in the historical period can be attributed to factors such as the increased adoption of smartphones, the modernization and expansion of networks, the widespread use of text messages, a growing demand for advanced communication solutions among large enterprises, and the cost-effectiveness of text messages for information dissemination.
The rich communication services market size is expected to see exponential growth in the next few years. It will grow to $25. 66 billion in 2028 at a compound annual growth rate (CAGR) of 21. 3%. The anticipated growth in the forecast period can be ascribed to the evolution of mobile messaging services, a heightened demand for enhanced multimedia messaging, advancements in mobile network technologies, an increasing need for enhanced security features, and intensified competition among mobile service providers. Significant trends in the forecast period involve the integration of rich media and interactive content in messaging, the pursuit of cross-platform compatibility for seamless communication, the integration of RCS with e-commerce platforms, a notable emphasis on privacy and data protection, and the incorporation of customization and personalization features in messaging apps.
The anticipated rise in mobile service subscribers is poised to drive the growth of the rich communication services market. Mobile service subscriptions encompass contracts for public mobile cellular services utilizing cellular technology, granting users access to the Public Switched Telephone Network (PSTN). This includes both analog and digital cellular technologies, covering both postpaid and prepaid subscriptions. Such subscriptions enable users to benefit from features like read receipts, type indicators, high-quality photos, and text. According to Ericsson's mobility report, the number of mobile customers is expected to reach 6. 7 billion in 2022, up from 6. 1 billion at the end of 2021. Smartphone-related subscriptions are on the rise, accounting for 6. 3 billion at the end of 2021, constituting nearly 77% of all mobile phone subscriptions. This figure is projected to increase to 7. 8 billion, or 87% of all mobile subscribers, by 2027. With approximately 620 million 5G subscriptions added in the first quarter of 2022, it is anticipated to reach 1 billion by the end of the year. Hence, the increasing adoption of mobile service subscribers is expected to propel the rich communication services market.
The growing adoption of SMS marketing is set to propel the rich communication services market. SMS marketing, or text message marketing, involves sending promotional messages, alerts, deals, or notifications to customers via text messages. Rich Communication Services (RCS) enhance SMS marketing by offering advanced features, enabling more engaging and interactive content in messages. According to Attentive Mobile Inc., 69% of marketers used SMS for retention marketing in September 2022, representing a 10% increase from 2021. Additionally, there was a 26. 1% surge in the percentage of US consumers consenting to brand SMS marketing from 2020 to 2021. The rise in SMS marketing adoption is expected to drive the growth of the rich communication services market.
Technological advancements are a prominent trend gaining traction in the rich communication services market. Leading companies in the market are introducing new technologies to maintain their market standing. For instance, in November 2022, Mavenir, a US-based network software company, launched its Communications Platform as a Service (CPaaS), a unified Software as a Service (SaaS) solution. Mavenir's CPaaS integrates Application Programming Interface (API) enablers and pre-made applications, presenting a comprehensive solution for customer engagement and business messaging monetization tailored for Communications Service Providers (CSPs). This CPaaS offering plays a pivotal role in digital transformation, enhancing customer engagement and operational efficiency for businesses while providing lucrative opportunities for CSPs. Mavenir's CPaaS facilitates enriched messaging with features such as Smart 2FA, Chatbot Studios, Visual Flow Builder, and diverse APIs for voice, video, and omnichannel communications.
Major companies in the market are strategically focusing on developing innovative products and services, such as the RCS Routing service, to expand their customer base. An RCS Routing service serves as a telecommunications solution that efficiently identifies RCS-enabled phone numbers for Mobile Network Operators and Communication Service Providers. In July 2023, NetNumber Global Data Services, a US-based intelligence data services company, introduced an RCS Routing service, empowering Mobile Network Operators (MNOs) and Communication Service Providers (CSPs) to identify RCS-enabled phone numbers effectively. Offering real-time RCS data and phone number intelligence updates, this service enhances the RCS messaging capabilities, fostering innovation in RCS technology, and improving global messaging experiences. This solution aims to significantly enhance operational efficiency while ensuring a superior mobile user experience.
In September 2021, Gupshup, a US-based conversational messaging platform, acquired Dotgo for an undisclosed amount. This strategic acquisition is anticipated to strengthen Gupshup's conversational messaging platform and contribute to its geographical and business expansion. Gupshup aims to leverage Dotgo's expertise and presence in Africa to facilitate growth in the region. Dotgo, a US-based RCS (Rich Communications Services) start-up, specializes in helping organizations integrate RCS channels seamlessly into their customer communications using straightforward Application Programming Interfaces (APIs).
Major companies operating in the in the rich communication services market report are AT&T Inc., Google LLC, Vodafone Group Plc, Deutsche Telekom AG, Telefonaktiebolaget LM Ericsson, Apple Inc., Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., Microsoft Corporation, Meta platforms Inc., Twilio Inc., Genesys Telecommunications Laboratories Inc., Interop Technologies LLC, Mavenir Systems Inc., Nokia Corporation, Cisco Systems Inc., Verizon Communications Inc., Orange S. A., SK Telecom Co. Ltd., Telefonica S. A., T-Mobile US Inc., BT Group Plc, Singapore Telecommunications Limited, KT Corporation, China Mobile Limited, Nippon Telegraph and Telephone Corporation, Rakuten Communications Corp., ZTE Corporation, Tele2 AB
North America was the largest region in the rich communication services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the rich communication services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the rich communication services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The rich communication services market consists of revenues earned by entities by providing A2A, P2P and P2A rich communication services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.