IMARC Group, a leading market research company, has recently releases report titled “Rich Communication Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global rich communication services market growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Rich Communication Services Market?
The global rich communication services (RCS) market size reached US$ 1,554.8 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 6,281.0 Million by 2028, exhibiting a growth rate (CAGR) of 24.5% during 2023-2028.
What is Rich Communication Services?
Rich communication services (RCS) refer to a type of text-based protocol for mobile devices that is created as a replacement for short message service (SMS) and multimedia messaging service (MMS). They rely on mobile data and wireless fidelity (Wi-Fi) enabling the users to send and receive messages even when call service is unavailable. They allow users to create various groups with their contacts to chat, send images and videos, and share voice notes. They also provide read receipts option to check who has seen the sent messages and secure the communication and restrict third parties from accessing the messages and contents shared with other contacts.
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What are the growth prospects and trends in the rich communication services industry?
The increasing number of telecom operators developing, investing, and offering RCS platforms as it is efficient and retains the high-quality of photos and videos represents one of the primary factors influencing the market positively.
Besides this, the rising utilization of various smart devices, such as smart phones and laptops, to access the internet and communicate with other individuals is propelling the growth of the market.
In addition, the growing integration of RCS in the banking sector as it provides horizontally scrollable carousel of up to ten vertical rich cards, brand locator, and suggestive replies is offering a favorable market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Communication Type:
- A2P
- P2A
- P2P
Breakup by Deployment Mode:
- Cloud-based
- On-premises
Breakup by Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Application:
- Rich Calls and Messaging
- Cloud Storage
- Marketing and Advertising Campaign
- Content Delivery
- Others
Breakup by Industry Vertical:
- Healthcare
- Retail and E-commerce
- BFSI
- IT and Telecom
- Travel and Tourism
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Global Message Services, Google LLC (Alphabet Inc.), Huawei Technologies Co Ltd, Mavenir plc, SK Telecom Co Ltd, Telefonaktiebolaget LM Ericsson, Telstra Corporation Limited, T-Mobile US Inc., Verizon Communications Inc., Vodafone Group PLC, and ZTE Corporation.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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