The Global Rich Communication Services Market is growing continually. The market growth attributes to the rising need for advertisement and the increasing adoption of smartphones. Smartphones are becoming increasingly affordable due to the cutthroat competition among smartphone manufacturers and network carriers to deliver competitive products and services.
Besides, the rising proliferation of the Internet of Things (IoT) technology and smart & connected devices drive the growth of the market. Moreover, the emergence of Ultra HD resolution video content escalates market growth. According to Market Research Future (MRFR), the global rich communication services market valuation is projected to expand to approx. USD 22 BN by 2026, growing at 22% CAGR throughout the review period (2018–2026).
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The recent Coronavirus epidemic has hugely impacted the market growth due to imposed lockdown mandates and work from home environments. The marketing & notification campaigns based on digital platforms that were carried out during the pandemic through messaging have boosted the demand for RCS services. Additionally, the Covid-19 pandemic has forced businesses to accelerate their digital transformation and messaging, and conversational commerce is a key enabling tool for businesses.
Rising uptake of RCS Messaging-as-a-Platform (MaaP) solution by mobile network operators (MNOs) and partners substantiates market growth. The increasing need for MNOs to accelerate their transformation while minimizing risk and cost with OPEX and revenue share commercial models creates considerable demand for business messaging services.
Over the top (OTT) messaging services are trying to fill the needs of businesses during the COVID 19 pandemic; this, as a result, provides MNOs a faster route to deliver RCS, protect their existing messaging revenue, and open additional revenue from new use cases. Additionally, content delivery companies are making larger file-sharing options as their unique selling proposition. These companies are also working on expanding their compatibility with mobile phones of various makes and platforms.
Rich Communication Services Market - Segments
The report is segmented into five dynamics;
By Application: Advertisement, Content Delivery, Integrated Solutions, and others.
By End User : Individual Consumers and Enterprises.
By Organization Size: Small & Medium Enterprises (SMEs) and Large Enterprises.
By Vertical : BFSI, IT & Telecommunications, Media & Entertainment, Tourism & Logistics, Retail, Healthcare, and others.
By Regions : North America, Europe, APAC, and the Rest-of-the-World.
Global Global Rich Communication Services Market - Regional Analysis
North America dominates the global rich communication services market. The largest market share attributes to the presence of several notable players such as Google (US), AT&T (US), Verizon (US), Mavenir (US), KDDI America, Inc. (US), Twilio Inc. (US), and Interop Technologies (US). Besides, the early adoption of advanced messaging features connected via SMS by marketers to foster the marketing campaigns drive the regional market's growth.
Moreover, the high adoption of IoT technology and smart devices such as smartphones and smart TV propel market growth in the region. Considerable technological advances in OTT platforms and the proliferation of the Internet and smart connected devices boost the regional market's growth. The North American RCS market is anticipated to retain its dominance throughout the assessment period.
Europe stands second in the global rich communication services market. The market growth is driven by the expansion strategy adopted by the major players in the industry. Additionally, the rising adoption of RCS services for customer acquisition and to improve customer engagement by notifying them about new offers and process automation through alerts impact the regional market growth.
Also, the need for advertisement and customer aftersale services and surveys regarding improvements in their day-to-day business activities fosters market growth in the region. The European mobile RCS market is expected to show immense growth over the forecast period.
The rich communication services market in the Asia Pacific region is growing rapidly. Factors such as the rising OTT platforms and the disposable income of demographics provide impetus to the market growth. Moreover, the increasing demand for high-speed internet connectivity propels the development of the rich communication services market.
Countries, including China, Japan, and India, are the largest markets for RCS services in the region. The APAC rich communication services market is expected to gain momentum growing at the highest CAGR in the coming years.
Global Rich Communication Services Market - Competitive Analysis
The well-established RCS market is adorned by several large and small players having an international presence. Matured players incorporate collaboration, acquisition, partnership, product launch, and expansion to gain a competitive advantage. The market demonstrates high growth prospects, which would attract several new entrants to the market, further boosting the market competition.
Major Players:
Players leading the global RCS market include Google (US), AT&T (US), Vodafone Limited (UK), Verizon (US), Orange (France), Telefonaktiebolaget LM Ericsson (Sweden), KDDI America, Inc. (US), SK Telecom CO., LTD. (Korea), Telit (UK), Telstra Group (Australia), Mavenir (US), Tanla Solutions Limited (UAE), Nokia (Finland), Twilio Inc. (US), and Interop Technologies (US), among others.
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Industry/ Innovation/ Related News
December 01, 2020 --- Mavenir (the US), a leading global cloud-native software company providing Cloud Native Network Software and Rich Communication Services (RCS), announced the availability of its RCS Business Messaging Solution, simplifying the global deployment through Microsoft Azure for mobile network operators to help businesses accelerate digital transformation.
While over the top (OTT) messaging services are rushing to fill the needs of businesses during this pandemic, this provides MNOs a faster route to deliver RCS, protect their existing messaging revenue and open additional revenue from new use cases.
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