Rich Communication Services (RCS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Rich Communication Services (RCS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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.

Rich communication services (RCS) refer to a carrier-implemented text-based protocol, which is designed as an alternative for short message services (SMS) and multimedia messaging services (MMS). It enables users to create group chats, send attachments, like images and videos files, get read receipts, and have support for end-to-end encryption through smartphones. RCS offers various benefits, such as higher-targeted communication to reach consumers, security, better streaming of audio and video, one app functionality, and improved sender verification.

Rich Communication Services (RCS) Market Trends:

The widespread adoption of RCS across various industrial verticals, such as healthcare, information technology (IT), hospitality, entertainment and banking, financial services, and insurance (BFSI) sector, is one of the key factors driving the RCS market growth. In line with this, the increasing investments in the long-term evaluation (LTE) and IP multimedia subsystem (IMS) for facilitating the next generation of broadband mobile services is acting as another major growth-inducing factor. Additionally, the RCS finds extensive application in the corporate sector for peer-to-peer (P2P) messaging, marketing, campaigning, and advertising strategies, which is further contributing to the market growth. Apart from this, the strategic collaborations between the key players for advancing RCS and the implementation of universal communication protocol specification by the global system for mobile communications association (GSMA) for enabling operator service interoperability are propelling the market growth. Other factors, such as the introduction of 5G network and the integration of RCS with several technological solutions, like cloud-based, artificial intelligence (AI), voice over long-term evolution (VO-LTE), and application programming interface, to promote the next-generation messaging and chatbot interaction, are creating a positive outlook for the market across the globe.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global rich communication services (RCS) market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on communication type, deployment mode, organization size, application and industry vertical.

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

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

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.

Key Questions Answered in This Report

1. What was the size of the global rich communication services (RCS) market in 2022?

2. What is the expected growth rate of the global rich communication services (RCS) market during 2023-2028?

3. What are the key factors driving the global rich communication services (RCS) market?

4. What has been the impact of COVID-19 on the global rich communication services (RCS) market?

5. What is the breakup of the global rich communication services (RCS) market based on the deployment mode?

6. What is the breakup of the global rich communication services (RCS) market based on the organization size?

7. What is the breakup of the global rich communication services (RCS) market based on application?

8. What are the key regions in the global rich communication services (RCS) market?

9. Who are the key players/companies in the global rich communication services (RCS) market?