The Rich Communication Services Market size is estimated at USD 2.29 billion in 2024, and is expected to reach USD 7.12 billion by 2029, growing at a CAGR of 25.37% during the forecast period (2024-2029).
The competitive landscape within the market remains moderate, with companies actively exploring the numerous opportunities presented by the rich communication services sector. Organizations are forging strategic partnerships with technology firms and network operators to harness advanced technological capabilities and foster innovation.
In February 2023, Vodafone unveiled its ambitious plans to extend its collaboration with Google across the European market, encompassing mobile messaging services, Pixel devices, and Vodafone's TV platform. This enhanced partnership will enable Vodafone customers to relish enriched messaging experiences through the utilization of Google Jibe Cloud, which will empower Vodafone's implementation of Rich Communications Services (RCS).
In October 2022, Sinch AB (publ) announced the integration of the KakaoTalk channel into its Conversation API. This addition significantly broadens the array of communication channels available for enterprises seeking to engage in omnichannel conversations with their global consumer base. The extended channels now encompass SMS, RCS, WhatsApp, Viber, Business, Facebook Messenger, and the latest inclusion, KakaoTalk.
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