Rich Communication Service (RCS) Market Estimated to Reach USD 22.6 Billion by 2026 at 22% CAGR - Report by Market Research Future (MRFR)

New York, US, Aug. 27, 2021 (GLOBE NEWSWIRE) --

Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Rich Communication Service Market information by End-User, by Organization Size, by Application and Region – forecast to 2027” market size to reach USD 22.6 billion by 2026 recording a CAGR of 22%.

Competitive Landscape
The rich communication service (RCS) market is expanding primarily as a result of increased advertising need and smartphone use. To strengthen their market positions and meet the expectations of end-users across verticals, major firms have chosen partnerships, acquisitions, and product innovation as their primary organic growth tactics. Furthermore, market participants are fighting for the growth of features given. Furthermore, the companies are expanding their file-sharing options, which contributes to their unique selling proposition. Aside from the concerns mentioned above, the companies are attempting to improve their compatibility with mobile phones of various brands and platforms. Clients can now get a competitive advantage in customer engagement by notifying them of offer notifications and automating operations such as customer acquisition, customer aftersales services, and surveys to better their day-to-day business activities.

Dominant Key Players on Rich Communication Service Market Covered Are:

  • AT&T (US)
  • KDDI America Inc. (US)
  • Vodafone Limited (UK)
  • Google (US)
  • Verizon (US)
  • Telefonaktiebolaget LM Ericsson (Sweden)
  • Orange (France)
  • Telit (UK)
  • SK TELECOM CO. LTD. (Korea)
  • Telstra Group (Australia)
  • Tanla Solutions Limited (UAE)
  • Mavenir (US)
  • Nokia (Finland)
  • Twilio Inc. (US)

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Rich Communication Services Market Drivers
Increasing Adoption of Smartphones
Rich communication services (RCS) is a next-generation text messaging protocol that mobile operators and phones utilize to replace the older generation text messaging service known as Short Messaging Service (SMS). RCS assists customers in scheduling appointments, making secure payments, obtaining boarding tickets, providing survey responses, receiving notifications from banking and e-commerce institutions, and receiving marketing and promotional alerts. It also has rich and verified messages, a big messaging capacity of over 8,000 characters, video calling within messaging apps, group chats, read receipts to sender, and platform-independent messaging.

Furthermore, rich communication services market allows businesses to send alerts and notifications to their customers about the latest offers and ongoing reduced promotions, new product arrivals, and the delivery status of their purchases. The market for rich communication services (RCS) is being pushed by the growing need for advertising as well as the increasing adoption of smartphones. Furthermore, the affordability of smartphones is contributing to market growth as a result of fierce rivalry among smartphone manufacturers and network providers to deliver competitive products and services. Furthermore, significant technical advancements in the IT industry are hastening market expansion.

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Segmentation of Market Covered in the Research:
The global rich communication service industry has been segmented based on application, end-user, organization size, and vertical.

By application, the worldwide rich communication service market has been divided into advertisement, content delivery, integrated solutions, and others.

By end-user, the worldwide rich communication service market has been divided into individual consumers and enterprises.

By organization size, the worldwide rich communication service market is divided into small and medium enterprise and large enterprise.

Based on vertical, the worldwide rich communication service market has been divided into BFSI, healthcare, IT & telecommunications, media & entertainment, tourism & logistics, retail, and others.

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Regional Analysis
North America to Dominate the Global Market
Due to an increase in demand for RCS services across industry verticals in this region, North America is likely to have the greatest market share. The US is set to lead the market in North America due to improved messaging features for marketers connected via SMS, strong technological adoption, and innovation in marketing campaigns. Furthermore, the presence of important companies such as AT&T (US), Google (US), INTEROP TECHNOLOGIES (US), Verizon (US), Mavenir (US), KDDI America, Inc. (US), and Twilio Inc. (US) boosts the regional market's growth.

Europe to Capture the Second Spot
The European RCS market is predicted to rank second during the review period, owing mostly to the expansion strategy implemented by the industry's leading competitors. In addition, rising consumer demand for enhanced consumer experiences is propelling market expansion to new heights.

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COVID-19 Impact on the Global Rich Communication Service Market
The telecommunications industry has observed a growth in demand for mobile communications, owing mostly to a shift in work-from-home situations by a significant portion of the worldwide workforce. Furthermore, the majority of industry verticals have been harmed by the global lockdowns imposed by government agencies. The retail business implemented digital technologies to meet consumer demand for home deliveries and online services. Furthermore, during the pandemic situation, marketing initiatives were carried out mostly through digital media, primarily through messaging. This boosted demand for rich communication services, propelling market expansion to greater levels.

About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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