Rich Communication Services Market By Communication Type (A2P, P2A, P2P), By Vertical (Retail, Media & Entertainment, BFSI, Healthcare, Travel & Tourism), and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America), Global Forecast 2018 to 2028.

In 2022, the size of the global rich communication services (RCS) market was estimated to be US$ 1,554.8 million. the market to grow at a compound annual growth rate (CAGR) of 24.5% from 2023 to 2028, reaching US$ 6,281.0 million.

Rich Communication Services: New Age Communication, Brining the World Closer

Rich communication services (RCS) is a communication protocol between the communication carrier and mobile device management which basically aims to replace simple text contents with rich content that include voice over 5g IP (VoIP), file transfer protocol, chat, and video. In addition, rich communication services extending with the greater communication experience by offering high-quality communication functionalities with the help of the communication carriers. However, superior communication speeds, as well as improved user experiences, are some of the major features of rich communication services. On the other hand, rich communication services are IP-enabled messaging services that are offered to mobile users with the help of mobile networks. In addition, it is used for both A2P (Application-to-person) as well as P2P (Person-to-Person) communications and integrates the SMS reaching with the superior features of chatting apps such as Facebook Messenger, Viber, and WhatsApp to offer more compelling and interactive experiences to the users.

Rich communication services can help consumers to make payments, book appointments, submit surveys, receive boarding passes, receive credit card fraud notifications, receive package delivery notifications, receive promotional marketing, and many others. On the other hand, rich communication services are a part of the innovative and new advanced messaging standard that is designed to highly improved messaging functions that come installed on mobiles by default. However, along with text messages, rich communication services will also enable us to offer high-quality picture messaging up to 10MB size, location sharing, video calls, even group chats by default. In addition to this, the service will also support read receipts as well as typing indicators which you are probably familiar with other services. Likewise, unlike SMS, innovative technology can be incorporated with contact apps to support the service and for sharing groups and contact. Rich communication services standard can also be utilized to share location, media, and other data while you are already in a telephonic conversation.

Market Dynamics

Global integration among the carriers for improved communication as well a s developing LTE (Long-term evolution) technology basically boosts the growth of the global rich communication services market. In addition to this, consumer preservation by providing them an improved user experience and the investment involved in LTE technology are some factors that are also driven by the growth of the rich communication market across the globe. However, the competition with the OTT (over-the-top) service providers that are the same technologies for improved communication is one of the prime market restraints for the global rich communication services market. In addition to this, the economic flexibility of rich communication services, as well as mobile content management services, are some factors that generate lucrative opportunities in the global market of rich communication services. Likewise, the growing adoption of cloud-based technologies has increased the demand for rich communication services by large, small, and medium enterprises for mobile content management is increasing the growth of the rich communication market growth across the world. Additionally, the advancements in 5G cellular networks with the increasing investment by mobile network operators to improve their communication services are further expected to boost the global rich communication services market growth into the coming future.

The global rich communication market is recognized by a tough competition with the leading service providers. In addition, major market players Huawei Technology Co. and Ericsson Inc. announced a partnership with ZTE Corporation to emerge a better messaging application depending on the rich communication services platforms in the year 2015. In addition, in 2014, Ericsson Inc. announced its plans to make a partnership with mobile networks with the help of a unified enterprise communication service that is a rich communication service platform. The major factors boosting the growth of VoLTE services will be from service operators diminishing the costs and rising capacity of operators by shifting voice calls from third-generation and fourth-generation networks to the fifth-generation VoLTE networks. However, with 5G wireless communication, the utilization of smartphones will rise multifold, increasing the demand for advanced models to increase the bar constantly also responsible for the growth of the global rich communication market. In addition to this, organizations are hugely investing in the improvement of interoperability issues that network operator’s face. However, in the year 2016, Vodafone Plc and TIM rolled out tests interoperable standards to make it easy and offer high-quality services across the global market.

Rich Communication Services Market Scope

The global rich communication market is geographically segmented as follows:

By Region

•          North America

• The U.S.
• Canada
• Mexico

•          Europe

• UK
• Germany
• France
• Russia
• Rest of Europe

•          Asia-Pacific

• Australia
• China
• India
• Japan
• Rest of Asia-Pacific

•          LAMEA

• Latin America
• Middle East
• Africa

Out of these, the North American market for rich communication services is gaining traction owing to the default messaging client as well as VoLTE to improve the efficiency of the connecting devices, networks, and easier adoption of the rich communication services. In addition to this, VoLTE calls across this region make around 80% of overall voice calls with the T-Mobile United States network. Likewise, the Smartphone market in the United State stood with around 1444 ML units in the year 2017, as per the research. The strong economic position of North America has allowed enterprises to invest in innovative technologies as well as solutions. In addition to this, Asia Pacific is also anticipated to grow with a significant growth rate over the predicted period. However, the growth driver for rich communication services across the Asia Pacific region is growing population, increasing Smartphone penetration, rising mobile payments, increasing the retail industry, as well as the utilization of advanced SMS systems for marketing & consumer relationship management.

Competitive landscape of global rich communication services market

Various mobile communication and mobile engagement service providers in this region have made a partnership with the number of telecom operators to offer personalized, rich multimedia content to their consumers. Some of the leading service providers operating in the global rich communication services market are Huawei Technologies Co., Ltd., Samsung Electronics Co. Ltd, Exomi, Interop Technologies, Google LLC, Manevir Systems, Inc., SAP SE, Verizon Communications Inc., and Telefonaktiebolaget LM Ericsson. These service providers are highly concentrated on the advancement of several innovative services for the rich communication services market to gain a competitive advantage in the global market. Furthermore, merger & acquisition, geographical expansion, collaborations, and partnerships are some of the major strategies implemented by market players to improve business opportunities. In addition, in the year 2018, Huawei Technologies Co., Ltd made a partnership with Google LLC for rich communication services messaging. By this partnership, Huawei also planning to incorporate rich messaging and communication experience including rich media sharing, group chats, and others.

Major Market Movements

•          Increasing penetration of Smartphone is one of the major driving factors contributing to the global rich communication services market growth.

•          Increasing adoption of high-speed broadband networks and growing social networks are also some other factors responsible for the growth of the market.

•          High-quality messaging and content management offered by rich communication services helping to gain its acceptance across the globe.

•          The rapidly growing trend towards 5G networks also supports to gain market growth.

Key Study Deliverables

•          The report provides an extensive analysis of recent as well as potential market trends.

•          Complete analysis of the global market aids in understanding the recent practices for improved investment decisions.

•          A brief description of factors which drive and restrict the global rich communication market growth is also offered in the report.

•          A detailed assessment of regional as well as the global market volume is predicted precisely.

•          Regional and global key players with their objectives in the global rich communication market have been analyzed using several research methodologies.

•          The numbers of marketing techniques to improve the adoption of the RCS have been analyzed briefly. Likewise, a suitable statistical analysis also has been studied.