Rich Communication Services (RCS) Global Market Is Expected To Grow At A Rate Of 35% Through 2023 – 2027
27 Jun, 2023
The global rich communication services (RCS) market size is expected to grow from $4.10 billion in 2022 to $5.55 billion in 2023 at a compound annual growth rate (CAGR) of 35.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global rich communication services (RCS) market size is expected to reach $18.43 billion in 2027 at a CAGR of 35.01%.
Global Rich Communication Services (RCS) Market Key Driver
The rising number of mobile service subscribers is expected to propel the rich communication services (RCS) market forward. Individuals or businesses that have signed up for a mobile phone service provided by a mobile network operator and have access to services such as voice calls, text messaging, and data services on their mobile devices are referred to as mobile service subscribers. RCS offers the potential to increase mobile service subscriber uptake by offering a more engaging, interactive, and feature-rich messaging experience than traditional SMS texting.
Get a sample of the global rich communication services (RCS) market reportGlobal Rich Communication Services (RCS) Market Segments
The global rich communication services (RCS) market is segmented:
1) By Type: Application-to-Person (A2P), Person-To-Application (P2A), Person-to-Person (P2P)
2) By Development Model: On-Premise, Cloud
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
4) By Application: Rich Calls And Messaging, Content Delivery, Value Added Services, Marketing And Advertising Campaign, Cloud Storage
5) By Industrial Vertical: Healthcare, Retail And E-commerce, Banking, Financial Services and Insurance (BFSI), IT And Telecom, Travel And Tourism, Other Industrial Verticals
6) By Geography: The regions covered in the rich communication services (RCS) market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global rich communication services (RCS) market.
Major Rich Communication Services (RCS) Industry Players
AT&T Inc., Vodafone Idea Limited, Deutsche Telekom AG, Google LLC, Verizon Communications Inc., SK Telecom Co. Ltd., ZTE Corporation, Global Message Services, HRMavenir Systems Inc., Infobip Ltd., Huawei Technologies Co. Ltd., T-Mobile US Inc., Infobip Ltd., Ericssion, Reliance Jio Infocomm Limited, Swisscom AG
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Rich Communication Services (RCS) Market Overview
Rich Communication Services (RCS) is a messaging protocol that allows for more advanced communication between mobile devices compared to traditional SMS messaging. It allows users to organize group conversations with their peers, transmit images and videos, receive read receipts, and use end-to-end encryption.
Rich Communication Services (RCS) Global Market Report 2023 provides data on the global rich communication services (RCS) market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The rich communication services (RCS) market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.