Global Rich Communication Services Market Research 2024, Forecast To 2033
23 Feb, 2024
The rich communication services market has experienced exponential growth, surging from $9.86 billion in 2023 to $11.83 billion in 2024, with a 20.0% CAGR. Historical growth is linked to smartphone adoption, network modernization, text message prevalence, enterprise communication needs, and cost-effective text messaging. The market is expected to continue its exponential growth, reaching $25.66 billion by 2028, driven by mobile messaging evolution, multimedia messaging demand, mobile network advancements, security features, and provider competition. Key trends include rich media in messaging, cross-platform compatibility, e-commerce integration, privacy emphasis, and messaging app personalization.
Global Rich Communication Services Market Key Driver
The rich communication services market is witnessing growth fueled by the increasing adoption of mobile service subscriptions. Ericsson's mobility report indicates a rise in mobile customers to 6.7 billion in 2022, with smartphone subscriptions reaching 6.3 billion. With the anticipation of reaching 7.8 billion mobile subscribers by 2027, including 620 million 5G subscriptions, the proliferation of mobile service subscribers is a key driver for the rich communication services market.
Get A Free Sample Of The Global Rich Communication Services Market ReportGlobal Rich Communication Services Market Segments
The rich communication services market covered in this report is segmented –
1)By Deployment Type: On-Premise, Cloud
2)By Enterprise Size: Small And Medium Enteprises, Large Enterprises
3)By Application Type: Rich Calls And Messaging, Content Delivery (Content Sharing, File Transfer), Value Added Services (VAS), Marketing And Advertising Campaign, Cloud Storage
4)By Industry Vertical Type: Healthcare, Retail And E-commerce, BFSI, IT And Telecom, Travel And Tourism, Other Industry Vertical Types
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North America was the largest region in the rich communication services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the rich communication services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Rich Communication Services Industry Players
AT&T Inc.; Google LLC; Vodafone Group Plc; Deutsche Telekom AG; Telefonaktiebolaget LM Ericsson; Apple Inc.; Samsung Electronics Co. Ltd.; Huawei Technologies Co. Ltd.; Microsoft Corporation; Meta platforms Inc.; Twilio Inc.; Genesys Telecommunications Laboratories Inc.; Interop Technologies LLC; Mavenir Systems Inc.; Nokia Corporation; Cisco Systems Inc.; Verizon Communications Inc.; Orange S. A.; SK Telecom Co. Ltd.; Telefonica S. A.; T-Mobile US Inc.; BT Group Plc; Singapore Telecommunications Limited; KT Corporation; China Mobile Limited; Nippon Telegraph and Telephone Corporation; Rakuten Communications Corp.; ZTE Corporation; Tele2 AB
Get The Full Global Rich Communication Services Market ReportRich Communication Services Market Overview
RCS (rich communication services) refers to a next-generation SMS protocol that upgrades text messaging. The default messaging app on a device receives rich features such as payments, high-res photo and file sharing, location sharing, and video calls. The rich communication services are used to replace SMS by enabling users to send messages that are more effective and interesting, something the user can never accomplish with SMS.
Rich Communication Services Global Market Report 2023 provides data on the global rich communication services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The rich communication services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.