Global Rich Communication Services (RCS) Market to Grow at a CAGR of 35.5% During 2024-2032, Aided by the Growing Smartphone Ownership Worldwide

The global rich communication services (RCS) industry is being driven by the rising digitalisation and the increasing smartphone penetration. In addition, the increasing accessibility to internet amenities is also estimated to significantly contribute to the market growth in the forecast period. Moreover, the heightened demand for remote accessibility in healthcare facilities is estimated to aid the market growth in the coming years, and this demand increased during the outbreak of COVID-19, owing to the stringent lockdown restrictions that regulated mobility across the globe. Furthermore, the increased adoption of rich communication services by large enterprises is anticipated to propel the market growth in the forecast period.

The increasing demand for advanced communication solutions is inviting healthy investments from the leading market players, who are developing innovative communication mechanisms through collaborations and mergers. This is predicted to aid the market growth in the forecast period. For instance, in July 2021, Verizon Communications (NYSE: VZ) announced the collaboration with Google LLC, a subsidiary of Alphabet Inc. (NASDAQ: GOOGL), to expand its advanced messaging services to android users in the US through the Messages by Google app. This messaging technology utilises the rich communication services (RCS), which offers a more modern and interactive communication experience. These developments are expected to positively impact the growth of the rich communication services (RCS) industry in the forecast period.

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Market Breakup by Deployment Model, Enterprise Size, Application, Industry Vertical, and Region:

• The market is divided based on deployment model into on-premise and cloud.
• On the basis of enterprise size, the market can be distributed into small and medium scale enterprises and large scale enterprises.
• Based on applications, the industry is segregated into rich calls and messaging, content delivery (content sharing, file transfer), value added services (VAS), marketing and advertising campaign, and cloud storage.
• The industry is segmented, on the basis of industry vertical, into healthcare, retail and e-commerce, BFSI, IT and telecom, and travel and tourism, among others.
• Region-wise, the global market for rich communication services (RCS) can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for rich communication services (RCS) is being driven by the heightened penetration of smartphones across the globe.
• The rising accessibility to internet facilities in emerging nations has significantly contributed to the market expansion.
• The rapid technological advancements such as the integration of cloud-based technology are also aiding the industry growth.
• The rising investments in the research and development of rich communication services are further propelling the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for rich communication services (RCS) for the periods (2018-2023) and (2024-2032).
• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the deployment models, enterprise sizes, applications, industry verticals, and major regions of rich communication services (RCS).
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global rich communication services (RCS) market are AT&T, Google LLC, Vodafone, Deutsche Telekom AG, and Ribbon Communications Operating Company, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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