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Global Rich Communication Services (RCS) Market to Grow at a CAGR of 35.5% During 2022-2027, Aided by the Growing Smartphone Ownership Worldwide

According to a new report by EMR titled, ‘Global Rich Communication Services (RCS) Market Report and Forecast 2022-2027’, the market attained a value of almost USD 1,521 million in 2021. The industry is further expected to grow at a CAGR of 35.5% between 2022 and 2027 to reach a value of USD 9,125 million by 2027.

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.

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 (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) 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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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