Allied Market Research
Loading...
Cart
0

Rich Communication Services Market Expected to Reach $12.27 Billion by 2027

 

quote Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to increasing demand for rich communication service across the region. This is attributed to the emergence of high-end technologies such artificial intelligence, 5G network, growing need of sending bulk messages for marketing, and a major shift toward digitization by SMEs, which positively impact the growth of the market. Moreover, in recent decade, the key players of the market are expanding their presence in emerging countries, such as India, China, and Japan, due to their growing users of high-end mobile phones and variable devices. They are heavily investing in these countries with cutting-edge technology. This is expected to boost the confidence of Asia-Pacific enterprises to adopt rich communication service, which is anticipated to further boost the adoption among the end users. quote

Rachita Rake
Research Analyst, ICT at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a recent report published by Allied Market Research, titled, “Rich Communication Services (RCS) Market by Deployment Model, Enterprise Size, Application, Industry Vertical, and Region: Opportunity Analysis and Industry Forecast, 2020-2027,” 

The global rich communication services market size was valued at $1,155 million in 2019, and is projected to reach at $12,279 million by 2027, growing at a CAGR of 34.7% from 2020 to 2027. The growth of the global rich communication services (RCS) market is driven by factors such as growing number of online marketing & advertising companies and increasing development of voice over long-term evolution technology (VO-LTE) along with mobility service. Moreover, rising adoption of cloud-based services among small & medium-scale enterprises for managing mobile content further boosts the rich communication services market growth globally. However, limited end-to-end encryption and increasing competition by over-the-top platforms hinder the growth of the rich communication services market globally. Furthermore, growing penetration of 5G networks and growing investment by top players in 5G networks; increasing use of smartphones; and strict regulations for OTT messaging services create lucrative opportunities for the rich communication services market globally.

In 2019, the global rich communication services market share was dominated by the large enterprises segment, and is expected to maintain this trend during the forecast period as the implementation of rich communication service is further helping IT & telecommunication teams of large enterprises to change the way of communication with messaging, which can deliver rich content. As the messaging and communicating needs are changing, they do not cope well with the traditional way of messaging in large enterprises or campus environments. Therefore, rich communication service implementation is growing at a rapid pace among large enterprises, which provides a dynamic and flexible approach. However, small & medium enterprises are expected to witness the highest growth in the coming years, owing to growing focus on sharing of rich content and rise in awareness about the benefits of audio visual messaging for better understanding of the intention of message across SMEs. Therefore, these factors are driving growth of the rich communication services market.

On the basis of deployment model, the cloud segment dominated the rich communication services market share in 2019, and is expected to maintain its dominance in the coming years as it does not involve capital cost as well as has low maintenance, which is highly preferred by small & medium enterprises. Rise in adoption of cloud-based RCS solution among both large & mid-sized enterprises majorly drives the implementation of cloud-based rich communication service. However, the segment is expected to witness the highest growth during the forecast period However, the on-premise segment also contribute to the significant share of the market as it allows organizations to keep their data related to confidential work in a secure manner and to improve interaction & communication by using real-time messaging system. Moreover, heavy investment of the top key players in on-premise deployment of rich communication service drives the growth of on-premise RCS-based solutions. 

Post COVID-19, the global rich communication services market is estimated to grow from $ 1,524 million in 2020, and reach $12,279 million by 2027, at a CAGR of 34.7%. The COVID-19 pandemic has been a defining moment, which has transformed business messaging from a functional channel into the mainstream alongside the internet, social media, and TV. Moreover, due to the outbreak of COVID-19 pandemic, business messaging is on the verge of big growth as virtually almost each of the business are looking for ways to survive in the “new normal”. Factors, such as working from home (WFH), social distancing, and digital transformation of businesses, have become key components in the emergence of business messaging as the ideal channel to communicate with consumers. However, during lockdown, the demand for RCS solutions decreased significantly, indicating that companies expressed little or no interest in using these channels during lockdown. Furthermore, in post-lockdown scenario, SMS messaging is expected to decline as the demand grows for richer forms of messaging, with the scale of RCS ultimately making it the biggest channel.

Key Findings Of The Study

  • By deployment model, in 2019, the on-premise segment dominated the rich communication services market. However, the cloud-based segment is expected to exhibit significant growth during the forecast period.
  • On the basis of enterprise size, large enterprises segment accounted for the highest revenue of RCS market in 2019; however, the small & medium enterprises segment is expected to witness the highest growth rate over the forecast period.
  • Depending on XX, the XX segment generated the highest revenue in 2019. However, the XX segment is expected to witness the highest growth rate in the near future.
  • On the basis of XX, the XX segment accounted for the highest revenue in 2019, however, the XX segment is expected to witness the highest growth rate over the forecast period.
  • Region-wise, the RCS market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years. 

The key rich communication services industry players profiled in the report are AT&T Inc., Vodafone Idea Limited, Google LLC/Alphabet Inc., Verizon Communications Inc., Deutsche Telekom AG, China Mobile, Ericsson, Huawei Technologies Co. Ltd, ZTE Corporation, and SK Telecom. This study includes market trends, rich communication services market analysis, and future estimations to determine the imminent investment pockets.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Ram D
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Rich Communication Services Market by Deployment Model (On-premise, Cloud), Enterprise Size (Small & Medium Enterprises and Large Enterprises), Application (Rich Calls & Messaging, Content Delivery, Value Added Services, Marketing & Advertising Campaign, and Cloud Storage), Industry Vertical (Healthcare, Retail & E-commerce, BFSI, IT & Telecom, Travel & Tourism, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Rich Communication Services Market"
Purchase Enquiry