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2020
Rich Communication Services Market

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
Update Available On-Demand

Report Code: A03572
Pages: 257
Dec 2020 | 7986 Views
Author(s) : Rachita R
Tables: 138
Charts: 85
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Rich Communication Services Market Statistics - 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. Rich communication service (RCS) is already available in the form of instant applications similar to Apple’s iMessage and several android applications such as Facebook messenger and WhatsApp. The only difference between rich communication service and other applications is that there is no need to install any specific app on both devices. This system is already preinstalled at the time of manufacturing the device. RCS gives new experience of communication and messaging to users. Various businesses and brands can take benefits of it to connect directly with their customers. This new type of communication channel includes all the existing systems such as MMS/SMS and emails. In this technology, one can send rich content directly to the end user without any third-party application.

The COVID-19 pandemic has led to an unexpected surge in rich communication services and rich business messaging as health organisations and retailers seek to communicate more effectively with customers and the public. The COVID-19 pandemic has strengthened the demand for A2P communication in the customer experience strategies of businesses of all sizes due to which the demand for RCS services are growing at a faster pace than before.

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. 

Rich-Communication-Services-Market-2020-2027

In 2019, the global rich communication services market 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. 

Rich Communication Services Market
By Deployment Type

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Cloud deployment type is projected as one of the most lucrative segments.

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North America dominated the rich communication services market in 2019, owing to high penetration of 5G network and growing use of artificial intelligence (AI) & other smart connected devices in the region. Moreover, surge in need of next-generation messaging service, chatbots shifting the inclination of customer service from conversational interactions, and rich communication service provide opportunities for mobile network operators (MNOs) to set up service on the latest technical advances being developed for the native messaging channel. However, Asia-Pacific is expected to witness the highest growth rate during the rich communication services market forecast period, owing to increasing demand for rich communication service across the region due to the emergence of high-end technologies, such artificial intelligence & 5G network; growing need of sending bulk messages for marketing; and major shift toward digitization by SMEs. Therefore, these factors impact positively on the growth of the market. 

The report focuses on the growth prospects, restraints, and rich communication services market analysis. The study provides Porter’s five forces analysis of the rich communication services industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the rich communication services market trends.

Rich Communication Services Market
By Application

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Rich Calls and messaging segment is projected as one of the most lucrative segments.

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Segment review

The rich communication services market is segmented on the basis of deployment model, enterprise size, application, industry vertical, and region. By deployment model, it is bifurcated into on-premise and cloud. By enterprise size, it is divided into small & medium enterprises and large enterprises. By application, it is categorized into rich calls & messaging, content delivery (content sharing, file transfer), value added services (VAS), marketing & advertising campaign, and cloud storage. By industry vertical, it is classified into healthcare, retail & e-commerce, BFSI, IT & telecom, travel & tourism, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Impact of COVID-19 on Rich Communication Service Market:

The COVID-19 pandemic has brought radical changes to daily lives of people, work, and the surrounding environment. The current estimation of 2027 is projected to be significantly higher than pre-COVID-19 estimates. The market is expected to recover from by the end of 2020; however, it is expected to grow significantly at a higher CAGR in the coming years, owing to working from home (WFH), social distancing, and digital transformation of businesses. These factors have become the 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.

Rich Communication Services Market
By Industry Vertical

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Retail & e-commerce industry is projected as one of the most significant segments.

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Top impacting factors    

The growth of the global rich communication services market is driven by factors such as growing number of online marketing & advertising companies, increasing development of voice over long-term evolution technology (VO-LTE) along with mobility service, and rising adoption of cloud-based services among small & medium enterprises for managing mobile content. However, limited end-to-end encryption and increasing competition by over-the-top platforms hinder the rich communication services market growth. Furthermore, growing penetration of 5G networks, increasing investment by top players, and increasing use of smart phones create lucrative opportunities for the RCS market.

Increasing development of voice over long-term evolution technology (VO-LTE) along with mobility service:

Growing penetration of voice over long-term evolution (VO-LTE) due to its benefits, such as simultaneous calling while internet surfing and sending messaging with images, creates high demand for rich communication services. The emergence of cutting-edge technology, such as artificial intelligence and Internet of Things, penetrates the use of smartphone and mobility service in each and every work. Mobility services refer to the use of communication devices at any location and time. The adoption of mobility services in enterprises has increased due to extensive adoption of mobile devices as well as cloud services. Mobility solutions help in productivity improvements through optimized process of networking, easy access to business information, and enhanced customer experience. Rich communication services meet the growing need for mobility and diversity of communication in organizations. There are numerous benefits of RCS messaging in mobility services such as sharing of file due to bring your own device (BYOD) initiative. Therefore, increase in need for VO-LTE along with mobility service is driving the deployment of software-defined networking technologies in enterprises for secured environments.

Rich Communication Services Market
By Region

2027
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific is projected as one of the most significant region.

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Key Benefits For Stakeholders

  • This study includes the rich communication services market analysis, trends, and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and rich communication services market opportunity.
  • The RCS market is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.

Rich Communication Services Market Report Highlights

Aspects Details
By Deployment Model
  • On-premise
  • Cloud
By Enterprise Size
  • Small & Medium Enterprises
  • Large Enterprises
By Application
  • Rich Calls & Messaging
  • Content Delivery (Content Sharing, File Transfer)
  • Value Added Services (VAS)
  • Marketing & Advertising Campaign
  • Cloud Storage
By Industry Vertical
  • Healthcare
  • Retail & E-commerce
  • BFSI
  • IT & Telecom
  • Travel & Tourism
  • Others
By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Rest of Europe)
  • Asia-Pacific  (Japan, China, Australia, India, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players AT & T, GOOGLE LLC, VODAFONE, DEUTSCHE TELEKOM AG, CHINA MOBILE., ERICSSION, HUAWAI TECHNOLOGIES CO. LTD., ZTE CORPORATION., VERIZON COMMUNICATION INC., SK TELECOM.
 

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The adoption of rich communication service (RCS) has increased over a period of time to deliver reliable and consistent experiences for their subscribers. In addition, the ability of these services to provide various opportunities for businesses and marketing to gain new insights to run the business efficiently is increasing RCS’ popularity among end users. Furthermore, many healthcare, retail & e-commerce, BFSI, IT & telecom, and tourism industries are investing in RCS to increase security and reduce network-related issues in organizations, which is impacting positively on the growth of the market.

Furthermore, the market is expected to witness significant growth in the future due to increase in use of 5G networks among domestic users and rise in adoption of artificial intelligence (AI)-oriented business models among organizations. For instance, organizations, such as AT &T, Ericsson, Huawei Technology and China Mobile, are heavily adopting RCS to enhance customer relationships. The adoption of rich communication service helps them to implement better communication network to bring positive transformation, which results in high-quality customer service. Moreover, increase in investment in AI & tools among every industry vertical is boosting the revenue growth.

In the current business scenario, substantial rise has been experienced in the usage of rich communication service solutions across Asia-Pacific. This is attributed to the fact that large population in this region has created an extensive pool of mobile subscribers for telecom companies. Moreover, the region is the largest contributor to the total number of mobile subscribers across the globe, and is expected to add more subscribers to its network in the coming years. Asia-Pacific is further anticipated to dominate RCS deployments in the coming years due to its size; diversity; major shift toward digital transformation; and the logical lead taken by countries, including China, South Korea, and Japan.

The presence of a large number of providers in the global rich communication service market increases the competitive rivalry among key players. Therefore, rich communication service providers are differentiating themselves from competitors and driving revenue growth by incorporating new digital business technologies, such as AI, machine learning, 5G networks, and multimedia messaging visibility, into their offerings to gain a competitive edge and retain their market position. Furthermore, the vendors operating in the market are taking several initiatives, such as new product launch and partnership, to stay competitive and strengthen their foothold in the market.

In addition, companies are heavily investing in R&D activities to develop advanced RCS solution, which is opportunistic for the market. For instance, in January 2020, Huawei Technology and Google LLC collaborated to offer new JIBE cloud RCS service in Huawei devices for its end users. This strategic move is expected to provide rich native messaging and communications experience. Additional features, such as texting over Wi-Fi, rich media sharing, group chats, and typing indicators, are anticipated to be an available as default part of the device.
 

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