Rich Communication Services Market Size, Share, Trends, Industry Analysis & Growth 2032

Rich Communication Services Market Insights

According to the report published by Zion Market Research, the global Rich Communication Services Market size was valued at USD 2.18 Billion in 2023 and is predicted to reach USD 21.61 Billion by the end of 2032. The market is expected to grow with a CAGR of 25.8% during the forecast period. The report analyzes the global Rich Communication Services Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Rich Communication Services industry.

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Global Rich Communication Services Market: Overview

A next-generation messaging protocol that is championed by Google & Android, Samsung, and GSMA, as well as numerous carriers and mobile phone manufacturers, rich communication services is a richer text-message system that can transmit in-call multimedia as well. With SMS services becoming an integral part of individual customers’ lives, their usage is overtaking the frequency of phone calls fast. Not only individuals, but also enterprises have been increasingly relying on SMS for customer support, feedback, and special offer notifications and coupons.

Rich features including video and high-resolution photo sharing, location sharing, mapping directions, typing indicators, and features for adding and removing group chat members, are integrated into the default messaging app of the device, irrespective of the user network.

Global Rich Communication Services Market: Growth Factors

The surging number of smartphone users globally is anticipated to positively affect the global rich communication services market over the forthcoming time. The rising utilization of smartphones enhances the requirement for communication through the means of messaging. Rich communication services facilitate a high user experience including group chat and read receipts, which in turn improve messaging experience of its customers.

Furthermore, carrier companies are now rolling out rich communication services which is integrated in the software updates of the older smartphones, improving the growth prospects for the global rich communication services market. For instance, recently in April 2021, a leading US-based wireless network operator, T-Mobile, announced its plans to partner with Google to offer rich messaging solution catering to millions of T-Mobile users with Android smartphones. This will ascertain continual growth of the rich communication services market on a global scale.

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Global Rich Communication Services Market: Segmentation

The global rich communication services market has been differentiated on the basis of communication type, end-user, and region.

By communication type, the market has been classified as A2P, P2A, and P2P. The A2P segment is anticipated to register considerable demand through the next few years, on account of the cost-effective provision of RCS messaging solutions to businesses for engaging more customers and creating brand consciousness.

Based on end-user, the market can be categorized into media & entertainment, healthcare, retail, BFSI, travel & tourism, and others. The BFSI market segment is expected to claim a notable share in the overall global rich communication services market and is likely to observe a sharp growth in the CAGR over the forthcoming times. The growth can be attributed to the upsurge in the utilization of mobile banking solutions such as banking apps across developed and developing countries alike. These services have been designed in a way that can facilitate the opening of new accounts, mobile payments, location of ATMs & banks, customer support, and request for debit/credit cards. These services are also used by banks and other financial organizations for web campaigns, which is accomplished by linking the organization’s database to the user’s account. This enhances customer experience.

Rich Communication Services Market: Report Scope

Global Rich Communication Services Market: Regional Analysis

Asia Pacific is likely to demonstrate a rising curve in terms of deployment rate in the total global rich communication services market through the forecast years, supported by the growing number of government initiatives supporting digital communication, coupled with the augmenting number of industry participants including Route Mobile. A shifting preference from OTT platforms such as WhatsApp, Skype, and WeChat, toward RCS services is observed across the region. This is because the vast customer base across India, China, and Japan has been seeking more holistic communication solutions as compared with traditional platforms.

North America is certain to progress at a substantial pace through the forecast timeline, adding significantly to the overall global rich communication services market revenue by 2026. The use of RCS business messaging has been enabling businesses of all sizes to customize and engage in truly brand-centered conversations. The growing A2P engagement in the region, supported by numerous prominent brands, has been responsible for the rising number of opportunities. Moreover, enterprises based in Canada and the U.S. are some of the earliest adopters of RCS solutions.

Global Rich Communication Services Market: Competitive Players

As there are numerous companies competing with one another in the global rich communication services market, the competitive rivalry is substantially higher, rendering the landscape a fragmented one. These market players comprise of MNOs (Mobile Network Operators), third-party application developers, bulk messaging service providers, and smartphone companies.

• Alphabet Inc.
• Global Message Service
• Vodafone Group PLC
• Infobip Ltd.
• Mavenir
• ZTE

are a few of the prominent industry names operating in the global rich communication services market.

The Global Rich Communication Services Market is segmented as follows:

By communication type 

• A2P
• P2A
• P2P

By end-user 

• media & entertainment
• healthcare
• retail
• BFSI
• travel & tourism
• and others

Global Rich Communication Services Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.