Rich Communication Services Market Size, Share & Trends 2031

Rich Communication Services Market Size, Share & Trends 2031

Segments - Rich Communication Services Market by Communications (A2P, P2A, and P2P), Verticals (BFSI, Healthcare, Media & Entertainment, Retail, and Travel & Tourism), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Trends, Share, Size, and Forecast 2023 – 2031

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Author : Raksha Sharma
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Fact-checked by : Vineet Pandey
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Editor : Shruti Bhat

Upcoming | Report ID :ICT-SE-426 | 4.3 Rating | 78 Reviews | 185 Pages | Format : PDF Excel PPT

Report Description


The global rich communication services market was valued at USD 7.71 billion in 2022 and is projected to reach USD 118.72 billion by 2031, expanding at a CAGR of 35.5% during the forecast period, 2023 – 2031. The growth of the market is attributed to the growing penetration of smartphones across the globe.

Rich communication service (RCS) is the communication protocol among the mobile telephone carriers and phone companies that intends to replace SMS messages with text-message system. The later system can transmit in-call multimedia and also offers offers phonebook polling. It is a part of larger IP multimedia subsystem.

Rich Communication Services Market Outook

The rich communication services (RCS) boost the pre-installed functionality of messaging application in the mobile phones. RCS is predicted to replace the SMS and MMS completely owing to its advanced features such as video calls, group chats, media sharing, and location sharing. It offers features to the users such as read receipt and group chat to improve the user’s messaging experience. The integration of afore-mentioned features is spurring the adoption of RCS across the globe.

Several businesses are increasing their expenditure on SMS marketing to increase their customer base. SMS is considered to have high click through rate (CTR) to acquire a large customer base. High CTR ensures companies that the advertisement is viewed by a large targeted audience.

The rich communication services market has been hugely supported by third party application providers, mobile manufacturers, and telecom companies. The property of interoperability propels the implementation of rich communication services due to the support of all majorly involved stakeholders.

The GSM Association (GSMA) has announced the universal profile specification to offer rich communication services application support for all the operators around the globe. After supporting operator service interoperability, the application of universal profile aids in offering a reliable messaging experience. Additionally, the rich communication services applied on any mobile phone at any operator network, is expected to contain same core functionalities that offer excellent consumer experience and consistency.

The reluctance of users to not shift from over-the-top (OTT) services to rich communication services platform is restraining the market growth. OTT services such as Skype, WeChat, Viber, and WhatsApp have huge customer base. Nevertheless, consistent support from telecom providers is expected to change the dynamics of the market.

  • Carrier companies’ decision to roll-out rich communication services as a software update in the smartphones is anticipated to boost the market growth during the forecast period.

  • Rising usage of rich communication services by companies for A2P messaging is expected to increase the market growth.

  • Lack of end-to-end encryption in rich communication services is anticipated to hamper the expansion of the market during forecast period.

  • Ongoing research and development programs as well as huge number of investments by major market players is expected to present numerous opportunities for the market.

Scope of Rich Communication Services Market Report

The report on the global rich communication services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been involved in this report.

Attributes

Details

Report Title

Rich Communication Services Market - Global Industry Analysis, Growth, Trends, Share, Size, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Communications (A2P, P2A, and P2P) and Verticals (BFSI, Healthcare, Media & Entertainment, Retail, and Travel & Tourism)

Regional Scope

Asia Pacific, Europe, North America, Latin America, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Growth Factors, Competitive Landscape, and Trends, and Revenue Forecast

Key Players Covered in the Report

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

Global Rich Communication Services Market Segment Insights

A2P segment anticipated to hold a large market share

Based on communications, the market is divided into A2P, P2A, and P2P. In 2020, the A2P segment accounted for a large share of the market and is expected to continue to do so in the coming years  Several businesses are sending A2P messages using huge messaging platforms, which is increasing their reach across the globe. Rising usages of RCS messaging platforms by various companies for marketing their services and products is the key aspect contributing to the large revenue share of the market segment.

The P2A segment is projected to expand at a significant CAGR of around 40% in the rich communication services market during the forecast period. P2A messaging involves the messages that users initiate to interact with an organization, company, or brand.

Presently, the usage of P2A is high amongst the entertainment & media industry, where customers send their votes by text messages. Considering the numerus consumer engagement features it offers, the usage of P2A messages is estimated to expand in the foreseeable future.

Several companies are enrolling for platforms that enhance user interaction and communication among the users and businesses. Various companies are focusing on improving user experience by revolving consumer queries regarding the services and products, which is anticipated to propel the demand for P2A communication during the forecast period.

Rich Communication Services Market Communications

Retail segment anticipated to account a large market share

On the basis of verticals, the market is classified as BFSI, healthcare, media & entertainment, retail, and travel & tourism. The retail segment anticipated to account for a large market share and is expected to expand at a spectacular CAGR owing to the growing acceptance of latest technology by several retailers to improve the shopping experience for consumers.

The RCS platforms helps retailers to embed product images in formats with an insightful information in regards to consumer preferences, which in turn, increases the probability of customer conversion. T
he BFSI segment is speculated to hold a significant market share and is projected to expand at a CAGR of around 30% during the forecast period.

The growth of the market is attributed to the rising acceptance of mobile banking services around the world. RCS platform helps in opening account, provides customer support, handles request for credit and debit cards, and assists in locating banks and ATMs, among others. The BFSI sector uses RCS for web-based campaigns by connecting the user database and improves the user experience.

The market in North America anticipated to account a significant revenue share

In terms of regions, the global rich communication service market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is anticipated to account for a significant revenue share and is expected to grow at a steady rate owing to the presence of several RCS market players including Alphabet Inc., Summit Tech, Syniverse Technologies LLC, and Mavenir.

Companies such as Express and Subway IP LLC have increased the usage of RCS platforms to run their advertisement campaigns. This is expected to propel the market expansion of rich communication services market in this region. These businesses have experienced an enhancement in their user action by enrolling for RCS A2P campaigns instead of SMS campaigns.

The market in Asia Pacific is projected to expand at a CAGR of 35.% during the projected timeline. This growth is attributed to the increasing number of smartphone users in this region as well as the growing disposable income. Additionally, it is speculated that India may reach 442.1 million of smartphone users by the year 2022. This is expected to propel the market growth during the forecast period.

Rich Communication Services Market Region

Segments

The global rich communication services market has been segmented based on

Communications

  • A2P
  • P2A
  • P2P

Verticals

  • BFSI
  • Healthcare
  • Media & Entertainment
  • Retail
  • Travel & Tourism

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

Competitive Landscape

Some major participants in the global rich communication services include Alphabet Inc., Global Message Service, Infobip Ltd., Mavenir, Vodafone Group PLC, and ZTE.

The market players involve mobile network operators (MNOs), third party application developers, smartphone companies, and bulk messaging service providers, among others. The market is broadly fragmented and includes extreme competition among the rivals due to the presence of numerous shareholders.

These market players are focusing on improving their product portfolio by enrolling in several inorganic strategies including mergers, acquisition, collaboration, and partnerships.

  • In July 2019, Syniverse Technologies LLC partnered with China Telecom Global to offer connectivity services for mobile operators in the Middle East and Africa.

  • In March 2017, Mavenir introduced its cloud-based RCS platform and hub. The launch of the cloud-based platform is to effectively deploy secure and advance communications.

 Rich Communication Services Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Rich Communication Services Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Rich Communication Services Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Rich Communication Services Market - Supply Chain
  4.5. Global Rich Communication Services Market Forecast
     4.5.1. Rich Communication Services Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Rich Communication Services Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Rich Communication Services Market Absolute $ Opportunity
5. Global Rich Communication Services Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Rich Communication Services Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Rich Communication Services Demand Share Forecast, 2019-2026
6. North America Rich Communication Services Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Rich Communication Services Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Rich Communication Services Demand Share Forecast, 2019-2026
7. Latin America Rich Communication Services Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Rich Communication Services Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Rich Communication Services Demand Share Forecast, 2019-2026
8. Europe Rich Communication Services Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Rich Communication Services Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Rich Communication Services Demand Share Forecast, 2019-2026
9. Asia Pacific Rich Communication Services Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Rich Communication Services Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Rich Communication Services Demand Share Forecast, 2019-2026
10. Middle East & Africa Rich Communication Services Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Rich Communication Services Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Rich Communication Services Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Rich Communication Services Market: Market Share Analysis
  11.2. Rich Communication Services Distributors and Customers
  11.3. Rich Communication Services Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Alphabet Inc.
     11.4.2. Global Message Service
     11.4.3. Infobip Ltd.
     11.4.4. Mavenir
     11.4.5. Vodafone Group PLC
     11.4.6. ZTE

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