Rich Communication Services (RCS) Market Forecast to Reach $3.6 Billion by 2026
Rising Penetration of Smartphones Along With Enhancing Standards for Digital Marketing Campaigns Are Acting as Major Drivers Towards Significant Growth of Rich Communication Services.
Hyderabad, India – July 13, 2021 /MarketersMedia/ —
Global Rich Communication Services (RCS) Market is forecast to reach $3.6 billion by 2026, growing at a CAGR of 22.1% during the forecast period from 2021 to 2026. Rising penetration of smartphones along with enhancing standards for digital marketing campaigns are acting as major drivers towards significant growth of rich communication services. Moreover, implementation of universal communication protocol specification by GSM Association (GSMA) to provide a consistent messaging platform experience enabling operator service interoperability has also caused higher adoption towards rich communication services. Factors such as advanced features like group chatting, read receipts, location sharing, media sharing and many others have caused major usage of such services compared to traditional SMS protocols.
Rich Communication Services Market Segment Analysis – By Deployment Type
Cloud deployed models are anticipated to have a major share in the rich communication services market during the forecast period 2021-2026 at 26.5% CAGR. Deployment of cloud communication protocol service models have been increasing due to its capability of higher scalability, speed as well as ease of deployment ensuring better communication standards. Usage of cloud deployed communication service for digital marketing acts as a cost efficient solution due to overcoming the high costs and complexity associated with network infrastructures of on premises.
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Rich Communication Services Market Segment Analysis – By Services
Rich Communication service has multiple advantages over the current system where multiple clients, services and identities, numbers across devices. RCS helps to unify the different clients, provides an opportunity to deploy one identity and one number, centralized data management, presence and capability indication, guided communication and provides inter-operator support. Cloud storage services have been widely leveraged by various network providers to ensure faster messaging platform delivery as well as due to lower pricing models with subscriptions which is driving the segment at 26.2% CAGR through 2026.
Rich Communication Services Market Segment Analysis – By Geography
North America has contributed with a major share during 2020 at 34.6% and is anticipated to have a significant growth in the global rich communication services market during the forecast period from 2020 to 2025. Presence of some key players such as Mavenir, D2 Technologies and Summit Technology Inc. is acting as major drivers for the growth of rich communication services market especially for digital marketing and messaging platform services. High investments towards research and development activities along with the growing adoption to improve advertising and marketing campaigns have been fueling the growth for rich communication services market in this region. Moreover, rising adoption of rich communication services by network providers along with rising smartphones user penetration are also responsible for creating high market demands in the region.
Rich Communication Services Market Drivers
Increasing smartphones penetration
The rising penetration towards smartphones globally has been acting as one of the major driving factors towards significant growth of rich communication services market. Due to such rising adoption of smartphones, the need towards improved and more efficient communication services have been eventually raising by the customers. Usage of rich communication services has been widely adopted by mobile service operators due to its capability of offering audio and video file sharing, voice messages, group chats and many others. Such factors have helped towards overcoming drawbacks of traditional SMS messaging, thus improving messaging standards within smartphones.
Improved advertising brand campaigns
Improved advertising brand campaigns have been acting as one of the major drivers towards boosting the market growth of rich communication services. Usage of rich communication services helps the advertising companies to improve their services through automation of customer interactions compared to lengthy calls of sales agents. This helps in enhancing customer satisfaction along with saving costs of paying agents for interacting through calls, thus making it a cost efficient alternative.
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Rich Communication Services Market Challenges
Security concerns
Security and privacy concerns are some of the major factors that are restraining the growth of rich communication services market. With growing rates of cyber attacks and security breaches, security and privacy have been becoming the most important aspects to ensure effective data communication. Moreover, end to end encryption feature has been getting wider deployments across various messaging applications such as WhatsApp, Telegram and many others to improve security perspective unlike rich communication messaging services.
Rich Communication Services Market Landscape
Major key players in the Rich Communication Services market include Alcatel-Lucent S.A, Infinite Convergence Solutions Inc., Mavenir, Neusoft Corporation, Vodafone Group Plc, Deutsche Telekom AG, Interop Technologies, Google, Summit Technology Inc. and D2 Technologies.
Partnerships/Product Launches/Acquisition
In April 2020, CM.Com had announced the launch of rich communication services with partnership with Vodafone across Germany. With this partnership, the company will offer tools to leverage rich communication service channel through configuring rich features, chat bots as well as customer contact tooling. This will help to implement next generation SMS messaging with features such as verified sender and rich media across Germany.
In November 2019, Google announced the launch of its rich communication messaging services on android users across U.S. This service was initiated as a part of replacing traditional SMS text messaging with more enhanced and useful chatting features. Such roll out of the service will be providing the android users to have more seamless conversations with improved and better messaging capabilities.
Key Takeaways
Cloud models are anticipated to have a significant growth during the forecast period in the rich communication services market due to its capabilities of providing faster data delivery within low cost service features.
Key market players such as Summit Technology Inc. and Mavenir have been helping towards significant growth of rich communication services market in North America.
Increased global smart phone penetration along with capability of improving advertising brand campaigns are some of the major driving factors towards significant growth of rich communication services market.
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