Rich Communication Services (RCS) Market Overview
Rich Communication Services (RCS) is a next-generation text messaging protocol used by mobile operators and mobile phones to replace the old generation text messaging service called Short Messaging Service or SMS. Rich Communication Service (RCS) Market is estimated to reach USD 16.9 Billion by 2030 recording a CAGR of 6.73%. RCS helps consumers in booking appointments, making seamless payments, availing boarding passes, submitting survey answers, receiving notifications from banking e-commerce institutions, and marketing promotional alerts. Additionally, it offers features such as rich and verified messages, a large messaging capacity of over 8,000 characters, video calling within messaging applications, group chats, read receipts to sender, and platform-independent messaging.
By application, the global rich communication services (RCS) market has been divided into advertisement, content delivery, integrated solutions, and others.
By end user, the global rich communication services (RCS) market has been divided into individual consumers and enterprises.
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Based on organization size, the global rich communication services (RCS) market has been divided into small and medium enterprise and large enterprise.
By vertical, the global rich communication services (RCS) market has been divided into BFSI, IT telecommunications, media entertainment, tourism logistics, retail ecommerce, healthcare, and others. The retail ecommerce vertical is expected to grow the fastest during the forecast period as the increasing initiatives from businesses to connect with the consumers and rising adoption of smartphones.
The rich communication services (RCS) market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East Africa, and South America.
Regional Analysis
By region, the global rich communication services (RCS) market has been segmented into North America, Europe, Asia-Pacific, the Middle East Africa, and South America. North America is expected to be the largest contributor to the rich communication services (RCS) market due to the presence of several established players in the region.
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Key Players
The key players operating in the global rich communication services (RCS) market include ATT (US), Vodafone Limited (UK), Google (US), Verizon (US), Telefonaktiebolaget LM Ericsson (Sweden), Orange (France), KDDI America, Inc. (New York), Telit (UK), SK TELECOM CO., LTD. (Korea), Telstra Group (Australia), Tanla Solutions Limited (UAE), Mavenir (US), Nokia (Finland), INTEROP TECHNOLOGIES (US), and Twilio Inc. (US).
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