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Rich Communication Services (RCS) Market Growing at CAGR of 18.9% | Key Players Google, Verizon, AT&T Inc., Telefonica, Telstra

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Rich Communication Services (RCS) Market Growing at CAGR of 18.9% | Key Players Google, Verizon, AT&T Inc., Telefonica, Telstra

November 28
09:09 2019
Rich Communication Services (RCS) Market Growing at CAGR of 18.9% | Key Players Google, Verizon, AT&T Inc., Telefonica, Telstra

Google (US), China Mobile Limited (Spain), AT&T Inc. (US), Sprint Corporation (US), Deutsche Telekom AG (Germany), Vodafone Group plc (UK), Verizon (US), Telefonica (US), Orange Business (US), KDDI (Japan), Slovak Telekom (Slovakia), TELIT (Italy), SK Telecom (South Korea), Telstra (Australia)…
Rich Communication Services (RCS) Market by Application (Advertising Campaign, Content Delivery, and Integrated Solutions), End-User (Consumers and Enterprises), Enterprise Size, Enterprise Vertical, and Region – Global Forecast to 2024

The global RCS market size is projected to grow from USD 4.5 billion in 2019 to USD 10.6 billion by 2024, at a CAGR of 18.9% during 2019–2024. Major factors expected to drive the growth of the Rich Communication Services Market include an increasing number of advertising and marketing companies and Strict regulations for OTT messaging services to boost the adoption of RCS.

RCS, the next evolution of SMS, holds the potential to consolidate the messaging activity as it incorporates several features that, to date, have been available within apps. The features include the ability to send more extensive and higher quality images, make video calls, and deliver read receipts, among others. These features make RCS a compelling messaging platform.

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Based on applications global RCS market is segregated into an advertising campaign, content delivery, integrated solutions, and others. Based on applications Content Delivery segment is expected to grow at the highest CAGR during the forecast period. Content delivery primarily implies file-sharing of multiple formats, which may include PDF files, images, voice notes, videos, emoticons, and others. These sets of media delivery are primarily adopted for P2P and P2A messaging.

Based on end-users global RCS market is segregated into consumers and enterprises. Based on end-users, the consumer’s segment is expected to grow at the highest CAGR during the forecast period. Media delivery through RCS protocol is expected to gain prominent traction in the coming years among the consumers. P2P and P2A would be significant aspects covered under the consumer’s segment. As of now, the masses have been much dependent on third-party smartphone applications to share the rich media, which primarily encompasses voice notes, videos, images, emoticons, Portable Data Format (PDF) files, and others. The smartphone applications currently dominating the messaging platforms include WhatsApp, Facebook Messenger, KakaoTalk, WeChat, Viber, Line, Telegram, and Imo. However, deployment of these applications is expected to be surpassed by the RCS messaging application, which would be driven by the operating systems provided by OEMs.

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North America is expected to hold the largest market size during the forecast period. North America has always been an innovative and competitive ground for every technology that spurs in. The region remains one of the fastest in the adoption of new technologies. The top countries contributing to the RCS market in this region include the US and Canada. Currently, the US holds the highest share in the RCS market, and this has been possible because of the extensive efforts put in by companies in their R&D. Moreover, North America is home to many technological innovators. Most of the leading market players, such as AT&T, Sprint, Verizon, and Google, have their headquarters in this region. Consumers in this region have suffered from the fragmentation of communication services, and RCS offers a ubiquitous, interoperable service by leveraging the investments made in the high-speed data networks by operators in North America. So, North America, in the coming years, is estimated to continue its lead in the RCS market.

Key and emerging market players include RCS include Google (US), China Mobile Limited (Spain), AT&T Inc. (US), Sprint Corporation (US), Deutsche Telekom AG (Germany), Vodafone Group plc (UK), Verizon (US), Telefonica (US), Orange Business (US), KDDI (Japan), Slovak Telekom (Slovakia), TELIT (Italy), SK Telecom (South Korea), Telstra (Australia), LG U+ (South Korea), Celcom (Malaysia), Freedom Mobile (Canada), Rogers (Canada), T-Mobile (US), and O2 (UK). These players have adopted various strategies to grow in the rich communication services market.

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