Rich Communication Services Market Revenue, Region & Country Share, Trends, Growth Analysis Till 2026 - IndustryARC
Security and privacy concerns are some of the major factors that are restraining the growth of rich communication services market.
HYDERABAD, TELANGANA, INDIA, November 24, 2022 /EINPresswire.com/ -- 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.
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1. 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.
2. Key market players such as Summit Technology Inc. and Mavenir have been helping towards significant growth of rich communication services market in North America.
3. 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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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.
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. Furthermore, cloud based communication protocol services offers comparatively better security standards along with efficient chatting efficiency irrespective of network or carriers, thus boosting its market growth. Such benefits have been essentially contributing towards high market growth of cloud rich communication services.
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. Major companies in U.S such as Google and many others have been highly investing towards incorporating rich communication protocol service platforms installed within their android devices, thus causing significant market growth.
The top 5 players in the Rich Communication Services Industry are -
1. Neusoft Corporation
2. Vodafone Group Plc
3. Deutsche Telekom AG
4. Interop Technologies
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