According to a newly released Future Market Insights study, the Rich Communication Services (RCS) Messaging Market revenues were expected to be US$ 1.4 Bn in 2021 and are projected to increase at a CAGR of 16% from 2022 to 2032. The market is anticipated to grow to a US$ 8.5 billion worth by the end of 2032.
Large organisations frequently have the financial capacity to run many operations, including separate divisions for marketing and advertising. Due to their access to resources and funding, large firms may easily integrate developing technology into their marketing and advertising plans.
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Rich communication services also aid large enterprise IT and telecommunications teams in their transition to rich content messaging communication methods. Traditional messaging methods in large enterprises or on-campus are incapable of meeting changing messaging and communication needs. As a result, the use of rich communication services in large enterprises is growing at a fast pace, providing a dynamic and flexible approach.
For instance, Pizza Hut Delivery collaborated with IMImobile Limited to test Rich Communication Services (RCS) Business messaging to share promotional offers with customers, motivated by the pervasiveness of smartphones and a desire to remain at the forefront of technological innovation.
RCS was used to send brand promotion messages to Pizza Hut Delivery customers, which included a company logo and a verification icon with a ‘blue tick.’ Customers who were interested in the deals could then order them through the website. Customers could find contact information for their local Pizza Hut location, as well as T&Cs and opt-out options, by clicking on the Pizza Hut logo.
Key Takeaways from the Market Study
● Global Rich Communication Services (RCS) Messaging Market is estimated to reach a market size of US$ 1.9 Bn by 2022.
● The A2P segment, is expected to account for the highest CAGR rate of 16.1% during the forecast period.
● United States is expected to remain the most dominant market with an absolute dollar growth opportunity of US$ 2.3 Bn during 2022 – 2032.
● The market in US is set to experience the highest CAGR of 15.7% during the forecast period.
“During the projected period, a growing population, surge in smartphone connections, increasing mobile payment users, spurt in retail industry revenues, and use of advanced SMS systems for marketing and customer relationship management can be the key drivers in raising the Rich Communication Services (RCS) Messaging market revenue.” comments a Future Market Insights analyst.
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Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Rich Communication Services (RCS) Messaging Market are focused on R&D to produce innovative technological solutions.
- In July 2021, Verizon and Google announced a partnership that will bring advanced messaging services to Android users in the U.S. via the Messages by Google app. The RCS-based service, which can be accessed directly through Google Messages, provides a more interactive and modern messaging experience.
- In December 2021, BICS Singapore, a wholly-owned subsidiary of the BICS Group, has agreed to purchase 3m Digital Networks Pvt Ltd, a Communications Platform as a Service (CPaaS) specialist, for an undisclosed sum. BICS’ portfolio will be expanded as a result of the acquisition to include AI-enabled voice, multi-channel messaging such as WhatsApp, verification services such as IP messaging and RCS, and advanced analytics services.
- In September 2021, Edgecore Networks and Ecrio, the leading provider of mobile carrier communications and messaging client software, announced the addition of Carrier Voice and Rich Communication Services (RCS) capability to the Edgecore family of Open WIFI-ready Access Points.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Rich Communication Services (RCS) Messaging Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Rich Communication Services (RCS) Messaging Market Communication Type (A2P, P2A, P2P), By Vertical (Retail, Media & Entertainment, BFSI, Healthcare, Travel & Tourism, Others), across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Market Segments Covered in Rich Communication Services (RCS) Messaging Market Analysis
By Communication Type:
- A2P
- P2A
- P2P
By Vertical:
- Retail
- Media & Entertainment
- BFSI
- Healthcare
- Travel & Tourism
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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