Rich Communication Services Market To Reach $12.46 Billion By 2030

Rich Communication Services Market Growth & Trends

The global rich communication services market size is expected to reach USD 12.46 billion in 2030 and is projected to grow at a CAGR of 25.3% from 2024 to 2030. Rich communication services (RCS) platforms overcome the limitations of SMS and provide additional services such as high-quality image sharing, chat rooms, and read receipt. Adoption of such mobile services by various businesses to enhance customer experience is anticipated to drive the market for rich communication services during the forecast period.

Companies from various sectors use RCS platforms for marketing their products and services. The rising spend on mobile advertising over the past few years is expected to fuel market growth over the forecast period. According to the global system for mobile communications association (GSMA), in 2018, the global spend on mobile advertising was USD 185.0 billion as compared to USD 109.0 billion in 2016. Furthermore, rising number of mobile SIM connections is projected to up-keep market growth in the near future.

Lack of end-to-end encryption is expected to impede the growth of the market for rich communication services during the forecast period. This lack of encryption in RCS platforms allows external sources to intercept and manipulate the user’s calls and texts. Attackers who are in the same network as that of the user and have the user’s phone number, can use their IP address and impersonate, creating complications. However, organizations such as Verizon; AT&T, Inc.; and T-Mobile are focusing on implementing end-to-end encryption in their RCS platforms to cater to the end-user requirements.

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Rich Communication Services Market Report Highlights

• The A2P communication segment led the market with a revenue share of 65.4% in 2023. This share is attributed to the increasing adoption of text messages to market products. Rich communication services overcome the constraints of traditional SMS platforms and enhance customer engagement.

• The retail segment held a leading revenue share in 2023. Growing competition in the retail industry has resulted in the increased adoption of technology by retailers to offer a customized and interactive shopping experience to their customers.

• Asia Pacific is expected to register the fastest CAGR during the forecast period in the global market. Rising smartphone usage in the region and an increasing focus of brands to boost customer engagement through innovative marketing techniques has highlighted the need for advanced messaging standards such as RCS

Rich Communication Services Market Segmentation

Grand View Research has segmented the rich communication services market report based on type, enterprise size, end use, and region.

Rich Communication Services Type Outlook (Revenue, USD Billion, 2018 - 2030)

• A2P

• P2A

• P2P

Rich Communication Services  Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)

• SMEs

• Large Enterprises

Rich Communication Services End Use Outlook (Revenue, USD Billion, 2018 - 2030)

• Retail

• Media & Entertainment

• BFSI

• Healthcare

• Travel & Tourism

• Others  

Rich Communication Services Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • Japan

  • India

  • China

  • South Korea

  • Australia

• Latin America

  • Brazil

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

List of Key Players in Rich Communication Services Market

• AT&T Intellectual Property

• Vodafone Group Plc

• Google LLC

• Verizon

• Telefónica S.A.

• Orange

• China Mobile Hong Kong Company Limited

• KDDI CORPORATION

• Telit Cinterion

• Telstra Group Limited