Global Rich Communication Services Market Size To Exceed USD 36.2 Billion By 2032 | CAGR of 22.5%
Category: Electronics, ICT & MediaGlobal Rich Communication Services Market Size To Exceed USD 36.2 Billion By 2032
According to a research report published by Spherical Insights & Consulting, the Global Rich Communication Services Market Size is to grow from USD 4.75 billion in 2022 to USD 36.2 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 22.5% during the projected period. The rising adoption of rich communication services in various applications such as rich calls & messaging, content delivery, value-added services, marketing & advertising campaigns, cloud storage, and others in several industries including retail, media & entertainment, BFSI, healthcare, travel & tourism, and others is expected to boost the demand for the rich communication services market during the forecast period.
Get more details on this report -
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Rich Communication Services Market Size, Share, and COVID-19 Impact Analysis, By Type (A2P, P2A, P2P), By Industry (Retail, Media & Entertainment, BFSI, Healthcare, Travel & Tourism, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/rich-communication-services-market
Rich communication services are a category of text-based mobile protocol designed to compete with SMS and MMS texting. It allows users to create group chats, transmit attachments, including photographs and videos, receive read receipts, and leverage end-to-end encryption via cell phones. Rich communication services have numerous advantages, including more focused communication with consumers, security, increased audio and video streaming, one-app functionality, and improved sender authentication. A significant number of rich communication services solutions can also add value to existing messaging technology and help provide clients with a solution similar to over-the-top (OTT) services. All networks are compatible with RCS. One of the important factors driving the rich communication services market growth is the growing usage of RCS across several industrial verticals including healthcare, information technology (IT), hospitality, entertainment, banking, financial services, and insurance (BFSI). Furthermore, a number of other factors, such as the rollout of the 5G network and the convergence of advanced communication services with a variety of technological advancements, such as cloud-based, artificial intelligence (AI), voice-over long-term evolution (VO-LTE), and application programming interface, are fueling an upward trend for the global rich communication services market.
The A2P segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global rich communication services market is segmented into the A2P, P2A, and P2P. Among these, the A2P segment is dominating the market with the largest revenue share of 68.3% over the forecast period. Businesses use bulk messaging platforms to send A2P communications to their customers. The use of rich communication services and commercial messaging platforms by different firms for promoting their goods and services to clients is the major factor driving the segment's significant revenue share.
The BFSI segment accounted for the largest revenue share of more than 24.7% over the forecast period.
On the basis of industry, the global rich communication services market is segmented into retail, media & entertainment, BFSI, healthcare, travel & tourism, and others. Among these, the BFSI segment is dominating the market with the largest revenue share of 24.7% over the forecast period. The increased utilization can be due to the expanding global popularity of mobile banking services. The purpose of rich communication services platforms is to provide banks with capabilities including mobile payments, account opening, credit/debit card requests, bank and ATM location, and customer assistance.
North America dominates the market with the largest market share over the forecast period.
Get more details on this report -
North America is dominating the market with more than 38.7% market share over the forecast period, owing to the region's increasing deployment of 5G networks and expanding utilization of artificial intelligence (AI) and other sophisticated linked gadgets. Furthermore, the increased use of rich communication services platforms for advertising campaigns by companies such as Subway IP LLC and Express is likely to drive the region's rich communication services market growth. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period. This rise is the result of increased disposable income and a surge in smartphone penetration in the region.
Major vendors in the Global Rich Communication Services Market include AT&T, Vodafone, Deutsche Telekom, Google, Verizon, Telefonica, Orange Business, Telit, SK Telecom, Telstra, LG U+, Celcom, Freedom Mobile, Rogers, T-Mobile, O2, Telia Company, Magyar Telekom, Claro, Swisscom, Reliance Jio, and among others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- On April 2023, DATA Communications Management Corp. announced the completion of its acquisition of R.R. Donnelley & Sons' Canadian Operations. DCM will have a significantly larger presence in the Canadian market from the start, with estimated pro forma revenues of more than $520 million in 2022, an expanded portfolio of products and services, and a customer base serving more than 400 enterprise clients across a wide range of industry verticals.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Rich Communication Services Market based on the below-mentioned segments:
Rich Communication Services Market, Type Analysis
- A2P
- P2A
- P2P
Rich Communication Services Market, Industry Analysis
- Retail
- Media & Entertainment
- BFSI
- Healthcare
- Travel & Tourism
- Others
Rich Communication Services Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
CONTACT US:
For More Information on Your Target Market, Please Contact Us Below:
Phone: +1 303 800 4326 (the U.S.)
Phone: +91 90289 24100 (APAC)
Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com
Contact Us: https://www.sphericalinsights.com/contact-us
Need help to buy this report?