Market Size of Rich Communication Services Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.29 Billion |
| Market Size (2029) | USD 7.12 Billion |
| CAGR (2024 - 2029) | 25.37 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Rich Communication Services (RCS) Market Analysis
The Rich Communication Services Market size is estimated at USD 2.29 billion in 2024, and is expected to reach USD 7.12 billion by 2029, growing at a CAGR of 25.37% during the forecast period (2024-2029).
- Rich communication services is a set of protocols and advanced messaging standards to enhance the performance of message applications that are installed in mobile phones, which provide rich communication services.
- The demand for premium communication services is expected to grow in the coming years as the number of mobile phones increases worldwide. Demand for SMS communication is increasing due to the rising use of smartphones. High communications services offer features to enhance the user's experience of communicating, such as read receipt and group chat. The adoption of RCS messaging services is expected to be strengthened by the increasing number of smartphones with such advanced features.
- SMS and MMS are supposed to be completely replaced by RCS. Messages with advanced features such as group chat, media sharing, video call, or location sharing. Therefore, a significant influence on market growth in the coming years is expected to be the increased uptake of mobile phone subscribers.
- The strong growth in the telecommunications services market is likely to be driven by increased subscribers, who are increasingly adopting cell phones. A mobile service subscriber is an agreement for a public mobile phone service using cellular technologies to provide users with access to the switched Public Telephone Network PSTN. Both prepaid and postpaid subscribers are covered by this provision, as well as Analog and Digital mobile technologies.
- However, limited end-to-end encryption and increasing competition by over-the-top platforms, along with Interoperability and Privacy concerns due to lack of end-to-end encryption, hinder the rich communication services market growth.
- As healthcare organizations and retailers seek more effective communication with customers and the public, the COVID-19 outbreak prompted a sudden increase in rich communications services and powerful commercial messages. As the demand for RCS services is growing more rapidly than it has ever been before, the COVID-19 pandemic increased A2P communication requirements in customer experience strategies of all sizes.
