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Rich Communication Services Market Trends

Report ID: GMI6622
Published Date: Sep 2023
Report Format: PDF

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Rich Communication Services Market Trends

The rich communication services industry is propelled by a growing emphasis on data privacy and customer engagement. As users become more concerned about their data security, RCS platforms are integrating robust privacy features to ensure safe communication. Additionally, businesses are leveraging RCS's interactive capabilities to engage customers effectively, offering personalized experiences. This dual focus on privacy and engagement builds trust and drives the adoption and expansion of RCS in the market.

For instance, in January 2023, NetNumber unveiled its new Rich Communication Services (RCS) Capability Discovery solution, introducing it to the worldwide mobile ecosystem for improved functionality.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Industry size for rich communication services was estimated at USD 2.3 billion in 2023 and will expand at a 24% CAGR between 2024 and 2032 owing to increasing demand for enhanced messaging experiences and the need for businesses to engage with customers more effectively through RCS-based customer service.

The BFSI segment captured 32% CAGR in 2023, attributed to the need for secure and interactive communication channels between financial institutions and their customers.

North America industry will register 37% industry share by 2032, driven by the region's advanced telecommunications infrastructure, high smartphone penetration rates, and tech-savvy consumer base.

Prominent players operating in the rich communication services industry are AT&T, Global Message Services, Google LLC, Huawei Technologies Co. Ltd, Mavenir Systems, Telefonaktiebolaget LM Ericsson, Verizon Communications Inc., Vodafone Group PLC, ZTE Corporation among others.