DUBLIN--(BUSINESS WIRE)--The "Rich Communication Services (RCS) Market by Application (Advertising Campaign, Content Delivery, and Integrated Solutions), End-User (Consumers and Enterprises), Enterprise Size, Enterprise Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global RCS Market Size is Projected to Grow from USD 4.5 Billion in 2019 to USD 10.6 Billion by 2024, at a CAGR of 18.9% During 2019–2024.
- Increasing number of advertising and marketing companies to drive the rich communication services market growth
- Major growth factors for the market include Increasing investments on digital marketing across the verticals
By application, advertising campaign segment to account for a higher market share during the forecast period
Advertising campaigns via digital marketing is the prominent approach adopted by enterprises to attract customers. Sharing rich media contents have enabled end-users to engage significantly with the enterprises to take benefits of the services. Advertising campaigns may vary from vertical to vertical; for instance, media and entertainment vertical would share advertisings, teasers, or some trailers of upcoming shows.
Likewise, BFSI vertical would share interactive media content to advertise funds and policies. Advertising campaigns are mainly followed through SMS protocol and are expected to be significantly offloaded on RCS protocol to enable enhanced messaging service through an interactive platform.
By end-user, enterprises segment to hold a larger market size during the forecast period
By end-users global rich communication services market is segregated into enterprises and consumers. The enterprises throughout verticals are expected to have a significant dependency on SMS for digital marketing. Deployment of RCS messaging platforms to share media-rich content amongst the end-users is expected to bring growing instances of customer engagements. Apart from digital marketing, RCS can be widely deployed by enterprises to share the relevant information to their customers, which would include tickets, passes, policy details, wealth performance stats, logistics details, product information, service reminders, and others.
Among regions, Asia Pacific to grow at the highest CAGR during the forecast period
APAC is expected to have the highest growth rate in the RCS market among all areas. The high rate of adoption of digital technologies, especially in countries, such as Australia, India, Japan, China, and Singapore, has made APAC a lucrative market in the IT industry. The growing development in these countries is expected to provide several new opportunities in the APAC RCS market.
The growth driver for RCS in this region is increasing population, rising smartphone connections, increasing the mobile payments, growing the retail industry, and the use of advanced SMS systems for marketing and customer relationship management. Many mobile engagement and communications providers in this region have partnered with various telecom operators to provide rich, personalized multimedia content to their customers.
For instance, Karix Mobile had partnered with Google and Reliance Jio Infocomm to support RCS. With RCS, the company helps its clients in providing a more in-depth and richer engagement experience.
- Increasing Number of Advertising and Marketing Companies
- Limited Capability to Offer End-To-End Encryption
- Lack of Interoperability Between OEMs and Carrier Networks
- Strict Regulations for Ott Messaging Services to Boost the Adoption of RCS
- Difficulty to Cope With Ott Service Providers
- Lower User Base Due to Proliferation of Messaging APPs
- Artificial Intelligence
- Internet of Things
- China Mobile
- Deutsche Telekom
- Freedom Mobile
- LG U+
- Orange Business
- SK Telecom
- Slovak Telekom
For more information about this report visit https://www.researchandmarkets.com/r/12wtuc