The global rich communication service is anticipated to grow with a CAGR of 41.8% during the forecast period 2016-2023. Rich Communications Services is an IP multimedia subsystem -based platform that allows the distribution of communication services elsewhere the conventional SMS and voice services. It offers the MNOs (Mobile Network Operators) with a prospect to upsurge their revenues or at least reserve their present revenues by offering consumers with improved communication services such as live video, instantaneous messaging, and others across devices and on any network. The major impacting factor of the global rich communication service market is surging utilization of VoLTE to spur rich communication service promotions and economic viability of services. Furthermore, the growth of market is also driven by the factors such as increasing mobile subscription, rising demand for mobile value-added services, growing investments in IMS and LTE and huge impact of social networks. The major challenges faced by global RCS market are switching costs related with RCS systems and cost issues. Additionally, LTE voice is once a miscellaneous field, with VoLTE (voice over LTE), circuit-switched fallback (CSFB), instantaneous voice and LTE (SVLTE), and voice over long-gain antenna (VoLGA) all competing for supremacy, but IP-multimedia subsystem-based (IMS-based) VoLTE has now arisen as the long-term solution of choice, with the others only proving temporary.
The segmentation of global rich communication service market includes solution and application. The solution segment is further divided into VoIP, online storage, unified messaging, web conferencing, multimedia, social presence information, file transfer/content sharing, SIP options/presence based capability exchange and others. The application segment of global rich communication service market is segmented into cloud storage/access, rich calls & messaging, mobile commerce, value added services (VAS), VoLTE and others.
Geographically, the global rich communication service market is segmented into North America, Europe, Asia Pacific, and rest of the world. The Asia Pacific market held the major revenue share in the year 2016. It is expected that Asia Pacific accounts to half of the social media users across the globe by 2020. An overwhelming 97.3 % of social network users in the Asia pacific have retrieved social media sites on their mobile devices. The major players of global rich communication market is Acision, Deutsche Telekom, Acme Packet, Neusoft, Infinite Convergence, Summit Tech, Movistar, Nokia Siemens Network, Metaswitch Networks and Others. These companies use various strategies such as merger & acquisition, collaboration, partnership and product launch.