Increasing number of advertising and marketing companies to drivethe Rich Communication Services(RCS) market growth
The global RCS market size is projected to grow from USD 5.2 billion in 2020 to USD 11.7 billion by 2025, at a CAGR of 17.6% during 2020–2025. Major growth factors for the market include Increasing investments on digital marketing across the enterprise verticals.
The COVID-19 outbreak has significantly impacted several communication service providers across the globe. Major countries from North America, Europe, APAC, MEA, and Latin America are badly affected in the pandemic and industry giants from several regions are taking initiatives to enable consumers with best quality communication services and stay connected with their network of employees and customers .
Byapplication, advertising campaignsegment to account for ahighermarket share duringthe 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.
Byend-user,enterprisessegment toholda largermarket sizeduring the forecast period
By end-users global RCS 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.
Amongregions,Asia Pacificto 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 China,India, and Japan 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 JioInfocomm to support RCS. With RCS, the company helps its clients in providing a more in-depth and richer engagement experience.
Breakdown of primaries
In-depth interviews were conducted with the Chief Executive Officers (CEOs), Chief Marketing Officers (CMO), Vice Presidents (VPs), Managing Directors (MDs), technology and innovation directors, and related key executives from various key companies and organizations operating in the RCSmarket.
The breakup of the profiles of the primary participants is given below:
- By Company Type: Tier 1 – 34%, Tier 2 – 43%, and Tier 3 – 23%
- By Designation: C-Level – 50%, Director Level – 30%, and others- 20%
- By Region: North America – 25%, Europe – 30%, APAC– 30%, MEA- 10% and Latin America– 5%
The RCSmarket is segmented by application (advertising campaign, content delivery, and integrated solutions), end-user (consumers and enterprises), enterprise size, enterprise vertical, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews, services; key strategies; new service launches, partnerships, agreements, and collaborations; and competitive landscape associated with the RCS market.
Key benefits of the Report
The report would help the market leaders and new entrants in the following ways:
- It comprehensively segments the rich communication servicesmarket and provides the closest approximations of the revenue numbers for the overall market and itssubsegments across different regions.
- It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities in the market.
- It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market.
- The competitive landscape section includes a competitor ecosystem, new service developments, partnerships, and acquisitions.