Global Rich Communication Services (RCS) Market to Reach Value … – GlobeNewswire

| Source: Emergen Research Emergen Research
Vancouver, Oct. 31, 2023 (GLOBE NEWSWIRE) — The global Rich Communication Services (RCS) market exhibited remarkable growth in 2022, with a market size of USD 2.00 billion. It is now set to continue its rapid expansion with a projected revenue Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period.
Enhancing Messaging with RCS
Rich Communication Services (RCS) is transforming the way we communicate, offering a feature-rich alternative to traditional SMS. This modernization empowers users to do more than just text – they can send images, videos, location data, and even documents. Businesses are increasingly adopting RCS for its ability to engage customers effectively, as research suggests that RCS messages are read 35 times more often than emails, and engagement with brands using RCS is 74% higher.
Driving Factors
The growth of RCS is driven by various factors, including the rise of Voice Over Long Term Evolution technology (Vo-LTE) and mobility services. Enterprises are embracing cloud-based RCS solutions, further propelling market growth. Moreover, the comprehensive network coverage ensures a broader reach, enabling seamless collaboration through RCS on smartphones.
Challenges to Consider
While RCS brings immense potential, a lack of awareness and security limitations in end-to-end encryption remain challenges. It’s essential to address these issues to sustain the market’s growth.
AI Integration
A significant trend in RCS is the integration of Artificial Intelligence (AI) technologies, such as chatbots and virtual assistants. AI-powered chatbots can efficiently answer questions and improve customer engagement, making interactions smoother.
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Major Companies and Competitive Landscape
The global Rich Communication Services (RCS) market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective RCS solutions. Some major players included in the global Rich Communication Services (RCS) market report are:
Strategic Development
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For the purpose of this report, Emergen Research has segmented the global Rich Communication Services (RCS) market on the basis of application, industry vertical, end-use industry, and region:
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