According to the report, the global rich communication services industry was estimated at $1.15 billion in 2019, and is anticipated to hit $12.27 billion by 2027, registering a CAGR of 34.7% from 2020 to 2027.
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Growing awareness about the benefits of RCS over existing OTT services, a rise in the number of online marketing & advertising companies among small and medium enterprises, development of voice over long-term evolution technology (Vo-LTE) along with mobility service, and a surge in adoption of cloud-based services for managing mobile content drive the global rich communication services market.
On the other hand, limited end-to-end encryption solutions and increasing competition over over-the-top (OTT) platforms restrain the growth to some extent. However, the penetration of 5G networks and smartphones across the globe is expected to usher in an array of opportunities in the industry.
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Based on deployment type, the cloud segment accounted for more than half of the global rich communication services market share in 2019, and is projected to lead the trail by 2027. The same segment would also exhibit the fastest CAGR of 36.4% during the forecast period. The rise in the adoption of cloud-based RCS solutions among both large and mid-sized enterprises propels segment growth.
Based on organization size, the large enterprise’s segment contributed to nearly three-fifths of the global rich communication services market revenue in 2019, and is anticipated to rule the roost by 2027. The implementation of rich communication services is helping IT & telecommunication teams of large enterprises to change the way of communication with messaging, which can deliver rich content.
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This factor is driving the growth of the segment. The SME’s segment, on the other hand, would register the fastest CAGR of 36.6% throughout the forecast period. Growing focus on sharing rich content and a rise in awareness about the benefits of audio-visual messaging across SMEs fuel segment growth.
Based on geography, North America held the major share in 2019, generating around two-fifths of the global rich communication services market, due to high penetration of the 5G network and the growing use of artificial intelligence (AI) & other smart connected devices in the continent. Simultaneously, the Asia-Pacific segment would grow at the fastest CAGR of 39.8% from 2020 to 2027, owing to increasing demand for rich communication services across the province.
The key rich communication services industry players profiled in the report are AT&T Inc., Vodafone Idea Limited, Google LLC/Alphabet Inc., Verizon Communications Inc., Deutsche Telekom AG, China Mobile, Ericsson, Huawei Technologies Co. Ltd, ZTE Corporation, and SK Telecom. This study includes market trends, rich communication services market analysis, and future estimations to determine the imminent investment pockets.
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