The global rich communication service (RCS) market is expected to grow at a significant CAGR during the forecast period (2024-2031). The most direct and extensively utilized mode of communication is still text messaging. As a result, organisations now require two-way automated enterprise-to-person text messaging, also known as A2P mobile texting.
RCS is a successor to SMS that includes features such as read receipts, typing indicators, better group conversations, and high-quality photos. RCS is based on the Universal Profile standard, which specifies how to inform other phones that they can send and receive RCS. RCS platforms are being developed, invested in, and offered by a growing number of important smartphone OEMs and telecom providers. Google, for example, launched RCS in the UK and France in November 2019. Furthermore, AT&T, Sprint, T-Mobile, and Verizon indicated that they want to replace SMS with RCS by 2020 and the technology will be based on an RCS implementation for Android under the Cross-Carrier Messaging Initiative (CCMI), which will be independent of Google. Despite the increased popularity of over-the-top messaging programmes, SMS is still widely used. Despite the fact that the number of SMS users has been falling in recent years due to the proliferation of competing messaging apps, SMS remains a popular method of messaging, information exchange, advertising, and CRM. Text messages have a 98% open rate, according to Salesforce, and 90 percent of recipients open SMS messages within three minutes.
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According to Burst SMS, text messages are roughly 56 times less expensive than cost-per-click advertising such as Adwords. Furthermore, text messages have a 10% click-through rate; as a result of its cost-effectiveness, SMS is in high demand as a means of disseminating information. Since the frequency of in-person encounters has been drastically reduced, A2P communication channels have become vital for ensuring business continuity during COVID-19 lockdowns. The economy has begun to adjust to the new circumstances caused by the epidemic, and as a result, demand for A2P services has shifted. RCS Business Messaging expects an even bigger market size in the forecast year, owing to its massive user base. RCS is a new channel to acquire traction in the global market with a significant number of consumers already using its functionalities. The technology’s uniqueness resides in its newness combined with the existing features of SMS.
RCS will allow banks to incorporate a horizontally scrollable carousel with up to 10 vertical rich cards, a branch locator, suggestive answers, and many other features. Deep-linking for web-based campaigns and/or emails is one of the key characteristics of RCS Business Messaging that makes the technology well-suited for banks. It also includes capabilities such as read recipients, delivery receipts, on-screen event tracking, and customized consumer information based on their message answers. Due to reduced latency, data, and delivery concerns of media content, the global demand for RCS is predicted to expand exponentially with the introduction of 5G; several telecom operators are likely to offer RCS as part of their 5G services in the coming years.
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Market Coverage
- Segment Covered-
o By Protocol
o By End-User Vertical
- Competitive Landscape: Google LLC, Vodafone Group PLC, and Telefonaktiebolaget LM Ericsson, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Rich Communication Service Market – Segmentation
By Protocol
- A2P
- P2A
- P2P
By End-User
- BFSI
- Media & Entertainment
- Travel & Hospitality
- Retail
- Healthcare
- Others
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