Rich Communication Services (RCS) Market Overview:
Rich Communication Services (RCS) Forecast is a next-generation text messaging protocol used by mobile operators and mobile phones to replace the old generation text messaging service called Short Messaging Service or SMS. Rich Communication Service (RCS) Market is estimated to reach USD 22.6 billion by 2026 recording a CAGR of 22%. RCS helps consumers in booking appointments, making seamless payments, availing boarding passes, submitting survey answers, receiving notifications from banking e-commerce institutions, and marketing promotional alerts. Additionally, it offers features such as rich and verified messages, a large messaging capacity of over 8,000 characters, video calling within messaging applications, group chats, read receipts to sender, and platform-independent messaging.
By application, the global rich communication services (RCS) market has been divided into advertisement, content delivery, integrated solutions, and others.
By end user, the global rich communication services (RCS) market has been divided into individual consumers and enterprises.
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Rich Communication Services (RCS) is a communications protocol between mobile telephone carriers and between phone and carrier, aiming at replacing SMS and MMS. It is an enhanced messaging experience for Android devices, with features such as higher quality media sharing, read receipts, typing indicators, and more. RCS not only enhances person-to-person (P2P) communications, but also allows for business messaging, allowing companies to interact with customers in real-time. It also boasts levels of security and Quality of Service (QoS) that only operators can provide, and there will be no ‘closed community’. RCS is the new standard of messaging that will replace SMS text messaging and MMS.
Rich Communication Services (RCS) is an important protocol because it provides an enhanced messaging experience for both users and businesses. With RCS, users can enjoy features such as group chats, audio, video, and image messaging, as well as improved reliability and faster messaging speeds. For businesses, RCS provides the ability to engage in more meaningful conversations with customers, allowing them to provide more personalized services and better customer service. Additionally, RCS can also help businesses to increase their reach and customer engagement, as well as to reduce customer acquisition costs.
Based on organization size, the global rich communication services (RCS) market has been divided into small and medium enterprise and large enterprise.
By vertical, the global rich communication services (RCS) market has been divided into BFSI, IT telecommunications, media entertainment, tourism logistics, retail ecommerce, healthcare, and others. The retail ecommerce vertical is expected to grow the fastest during the forecast period as the increasing initiatives from businesses to connect with the consumers and rising adoption of smartphones.
The rich communication services (RCS) market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East Africa, and South America.
Rich Communication Services (RCS) Market Regional Analysis:
By region, the global rich communication services (RCS) market has been segmented into North America, Europe, Asia-Pacific, the Middle East Africa, and South America. North America is expected to be the largest contributor to the rich communication services (RCS) market due to the presence of several established players in the region.
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Rich Communication Services (RCS) Market Key Players:
The key players operating in the global rich communication services (RCS) market include ATT (US), Vodafone Limited (UK), Google (US), Verizon (US), Telefonaktiebolaget LM Ericsson (Sweden), Orange (France), KDDI America, Inc. (New York), Telit (UK), SK TELECOM CO., LTD. (Korea), Telstra Group (Australia), Tanla Solutions Limited (UAE), Mavenir (US), Nokia (Finland), INTEROP TECHNOLOGIES (US), and Twilio Inc. (US).
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