Rich Communication Services Market to grow at a CAGR of 22%
Rich communication services market was valued US$ 5.5 Bn in 2020, and is expected to grow at a CAGR of 14% during the forecast period 2021-2031. One of the major growth drivers for the rich communication services include increasing investments in digital marketing across different industry verticals. Rich communication services platform is helping companies attract the attention of consumers while encouraging interaction between them. Rich communication services are primarily expected to bring about a transformation in the digital marketing and advertising landscape.
What is Driving Demand for Rich Communication Services?
Increasing usage of smartphones is augmenting the demand for communication via messaging. With innovative features like media sharing, video calls, group chats, and location sharing, rich communication services is expected to entirely replace MMS and SMS messaging in the near future. The rise in the number of smartphones across the globe is expected to positively influence the demand for rich communication services in the near future. Additionally, the verdict of telecom companies to roll out rich communication services as a software update in the existing smartphones is further expected to drive the growth rich communication services.
Retail is expected to Contribute Largest Market Share
The retail segment is anticipated to hold the largest share in 2021, whereas, the healthcare segment is anticipated to witness the highest CAGR over the forecast period. The growth of the retail segment is primarily attributed to the increasing adoption of technology by various retailers in order to enhance the customer experience. Rich communication services platforms offer retailers with options of providing product images in different creative formats along with insightful data while taking into consideration the customer preferences, thereby, resulting into a rise in their conversion chances.
Whereas, the growth in the healthcare segment is owing to the growing popularity of patient engagement solutions which are increasingly being adopted by hospitals and doctors. These platforms help the users in setting up appointments and maintain records of their medical history, which proves to be advantageous even for doctors and hospitals.The changing lifestyles, growing world population, and increasing awareness about healthcare have all contributed to the massive growth in healthcare.
US Rich Communication Services Market Outlook
The growth in U.S. is attributed to the presence of established players such as Google, Syniverse Technologies, Mavenir and others, offering wide range of rich communication services to diverse set of industries. Moreover, growing adoption of rich communication services platforms by companies such as Express and Subway IP LLC to run their advertisement campaigns is further fueling the growth of rich communication services, in the region. The Subway’s rich communication services campaign observed an engagement of around 5 million users and a retention rate of around 85% retention which was way more than the conversions ever achieved on their most successful SMS campaign. Such instances to achieve better customer engagement, drives the demand for rich communication services.
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Europe Demand Outlook for Rich Communication Services
Rich communication services happen to be a successor of SMS messaging. SMS was first launched in the year 1982 for the Global System for Mobile Communications which is a cell standard devised by the European Telecommunications Standards Institute (ETSI). Europe has been an early adopter of rich communication services, owing to the increasing mobile payments, rising smartphone connections, and retail industry growth in the successful economies such as the UK, France, Spain, Italy and others.
Who are the Key Rich Communication Services Providers?
Some of the leading providers of rich communication services include
- Deutsche Telekom
- China Mobile
- Orange Business
- Slovak Telekom
- SK Telecom
- Freedom Mobile
- Telia Company
- Magyar Telekom
- Reliance Jio
In February 2016, Capgemini entered into a partnership with Orange, in order to roll out rich communication services for telecom companies. Rich communication services have the potential to provide telecom companies with informed IP communications services, including MMS, SMS, chat and many other services. Moreover, Capgemini has a wide portfolio of products, solutions and services to help telecom companies in implementing rich communication servicesin a quick and cost-effective manner. This offers a competitive advantage to the telecom companies in the rich communication services market.
An Adaptive Approach to Modern-day Research Needs
Rich Communication Services Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
- Advertising Campaign
- Content Delivery
- Brand Promotion
By Enterprise size
- Small & Medium Enterprises (SMEs)
- Large Enterprises
- Telecom and IT
- Media and Entertainment
- Tourism & Travel
- Retail and e-Commerce
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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