Rich Communication Services Market Analysis -Trends and Forecast to 2027
Rich Communication Services Market Analysis Scenario:
The crippling effect of the global COVID-19 pandemic has detained the growth potential of the Rich Communication Services Market Analysis. This MRFR report on the Rich Communication Services Market Analysis indicates critical pointers that may emerge as growth hubs in the future. Moreover, in-depth data analysis is estimated to offer a clearer growth perspective to market participants.
The Rich Communication Services Market Analysis is growing continually. The market growth attributes to the rising need for advertisement and the increasing adoption of smartphones. Smartphones are becoming increasingly affordable due to the cutthroat competition among smartphone manufacturers and network carriers to deliver competitive products and services.
The recent Coronavirus epidemic has hugely impacted the market growth due to imposed lockdown mandates and work from home environments. The marketing & notification campaigns based on digital platforms that were carried out during the pandemic through messaging have boosted the demand for RCS services. Additionally, the Covid-19 pandemic has forced businesses to accelerate their digital transformation and messaging, and conversational commerce is a key enabling tool for businesses.
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Competitive Outlook:
The well-established RCS market is adorned by several large and small players having an international presence. Matured players incorporate collaboration, acquisition, partnership, product launch, and expansion to gain a competitive advantage. The market demonstrates high growth prospects, which would attract several new entrants to the market, further boosting the market competition.
Segmentation:
By Application: Advertisement, Content Delivery, Integrated Solutions, and others.
By End User : Individual Consumers and Enterprises.
By Organization Size: Small & Medium Enterprises (SMEs) and Large Enterprises.
By Vertical : BFSI, IT & Telecommunications, Media & Entertainment, Tourism & Logistics, Retail, Healthcare, and others.
By Regions : North America, Europe, APAC, and the Rest-of-the-World.
Regional Analysis:
North America dominates the global rich communication services market. The largest market share attributes to the presence of several notable players such as Google (US), AT&T (US), Verizon (US), Mavenir (US), KDDI America, Inc. (US), Twilio Inc. (US), and Interop Technologies (US). Besides, the early adoption of advanced messaging features connected via SMS by marketers to foster the marketing campaigns drive the regional market's growth.
Moreover, the high adoption of IoT technology and smart devices such as smartphones and smart TV propel market growth in the region. Considerable technological advances in OTT platforms and the proliferation of the Internet and smart connected devices boost the regional market's growth. The North American RCS market is anticipated to retain its dominance throughout the assessment period.
Europe stands second in the global rich communication services market. The market growth is driven by the expansion strategy adopted by the major players in the industry. Additionally, the rising adoption of RCS services for customer acquisition and to improve customer engagement by notifying them about new offers and process automation through alerts impact the regional market growth.
Also, the need for advertisement and customer aftersale services and surveys regarding improvements in their day-to-day business activities fosters market growth in the region. The European mobile RCS market is expected to show immense growth over the forecast period.
The rich communication services market in the Asia Pacific region is growing rapidly. Factors such as the rising OTT platforms and the disposable income of demographics provide impetus to the market growth. Moreover, the increasing demand for high-speed internet connectivity propels the development of the rich communication services market.
Countries, including China, Japan, and India, are the largest markets for RCS services in the region. The APAC rich communication services market is expected to gain momentum growing at the highest CAGR in the coming years.
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Table of Contents:
1. EXECUTIVE SUMMARY
2. MARKET INTRODUCTION
2.1. Definition
2.2. Scope Of The Study
2.3. Market Structure
3. RESEARCH METHODOLOGY
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
3.5. List Of Assumptions
Continued….
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