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New York, United States, August 27, 2021 (GLOBE NEWSWIRE) –
Market Snapshot:
According to a comprehensive research report from Market Research Future (MRFR), “Rich Communication Services Market information by Final user, by organization size, by application and by region – forecast to 2027”The market size to reach USD 22.6 billion by 2026 registering a CAGR of 22%.
Competitive landscape
The Rich Communication Services (RCS) market is growing mainly due to the increase in advertising needs and the use of smartphones. To strengthen their market positions and meet the expectations of end users across all verticals, large companies have chosen partnerships, acquisitions and product innovation as their primary tactic for organic growth. In addition, market players are fighting for the growth of the features offered. Additionally, businesses are expanding their file sharing options, which contributes to their unique selling proposition. Besides the concerns mentioned above, companies are trying to improve their compatibility with mobile phones of different brands and platforms. Customers can now gain a competitive advantage in customer engagement by informing them of offer notifications and automating operations such as customer acquisition, customer after-sales services and surveys to improve their day-to-day business operations.
Major Key Players in Rich Communication Services Market Covered Are:
- AT&T (United States)
- KDDI America Inc. (United States)
- Vodafone Limited (UK)
- Google (United States)
- Verizon (US)
- Telefonaktiebolaget LM Ericsson (Sweden)
- Orange (France)
- Telit (United Kingdom)
- SK TELECOM CO. LTD. (Korea)
- Telstra Group (Australia)
- INTEROP TECHNOLOGIES (United States)
- Tanla Solutions Limited (UAE)
- Mavenir (United States)
- Nokia (Finland)
- Twilio Inc. (United States)
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Rich Communication Services Market Drivers
Growing adoption of smartphones
Rich Communication Services (RCS) is a next generation text messaging protocol that mobile operators and phones use to replace the older generation text messaging service known as Short Messaging Service (SMS). RCS helps customers schedule appointments, make secure payments, obtain boarding tickets, provide responses to surveys, receive notifications from banking and e-commerce institutions, and receive marketing alerts and promotional. It also offers rich and verified messages, a large messaging capacity of over 8,000 characters, video calls in messaging apps, group chats, read receipts to sender and platform independent messaging. -form.
In addition, the rich marketplace for communications services enables businesses to send alerts and notifications to their customers about the latest offers and current discounted promotions, new products, and the delivery status of their purchases. The Rich Communication Services (RCS) market is driven by the growing need for advertising as well as the growing adoption of smartphones. In addition, the affordability of smartphones contributes to the growth of the market due to the fierce rivalry between smartphone manufacturers and network providers to provide competitive products and services. In addition, significant technical advancements in the computer industry are accelerating the expansion of the market.
Browse the in-depth market research report (101 pages) on the Rich Communication Services Market:
https://www.marketresearchfuture.com/reports/rich-communication-service-market-10368
Market segmentation covered by research:
The global rich communication services industry has been segmented on the basis of application, end user, organization size, and vertical.
By Application, the global rich communication services market has been divided into advertising, content delivery, integrated solutions, and others.
By end user, the rich global communications services market has been divided into individual consumers and businesses.
Depending on the size of the organization, the rich global communication services market is divided into small and medium enterprises and large enterprises.
Based on the vertical, the rich global communications services market has been divided into BFSI, healthcare, IT and telecommunications, media and entertainment, tourism and logistics, retail and others.
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Regional analysis
North America will dominate the global market
Due to an increase in demand for RCS services in verticals in this region, North America is likely to have the largest market share. The United States is expected to lead the market in North America with enhanced messaging features for SMS connected marketers, strong technology adoption, and innovation in marketing campaigns. In addition, the presence of important companies such as AT&T (US), Google (US), INTEROP TECHNOLOGIES (US), Verizon (US), Mavenir (US), KDDI America, Inc. (US) and Twilio Inc. (US) ) stimulates the growth of the regional market.
Europe takes second place
The European RCS market is expected to rank second during the review period mainly due to the expansion strategy implemented by the major competitors in the industry. In addition, growing consumer demand for enhanced consumer experiences is propelling the market expansion to new heights.
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Impact of COVID-19 on the Global Rich Communication Services Market
The telecommunications industry has seen growth in the demand for mobile communications, mainly due to a change in work-from-home situations by a significant portion of the global workforce. In addition, the majority of industry verticals have been affected by global lockdowns imposed by government agencies. Retail has implemented digital technologies to meet consumer demand for home delivery and online services. Additionally, during the pandemic situation, marketing initiatives were carried out primarily through digital media, primarily through messaging. This has boosted the demand for rich communication services, propelling the market expansion to higher levels.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, providing comprehensive and accurate analysis of various markets and consumers around the world. Market Research Future has a distinguished goal of providing high-quality research and granular research to customers. Our market research by products, services, technologies, applications, end users and market players for global, regional and national market segments, enables our clients to see more, learn more and do more, which helps answer your most important questions. questions.
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