Rich Communication Services (RCS) Market Growing Popularity & Emerging Trends
Rich Communication Service (RCS) Market is estimated to reach USD 16.9 Billion by 2030 recording a CAGR of 6.73%.
Shraddha Nevase
Regional Analysis
The global Rich Communication Services (RCS) Market Trends is expected to register an exponential CAGR during the forecast period from 2022 to 2030. Rich Communication Service (RCS) Market is estimated to reach USD 16.9 Billion by 2030 recording a CAGR of 6.73%. The geographic analysis of the market has been conducted for Europe, North America, Asia-Pacific, the Middle East & Africa, and South America.
North America is expected to dominate the market primarily due to the increasing adoption of RCS across various industry verticals. North America has been segmented into the US, Canada, and Mexico. The US is the leading country-level market, while Canada is projected to be the fastest-growing segment during the forecast period. The US market is expected to report the highest market share, owing to the factors such as high willingness to adopt innovative technology solutions, including RCS. Also, the presence of key players, such as AT&T (US), Google (US), Verizon (US), KDDI America, Inc. (US), Mavenir (US), INTEROP TECHNOLOGIES (US), and Twilio Inc. (US), in the region is expected to be one of the major factors driving the growth of the regional market.
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For the purpose of analysis, the Europe has been divided into Germany, the UK, France, and the rest of Europe. In terms of market size, Europe is expected to be the second-largest region globally to adopt rich communication services. Germany is projected to be the leading country-level market owing to adoption from the retail sector.
The market in Asia-Pacific is projected to grow at the fastest rate over the forecast period. The regional market is segmented into China, Japan, India, and the rest of Asia-Pacific. The rapid economic growth across countries such as China, Japan, India, the upsurge in the digital transformation as a strategy adopted by enterprises across verticals, rise in the number of smartphone users, and increase in individual spending capacity are the key factors driving the growth of the rich communication services (RCS) market in the region.
The Middle East & Africa and South America are expected to register steady growth during the study period, primarily due to the increasing demand for efficiency in business operations. Enterprises in banking and retail verticals are increasingly adopting rich communication services in this region.
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Key Players
According to MRFR analysis, AT&T (US), Vodafone Limited (UK), Google (US), Verizon (US), Telefonaktiebolaget LM Ericsson (Sweden), Orange (France), KDDI America, Inc. (US), 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) are the major players considered in the report. The key strategies adopted by most market players include partnerships, agreements, and collaborations.
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