BY: Chisom ADA
Globally, Rich Communication Services (RCS) market is projected to grow from USD 5.2 billion in 2020 to USD 11.7 billion by 2025, at a CAGR of 17.6% from 2020 to 2025.
In a recent interview the CEO of Kirusa Inc. Dr Inderpal Mumick, actually hinted that the future of Short Messaging System (SMS) is Rich Communication Services (RCS). Kirusa is believed to be very active in the RCS initiative space in Nigeria and Ghana.
The global forecast to 2025 published by MarketsandMarkets shows that major growth drivers for the market include the growing expenditures on digital marketing across verticals.
Some of the prominent key players are:
- Verizon (US)
- Telefonica (Spain)
- Orange Business (US)
- China Mobile (China)
- KDDI (Japan)
- Slovak Telekom (Slovakia)
- Telit (UK)
- SK Telecom (South Korea)
- Telstra (Australia)
Advertising campaign application to hold a larger market size during the forecast period
- Advertising campaigns via digital marketing is the prominent approach adopted by enterprises to attract customers.
- Sharing rich media contents have enabled end-users to engage greatly with the enterprises to take benefits of the services.
- Enterprises being the prominent stakeholders for RCS in the market, advertising campaign application is expected to maintain dominance throughout the forecast period.
Enterprise end user to hold the largest market size during the forecast period
The enterprises throughout verticals are expected to have a significant dependency on SMS for digital marketing.
Deployment of RCS messaging platforms to share media-rich content amongst the end-users is expected to bring growing instances of customer engagements.
North America to hold the largest market size during the forecast period
The RCS market in North America is expected to grow significantly due to the increasing investments by vertical for digital marketing. Moreover, the region is mainly driven by a large number of enterprises investing heavily for an advertising campaign to promote their offerings, followed by intense internet penetration within the area.
Additionally, telcos in North America are amongst the early adopters of RCS which include AT&T, Verizon, and T-Mobile.