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Rich Communication Services Global Market Report 2022: Ukraine-Russia War Impact

Rich Communication Services Global Market Report 2022: Ukraine-Russia War Impact

  • December 2022
  • 175 pages
  • ID: 6370350
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the rich communication services market are AT & T, Google LLC, Vodafone, Deutsche Telekom AG, Telefonaktiebolaget LM Ericsson, Huawai Technologies Co Ltd, ZTE Corporation, Verizon Communication Inc, SK Telecom, Mavenir Systems Inc, Telefonica, Orange Business, Sinch AB, Juphoon System Software Co Ltd and Summit Tech.

The global rich communication services market is expected to grow from $6.87 billion in 2021 to $8.34 billion in 2022 at a compound annual growth rate (CAGR) of 21.35%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The rich communication services market is expected to reach $17.82 billion in 2026 at a compound annual growth rate (CAGR) of 20.90%.

The rich communication services market consists of sales of rich communication services by entities (organizations, sole traders, and partnerships) that are used to replace SMS by enabling users to send messages that are more effective and interesting, something the user can never accomplish with SMS.RCS (Rich Communication Services) refers to a next-generation SMS protocol that upgrades text messaging.

The default messaging app on a device receives rich features like payments, high-res photo and file sharing, location sharing, and video calls.

The main deployment type of rich communication services include on premise and cloud and are deployed in small and medium enterprises and large enterprises.The on premise RAS is used for the on-site hosting of IT infrastructure hardware and software applications.

It refers to a public cloud platform or a distant data center that hosts IT assets in contrast.By preserving the functionality, security, and maintenance of on-premises IT assets and their physical location businesses have more control over these resources.

The RAS is applied in rich calls and messaging, content delivery (content sharing, file transfer), value-added services (VAS), marketing and advertising campaign and cloud storage and applied in industry vertical types such as healthcare, retail and e-commerce; BFSI, IT and telecom, travel and tourism and others.

North America was the largest region in the rich communication services market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the rich communication services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increasing adoption of mobile service subscribers is expected to propel the growth of the rich communication services market.A mobile service subscription refers to a contract for a public mobile cellular service that uses cellular technology to give users access to the Public Switched Telephone Network (PSTN).

It covers both analog and digital cellular technologies and postpaid and prepaid subscriptions.A mobile service subscription allows the users to read receipts, type indicators, high-quality photos, and texting.

According to a mobility report shared by Ericsson, a Sweden-based multinational networking and telecommunications company, the mobile customers are expected to be 6.7 billion in 2022, up from 6.1 billion at the end of 2021. Smartphone-related subscriptions are still increasing, accounting for 6.3 billion at the end of 2021, making up nearly 77% of all mobile phone subscriptions. By 2027, this is expected to increase to 7.8 billion, or 87% of all mobile subscribers. About 620 million 5G subscriptions were added during the first quarter of 2022, and by the end of the year, that number is anticipated to reach 1 billion. Therefore, the increasing adoption of mobile service subscribers will drive the growth of the rich communication services market.

Technological advancements have emerged as a key trend gaining popularity in the rich communication services market.Major companies operating in the rich communication services market are introducing new technologies to sustain their position in the market.

For instance, in November 2020, Google, a US-based multinational technology company that focuses on search engine technology, introduced a new conversation feature on its SMS project RCS (Rich Communications Services) for users everywhere to improve the experience of conventional texting.In the future, users of Google messaging will be able to exchange end-to-end encryption, high-resolution images, and receipts in addition to previously existing capabilities like video calling and Smart Reply to combat spam.

To replace the conventional messaging system, Google introduced the advanced chat feature on RCS that does not require a "separate account." Throughout the world, RCS works on all networks, phones, laptops, and operating systems.

In September 2021, Gupshup, a US-based conversational messaging platform, acquired Dotgo for an undisclosed amount.This acquisition is expected to strengthen Gupshup’s conversational messaging platform and geographical and business expansion.

Through this acquisition, Gupshup is expected to grow in Africa by taking advantage of Dotgo’s considerable expertise and presence there. Dotgo is a US-based RCS (Rich Communications Services) start-up positioned to assist organisations with integrating the RCS channel using straightforward Application Programming Interface (APIs) into their customer communications, whether for sales, support, services, or other business activities.

The countries covered in the rich communication services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The rich communication services market research report is one of a series of new reports that provides rich communication services market statistics, including rich communication services industry global market size, regional shares, competitors with an rich communication services market share, detailed rich communication services market segments, market trends and opportunities, and any further data you may need to thrive in the rich communication services industry. This rich communication services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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