Rich communication services
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Market Size Growth Forecast for Rich Communication Services: What to Expect in 2025?
Recently, the market size of rich communications services has experienced significant expansion. The market, which was valued at $11.59 billion in 2024, is expected to reach $13.67 billion by 2025, registering a compound annual growth rate (CAGR) of 17.9%. This incredible growth over the historical period is mainly driven by the increasing popularity of smartphones, the expansion and updating of networks, the ubiquitous use of text messaging, the increasing need for advanced communication strategies by large corporations, and the cost-effectiveness of text messaging for providing information.
How will the market size of rich communication services develop and grow in 2029?
The market for rich communications services will experience strong growth in the coming years. The market is expected to grow to a value of $31.36 billion by 2029, achieving a CAGR of 23.1%. This expected increase during the forecast period can be linked to the development of mobile messaging services, an increased need for superior multimedia messaging, advancements in mobile network technology, an increased desire for enhanced security features, and the competitive dynamics among mobile service providers. Notable trends for the forecast period include the incorporation of rich media and interactive content into messaging, cross-platform compatibility for smooth communication, RCS integration with e-commerce platforms, focus on data privacy and protection, and the customization and personalization of messaging apps.
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What are the drivers driving the growth of the rich communications services market?
The growth of the rich communications services market is expected to be driven by the escalating use of mobile service subscriptions. Essentially, a mobile service subscription is an agreement for a public mobile cellular service that uses mobile technology to provide user access to the public switched telephone network (PSTN). This agreement includes both digital and analog mobile technologies, plus prepaid and postpaid plans. The features of a mobile service plan include access to read receipts, typing indicators, top quality photos and texts. Ericsson, the multinational telecommunications and networking company based in Sweden, shared a mobility report showing that the number of mobile subscribers is expected to rise from 6.1 billion at the end of 2021 to 6.7 billion in 2022. Moreover, the number of smartphone-related subscriptions is still increasing, reaching 6.3 billion at the end of 2021, equivalent to almost 77% of all mobile phone subscriptions. This is expected to rise to 7.8 billion or 87% of all mobile subscribers by 2027. About 620 million 5G subscriptions were registered in the first quarter of 2022, and this is expected to rise to 1 billion by the end of the year. Consequently, the continued increase in the number of mobile service subscribers will catalyze the growth of the rich communications services market.
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What emerging trends will transform the rich communications services market by 2025?
Technological innovations have become an important trend factor in the rich communications services market. Leading companies in this market use new technologies to maintain their market position. Take for example Mavenir, an American networking software company, which in November 2022 launched its Communications Platform as a Service (CPaaS), an all-in-one Software as a Service (SaaS) solution. Mavenir’s CPaaS combines API developers and off-the-shelf applications to deliver a comprehensive customer engagement and business message generation solution, tailored specifically for Communications Service Providers (CSPs). This CPaaS product plays an important role in driving digital transformation and helping companies increase customer interaction and operational efficiency. It also reveals promising business opportunities for CSPs. Mavenir’s CPaaS offering enhances messaging with features such as Smart 2FA, Chatbot Studios, Visual Flow Builder, and a variety of APIs for voice, video, and all-channel communications.
What are the key segments in the Rich Communication Services market?
The rich communications services market covered in this report is segmented:
1) By deployment type: on-premise, in the cloud
2) By company size: small and medium enterprises, large enterprises
3) By application type: extended calls and messages, content delivery (content sharing, file transfer), value-added services (VAS), marketing and advertising campaign, cloud storage
Subsegments:
1) On-site: proprietary RCS solutions, custom RCS platforms
2) By cloud: RCS services in the public cloud, RCS solutions in the private cloud, RCS services in the hybrid cloud
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Who are the key players shaping the competitive landscape of the Rich Communication Services market?
Major companies operating in the rich communications services market include AT&T Inc., Google LLC, Vodafone Group Plc, Deutsche Telekom AG, Telefonaktiebolaget LM Ericsson, Apple Inc., Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., Microsoft Corporation, Meta platforms Inc., Twilio Inc., Genesys Telecommunications Laboratories Inc., Interop Technologies LLC, Mavenir Systems Inc., Nokia Corporation, Cisco Systems Inc., Verizon Communications Inc., Orange SA, SK Telecom Co. Ltd., Telefonica SA, T-Mobile US Inc., BT Group Plc, Singapore Telecommunications Limited, KT Corporation, China Mobile Limited, Nippon Telegraph and Telephone Corporation, Rakuten Communications Corp., ZTE Corporation, Tele2 AB
Which geographic markets are driving growth in the rich communications services market?
North America was the largest region in the rich communications services market in 2024. Asia Pacific is expected to be the fastest growing region over 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
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