Rich Communication Services (RCS) Market size is projected to grow $10.6 billion by 2024

(IT-NEWSWIRE.COM, November 21, 2019 ) According to a research report "Rich Communication Services Market by Application (Advertising Campaign, Content Delivery, and Integrated Solutions), End-User (Consumers and Enterprises), Enterprise Size, Enterprise Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the RCS market size is projected to grow from USD 4.5 billion in 2019 to USD 10.6 billion by 2024, at a CAGR of 18.9% from 2019 to 2024.

Major growth drivers for the market include the growing expenditures on digital marketing across verticals.

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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 consumers 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.

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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.

Market Players

Major vendors covered in the RCS market include Google (US), China Mobile Limited (Spain), AT&T Inc. (US), Sprint Corporation (US), Deutsche Telekom AG (Germany), Vodafone Group plc (UK), Verizon (US), Telefonica (US), Orange Business (US), KDDI (Japan), Slovak Telekom (Slovakia), TELIT (Italy), SK Telecom (South Korea), Telstra (Australia), LG U+ (South Korea), Celcom (Malaysia), Freedom Mobile (Canada), Rogers (Canada), T-Mobile (US), and O2 (UK).

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Rich Communication Services (RCS) Market size is projected to grow $10.6 billion by 2024