Rich Communication Services Market Expected To Reach USD 39.5 Billion By 2028 With A CAGR Of 35.5% | Growth Market Reports
PUNE, India, May 3, 2021 /PRNewswire/ -- According to a recent market study published by Growth Market Reports titled, "Rich Communication Services Market by Communications (A2P, P2A, and P2P), Verticals (BFSI, Healthcare, Media & Entertainment, Retail, and Travel & Tourism), and Region: Size, Share, Trends and Opportunity Analysis, 2018-2028", the market was valued at USD 4.2 billion in 2020 and is projected to reach USD 39.5 billion by 2028, expanding at a CAGR of 35.5% during the forecast period, 2021 – 2028. The growth of the market is attributed to the growing penetration of smartphones across the globe.
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Highlights on the segments of the Rich Communication Services Market
Based on communications, the market is divided into A2P, P2A, and P2P. In 2020, the A2P segment accounted for a large share of the market and is expected to continue to do so in the coming years. Several businesses are sending A2P messages using huge messaging platforms, which is increasing their reach across the globe. Rising usages of RCS messaging platforms by various companies for marketing their services and products is the key aspect contributing to the large revenue share of the market segment.
The P2A segment is projected to expand at a significant CAGR of around 40% in the rich communication services market during the forecast period. P2A messaging involves the messages that users initiate to interact with an organization, company, or brand. Presently, the usage of P2A is high amongst the entertainment & media industry, where customers send their votes by text messages. Considering the numerus consumer engagement features it offers, the usage of P2A messages is estimated to expand in the foreseeable future.
Several companies are enrolling for platforms that enhance user interaction and communication among the users and businesses. Various companies are focusing on improving user experience by revolving consumer queries regarding the services and products, which is anticipated to propel the demand for P2A communication during the forecast period.
On the basis of verticals, the market is classified as BFSI, healthcare, media & entertainment, retail, and travel & tourism. The retail segment anticipated to account for a large market share and is expected to expand at a spectacular CAGR owing to the growing acceptance of latest technology by several retailers to improve the shopping experience for consumers. The RCS platforms helps retailers to embed product images in formats with an insightful information in regards to consumer preferences, which in turn, increases the probability of customer conversion.
The BFSI segment is speculated to hold a significant market share ad is projected to expand at a CAGR of around 30% during the forecast period. The growth of the market is attributed to the rising acceptance of mobile banking services around the world. RCS platform helps in opening account, provides customer support, handles request for credit and debit cards, and assists in locating banks and ATMs, among others. The BFSI sector uses RCS for web-based campaigns by connecting the user database and improves the user experience.
Based on region, the global Rich Communication Services market is classified into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (LAMEA). North America region is further bifurcated into countries such as U.S., and Canada. Europe is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, Asia Pacific is further segmented into China, South Korea, Japan, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America is further segmented into Brazil, Mexico, and Rest of Latin America. Middle East & Africa is categorized into Saudi Arabia, South Africa, UAE, Qatar, Oman, Kuwait, Bahrain, and Rest of Middle East & Africa.
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