:-D
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https://www.mordorintelligence.com/industry-reports/rich-communications-service-market>
Rich Communication Services Market Size & Share Analysis - Growth Trends
& Forecasts (2023 - 2028)
Rich Communication Services (RCS) Market Size
Study Period 2018 - 2028
Market Size (2023) USD 1.83 Billion
Market Size (2028) USD 5.68 Billion
CAGR (2023 - 2028) 25.37 %
Fastest Growing Market Asia Pacific
Largest Market North America
Major Players
*Rich Communication Services (RCS) Market Analysis*
The Rich Communication Services Market size is expected to grow from USD
1.83 billion in 2023 to USD 5.68 billion by 2028, at a CAGR of 25.37%
during the forecast period (2023-2028).
A2P communication channels have become critical to assure business
continuity during COVID-19 lockdowns since the number of in-person
interactions has been dramatically reduced. The economy has started to
adapt to the new conditions created by the pandemic, and as a result,
the demand for A2P services has also changed.
* Text messaging is still the most direct and widely used form of
communication. As a result, two-way automated enterprise-to-person text
messaging, known as A2P mobile messaging, has become essential for
businesses.
* Rich Communication Services (RCS) is a successor to SMS that
supports read receipts, typing indicators, improved group chats, and
high-quality images. RCS relies on a standard called Universal Profile,
which defines a way to tell other phones that it can spend and receive
RCS. Various prominent smartphone vendors and telecom operators are
increasingly developing, investing, and offering RCS platforms.
* For instance, in November 2019, Google rolled out RCS in the United
Kingdom and France. In addition to this, AT&T, Sprint, T-Mobile, and
Verizon announced that they are also looking to replace SMS with RCS by
2020, and technology will be built on an RCS implementation for Android
under the Cross-Carrier Messaging Initiative (CCMI) where Google will
not be involved.
* Despite the growing popularity of OTT messaging apps, SMS is still
prevalent amongst the population. Even though a significant number of
users have been declining since the last few years due to various other
messaging apps, but SMS remains one of the prominent sources of
messaging, information sharing, advertising, and CRM tool. According to
Salesforce, text messages have a 98% open rate, and about 90% of the
recipients open SMS messages within three minutes.
* Moreover, text messages are nearly 56 times more affordable compared
to cost-per-click advertising such as Adwords, according to Burst SMS.
Also, text messages command a 10% click-through rate; owing to such
cost-effective means, the demand for SMS in terms of information
dissemination is significantly high.
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Source:
https://www.mordorintelligence.com/industry-reports/rich-communications-service-market
With a grain of salt :-D
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Cheers,
Carlos E.R.