Global Rich Communication Services Market 2019 is Anticipated to Reach US$ 40.51 Billion by 2024

Rich Communication Services

(2019 – 2024) “Rich Communication Services Market Report studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors and Rich Communication Services Analysis. The Rich Communication Services market is expected to register a CAGR of approximately 40.51% during the forecast period of (2019 – 2024).

Rich Communication Services Market Report Covers Leading Manufacturers: Huawei Technologies Co.Ltd, Xura Inc, Deutsche Telekom AG, Acme Packet Inc, Neusoft Corporation, Infinite Convergence Solutions Inc, Siummit Tech, Movistar, Nokia, Siemens Network Inc, Metaswitch Networks Corp, Vodafone Group PLC, LG Uplus Corp, D2 Technologies Inc, Genband US LLC

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The global rich communication service market is expected to register a CAGR of 40.51% during the forecast period of 2018-2023. The number of smartphone users is forecasted to grow from 1 billion in 2014 to around 2 billion in 2019, with smartphone penetration rates witnessing a robust growth. About 36% of the world’s population is expected to use a smartphone by 2018, up from about 10% in 2011. However, the rich communication service market faces major hindrances, such as the competition of OTT players and the lack of awareness among organizations, regarding high data consumption and use. The messaging market has gradually become more competitive, with the entry of major OTT players, such as Line, Skype, and WhatsApp.

Direct Association of Service Providers to Drive the Market’s Growth

Rich communication services are provided with the help of an application provided by the mobile carrier itself. These applications, while offering native support like SMS, also provide multiple added functionalities, such as quick connection, live responses, and larger file support in case of MMS. Due to these factors, such applications are expected to receive a higher user acceptance. The volume of SMS communication has been continuously declining, especially in the mature markets of North America and Europe. Therefore, carriers have been making significant investments on the development and deployment of rich communication services.

VoLTE Expected to Gain Traction over the Forecast Period

The carriers are moving messaging services to an all-IP, IMS-based platform, using RCS. VoLTE (Voice over LTE) also uses rich communication suite (RCS) and IP multimedia subsystem (IMS). VoLTE technologies enable value-added services, such as video calling. The biggest factors driving the growth of VoLTE services will be operators reducing costs and increasing capacity by moving voice calls from 2G and 3G networks to LTE (4G) network. The lower frequency spectrum that is freed can be reused for data services. Additionally, the LTE interface is more efficient, while carrying calls relative to traditional calls, due to the growing number of compatible devices and successful VoLTE service launches by competitors.

United States to Hold Major Share in North America over the Forecast Period

The United States was one of the first countries to launch LTE back in 2010, and it has built one of the most extensive mobile broadband infrastructures in the world. The 4G subscribers of the country can expect to connect to an LTE network more than 70% of the time. The country ranks among the top 10 countries in the world in terms of coverage, considering its broad geography. Most of its peers in the top 10 tend to be small countries like South Korea and Singapore. However, that same network robustness does not apply to its 4G capacity. The United States lags far behind in the global LTE speed, as many other countries have started providing consistent 20 Mbps speed, and the US average is 12 Mbps. Countries in Asia-Pacific and Europe have been able to deploy such faster networks, as they are able to tap into new and larger blocks of spectrum that can support much more 4G capacity and faster connections.

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Reasons to Purchase Rich Communication Services Market Report:

  • Identification of key factors instrumental in changing the market scenario, exploiting new opportunities, and gaining a competitive edge. 
  • Analysing various perspectives of the market with the help of Porter’s five forces analysis.
  • The authentication mode is likely to witness the highest adoption of these systems in the market.
  • The regions that are expected to witness the fastest growth during the forecast period.
  • The SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators.
  • 3 months’ analyst support along with the Market Estimate sheet (in excel). 

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