Rich Communication Services Market Size, Share, Growth Analysis, By Enterprize size(SMEs, Large enterprises), By Application(Advertising Campaign, Content Delivery, Integrated Solutions, Others), By Vertical(Retail & Ecommerce, Media & Entertainment, BFSI, Healthcare), By Region - Industry Forecast 2024-2031

North America accounted for a significant revenue share of 19.9% in 2022 and is expected to experience steady growth in the near future in the market for Rich Communication Services (RCS). This can be attributed to the presence of several key players in the region, including Syniverse Technologies LLC, Alphabet Inc., Summit Tech, and Mavenir. The increasing adoption of RCS platforms by companies like Subway IP LLC and Express for their advertising campaigns is further driving the market growth in North America. These companies have witnessed improved customer engagement by opting for rich communication services A2P campaigns instead of traditional SMS campaigns.

Asia Pacific is poised to be one of the most lucrative regions for the RCS market, with a projected CAGR of over 35.0% during the forecast period. This growth is fueled by factors such as rising disposable income and a significant increase in smartphone users in the region. According to the India Brand Equity Foundation (IBEF), smartphone shipments in India reached 124.0 million in 2017, compared to 102.0 million in 2015. Additionally, it is projected that the number of smartphone users in India will reach 442.0 million by 2022, which will contribute to the market expansion of rich communication services in the region.