The global market for rich communications suite services and subscribers market is likely to witness a strong demand during the forecast period, 2018 – 2025, owing to booming smartphone industries all across the world. The need for staying connected all the time is likely to play a major role in pushing the market in forward direction. Rise in number of users in social media networking sites is anticipated to provide extra momentum to the market in coming years. Rich communication suite services provides faster delivery in comparison to traditional services.
What Factors Drive the Market?
Increasing penetration of mobile is considered to be play a crucial role in boosting the market. Developed countries have almost 100% of mobile penetration whereas, developing countries are witnessing a strong demand for mobile phones. Increasing demand for efficient multimedia communication is expected to augment sales rate of the market product.
Growing preference for adopting cloud based system in various organization along with rapid development in cloud based deployment to improve solutions for users and enterprises are prognosticated to drive the market during the tenure period. Furthermore, need for better mobile broadband is compelling the service provider to improve mobile broadband, this is likely to favor market growth.
Benefits such as better end-user experience, customer retention, surge in revenue generation with the help of interactive advertisements, and collaboration with ISPs and third party vendors are expected to support the growth of the market.
Extensive research and development activities to innovate and redesign communication services are foreseen to help the market grow exponentially.
What Factors Hampers Market Growth?
The global rich communications suite services and subscribers market is riding on the back of several drivers, however the market is confronted with restraints which are expected to pull down the market. Constant increasing of service expectancy of users are anticipated to be one of the major restraints in the market during the assessed period. Apart from these, rising complexities linked to interoperability among service providers are prognosticated to pose a serious threat to the market growth. Furthermore, surge in OTT (Over-The-Top) players who provides internet-based services are throwing serious competition, this is predicted to create a major roadblock. Affordability issues along with device compatibility factor are likely to restrict market growth.
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Which Region to Dominate the Market?
On the basis of geography, the global market for rich communication suite services and subscribers is segmented into Southeast Asia, United States, Central and South America, India, China, Europe, and Japan. Of these, Europe is predicted to experience a strong demand due to developed infrastructure that bodes well with rich communications suite services. The United States is anticipated to exhibit a steady growth during the forecast period. However, analyst expects to see an unprecedented growth from India and China due to significant rise in demand for smartphones and surge in spending capacity of consumers.