Future Market Insights expects the global communications platform-as-a-service (CPaaS) market to increase at a compound annual growth rate of 25 percent through 2032, when it is expected to reach $60 billion. The firm valued the market at $6.38 billion at the end of 2022.
FMI defines CPaaS solutions as cloud solutions that enable organizations to add real-time communication features to business applications. These solutions are adaptable and scalable and unite the latest integrated communication services, including calls, emails, and SMS for enhanced customer engagement.
The firm says CPaaS solutions are particularly prevalent in the financial sector, where companies require a secure platform for rapid and dependable services while preventing fraud.
By industry, FMI, expects the healthcare segment to grow the most (31 percent) over the next 10 years.
The retail sector is also expected to grow substantially as merchants turn to CPaaS solutions to adapt to the hybrid environment of modern-day purchase requirements, according to FMI. Retailers with multiple locations are adding cloud-based call and SMS routing solutions. Additionally, both brick-and-mortar and online merchants are using CPaaS solutions as their preferred business software to circulate customized information, initiate in-store event registrations, offer segmented discount codes, and send sales alerts.
FMI also sees the huge increase in chatbots and other chat applications, noting that Chatbots and WhatsApp business APIs are two of the most popular use cases for CPaaS solutions. These chatbots are strategically designed to produce desired results with statistical information from the preceding information, it said.
Various organizations have integrated self-service chatbots for answering simple questions via conversational interfaces.
FMI identified Avaya, Twilio, Mitel, Infobip, Bandwidth, Vonage, TeleSign, MessageBird, IMIMobile, Telnyx, MOBtexting, Yellow Messenger, 8x8, Telin, and Kaleyra as the key companies offering CPaaS products and services.