Publication Month: Sep 2022 | Report Code: TIPRE00029689 | No. of Pages: 175 | Category: Technology, Media and Telecommunications | Status: Published
A cloud-based platform called CPaaS integrates audio, video chat, and messaging applications with an organization's business operations. CPaaS is a middleware service that allows businesses to create and deliver real-time communications software implying that agents can operate with one another within the contact center software platform or the CM application. An application program interface (API) provides voice, video, and messaging to business and corporate applications using cloud-based communication services. CPaaS is developed and deployed by organizations that want to integrate customer engagement into communications in their business applications. There is a growing need for readily maintained network systems that enable effective communications across multiple end-user industries such as healthcare, retail, and manufacturing. In addition, healthcare providers who have actively categorized the minimum IT budgets are adopting cost-effective cloud-based solutions.
The increasing demand for enhanced functionalities of multi-channel-based marketing and customer engagement and the increasing usage of analytics and mobility for customer communications platforms are the key factors attributable to the A2P SMS and CPaaS market growth. Integrating cloud-based customer communications platforms is emerging as a potential opportunity for the A2P SMS and CPaaS market. Further, the growing adoption of CPaaS for automating and improving customer service and outreach for better consumer experience offers lucrative prospects for the A2P SMS and CPaaS market growth. However, the data synchronizations and complexities in CPaaS and security issues of such integrated platforms hamper the A2P SMS and CPaaS market growth.
|Market Size Value in||US$ 71.07 Billion in 2022|
|Market Size Value by||US$ 101.77 Billion by 2028|
|Growth rate||CAGR of 6.2% from 2022 to 2028|
|No. of Pages||175|
|No. of Tables||147|
|No. of Charts & Figures||99|
|Historical data available||Yes|
|Segments covered||Component, Channel, Enterprise Size, and Industry|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The COVID-19 outbreak in 2020 had a significant impact on APAC. The pandemic has reportedly impacted important countries, including China, India, Australia, and Japan, while causing minimal inflation, according to the Organization for Economic Cooperation and Development (OECD). The offices also resumed operations in 2021 when the lockdown limitations were lifted due to a successful vaccination procedure. Before the onset of the COVID-19 pandemic, the acceptance of CPaaS for many applications developed quickly because of increased consumer spending via e-commerce platforms, expansion in digital payments, and the rising trend of employing data analytics to discover customer preferences. As a result, a sharp rise in adoption contributes to expanding the A2P SMS and CPaaS market. Additionally, due to the increase in consumer internet traffic, the COVID-19 pandemic's commencement has sped up the adoption of CPaaS in business sectors, including IT & telecom and BFSI. Since businesses began allowing employees to work from home, the demand for CPaaS solutions has steadily grown during the pandemic. Moreover, in May 2021, Telestax announced a new point of presence (PoP) in India. Telestax has added the India PoP to service the expanding South Asia market and its growing base of international operators. The requirement to maintain a positive customer experience and personalize customer engagement platforms through the cloud- and Al-based platforms is increasing, which supports the market dynamics for the expansion of A2P SMS and CPaaS market growth.
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CPaaS has experienced considerable expansion. Initially, effective message services were the only medium through which communication channel brands would prefer to communicate with their customers. Businesses now require a wider range of assets to maintain value development. RCS Business Messaging, WhatsApp Business Platform, AI-powered chatbots, and A2P messaging are a few of the numerous CPaaS systems that allow businesses to interact with clients across various digital touchpoints. CPaaS has demonstrated that it is the best issue solution during the COVID-19 crisis by assisting businesses in preserving continuity and sustainability. Further, CPaaS has helped various businesses fulfill the increased client demand by enabling firms to add new services and provide a great user experience. While saving money and time, the solution enables firms to respond to changing demands swiftly.
Incorporating CPaaS communication features into a brand's app speeds up and enables the company to interact directly with customers without requiring a significant amount of development and expenditure on other technology. This enables businesses and brands to satisfy their business objectives without incurring the costs associated with establishing, maintaining, and updating separate systems. With automated API scalability, CPaaS can assist businesses in advancing their business intelligence (BI) by providing real-time insights through an intuitive interface.
Based on component, the A2P SMS and CPaaS market is bifurcated into solution and services. The solution segment accounted for a larger market share in 2021. The CPaaS solution helps companies communicate with customers through SMS, email, push notifications, web pages, chatbots, mobile apps, social media, email, phone, video, and documents. Further, CPaaS solutions allow organizations to add real-time communications capabilities to their business applications by deploying application program interfaces (APIs). Large and small & medium enterprises are using such communication platform solutions in their firms to achieve higher efficiency and increase customer engagement through the communication solution.
Players operating in the A2P SMS and CPaaS market are focused on organic and inorganic growth strategies to stay competitive.
A few of the key players profiled in the A2P SMS and CPaaS market are 8x8 Inc., AVAYA Inc., Intelepeer Cloud Communication, MessageBIRD B.V., Plivo Inc., Cisco System, Twilio Inc., Vonage Holding Corp., VOXIMPLANE (Zingaya, Inc.), and Wazo Communication Inc.