A new study from UK-based Juniper Research predicts the CPaaS (Communications Platform-as-a-Service) market will reach $29 billion globally by 2025, rising from $16 billion in 2022. The report suggests that much of the growth will be driven by the SME (Small-to-Medium Enterprise) market segment. In addition, the report predicts CPaaS vendors will further focus on the provision of value-added features that enable platform users to fully maximize the benefits of rich media channels though the inclusion of tools, including workflow builders and AI-based chatbot solutions.
“CPaaS vendors now compete on the capabilities of managed services to attract SMEs,” said report author Sam Barker. “As many of these smaller enterprises lack in-house development facilities, they will choose the CPaaS platform that provides the most comprehensive managed services for rich media channels.”
The report predicts SMS traffic revenue will still account for over 50% of all CPaaS revenue by 2025, owing to its established reliability in termination for traffic such as MFA (Multi-factor Authentication).
However, the report forecasts that rich media channels, such as email and social media, will continue to expand, and account for over $10 billion of revenue by 2025, representing over 40% of the CPaaS market value. As a result, platforms that fail to include managed services for rich media services in their three-year plans risk missing out on the substantial growth predicted for the CPaaS market.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary. The report is entitled, “CPaaS: Market Outlook, Emerging Opportunities & Forecasts 2023-2027.”
Partners often focus on the development and sale of managed services that enable the creation and management of rich media content over channels such as OTT business messaging, email, and social media.