This is a 17% year-on-year growth
According to Juniper Research, the global value of the CPaaS market is expected to surpass $10 billion in 2022 up from the $8.6 billion in 2021.
CPaaS vendors will need to differentiate their offerings to capitalize on the remarkable growth. This can be done via the integration of novel solutions into their platforms. Outbound communications for centralized management services including OTT-business messaging, voice services, SMS and RCS are offered on CPaaS platforms.
To achieve this differentiation, platform vendors are urged to expand the range of value-added services. Customer data platforms (CDPs) are among the key services that will boost the significance of CPaaS platforms. This will be achieved via the provision of actionable insights such as contact channel, contact time and upselling opportunities. Brands that hop onto CPaaS platforms will enhance mobile communication via the use of preferred channels to contact users.
Media messaging formats will be significant in the generation of CPaaS vendor revenue. Over 20% of CPaaS revenue will be attained from OTT and RCS business management channels by 2026. This is 2% less from 2021.
We’ve reported that PayPal raises fees between UK and European businesses.