KUALA LUMPUR, Jan 30 (Bernama) -- The value of the Communications Platform-as-a-Service (CPaaS) market will reach US$29 billion globally by 2025, rising from US$16 billion in 2022, according to a new Juniper Research study. (US$1=RM4.23)
The report, CPaaS: Market Outlook, Emerging Opportunities & Forecasts 2023-2027, urges CPaaS vendors to focus on the development of managed services over their platforms in order to capitalise on this substantial growth of 80 per cent over the next three years.
“These services must enable the creation and management of rich media content over channels such as Over the Top (OTT) business messaging, email and social media,” said Juniper Research in a statement.
As markets become increasingly saturated with CPaaS service provision, CPaaS vendors must expand deeper into the small-to-medium enterprise (SME) sector.
Research author Sam Barker said CPaaS vendors now competed on the capabilities of managed services to attract SMEs.
“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,” he said.
SMS has historically been the cornerstone of CPaaS revenue, in which the report predicts SMS traffic revenue will still account for over 50 per cent of all CPaaS revenue by 2025, owing to its established reliability in termination for traffic such as 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 US$10 billion of revenue by 2025, representing over 40 per cent 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,” according to the report.
-- BERNAMA
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