The global value of the CPaaS market will exceed $10 billion for the first time next year; rising from $8.6 billion in 2021.
This represents a growth of 17% year-on-year, says Juniper Research, who conducted the findings.
To capitalise on this remarkable growth, the research predicts CPaaS vendors will seek to further differentiate their services by integrating novel solutions directly into their service platforms.
The new study, CPaaS: Future Market Outlook & Emerging Opportunities 2021-2026, urges platform vendors to expand their range of value-added services to achieve this differentiation. The research identified the development of CDPs (customer data platforms) as a key service that will increase the significance of a CPaaS platform by providing actionable insights into end-user preferences, such as contact time, contact channel and upselling opportunities.
In turn, brands and enterprises using CPaaS platforms will enhance the value of mobile communications by automatically contacting users over preferred channels at preferred times.
Research author Sam Barker said: “CDPs are an important step in creating differentiation in an increasingly saturated CPaaS market.
“As traffic over rich media channels increases, CDPs will enable brands and enterprises to tailor communications at a user level; creating a compelling and convenient experience for mobile subscribers.”
The news follows a busy month of CPaaS news, most notably the integration of Avaya and Microsoft Azure.