Sudip Saha is the managing director and co-founder at Future Market Insights
The global Communications Platform as a Service (CPaaS) market exhibited robust growth in 2021, with total revenue reaching approximately US$ 5,296.6 million. This growth trajectory is projected to continue, as the CPaaS market is expected to soar to an estimated US$ 59,362.1 million by 2032, marking a staggering CAGR of 25.0% during the forecast period of 2022-2032.
Communications platform as a service or CPaaS solutions are referred to as cloud solutions which enable organizations to add real-time communication features onto business applications. These solutions are adaptable, scalable, and unite latest integrated communication services into a single offering.
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Communications platform as a service brings together several types of communications, including calls, emails, and SMS for enhanced customer engagement. Emergence of omni channel methods for customer management is set to increase the demand for CPaaS solutions in the banking and financial sector. Insurance firms, banks, and payment providers require a secure platform for providing rapid and dependable services to customers while preventing fraud. CPaaS solutions have proved to be a secure real-time communication platform across the BFSI industry.
CPaaS solutions are becoming more popular, especially in the banking sector as these provide personalized offerings. CPaaS services, on the other hand, deliver onboarding features and text reminders to customers, thereby reducing delinquency risk with compliance and security.
Furthermore, implementation of CPaaS solutions results in the early fraud detection with outbound IVR facility. These facilities come along with additional options for immediate transfer to agents offering secure environments to customers for financial transactions. Such wide adoption is opening new opportunities for key players in the CPaaS market.
Key Takeaways: Communications Platform as a Service Market
“Growing demand for customer communication and customer engagement across the BFSI and retail industries is expected to drive the global communications platform as a service market growth,” says a FMI analyst.
Increasing Demand for CPaaS in Retail Industry to Drive the Market
Retail firms are utilizing CPaaS solutions to adapt to the hybrid environment of modern day purchase requirements. Large-scale retail and consumer enterprises with multiple locations add cloud-based call routing solutions to ensure accurate routing of calls and SMS depending on location, time, and need.
Several brick and mortar, as well as online merchants utilize CPaaS solutions as the preferred business software. Such software solutions can circulate customized information, initiate in-store event registrations, offer segmented discount codes, and send sales alerts. Also, the addition of SMS with voice to the communication strategy is ensuring increased footprint of products onto consumers.
Up-to-date and flexible real-time integrated communication services enable small- and large-scale retail business to embrace the rapidly evolving cloud communications market. Thus, increasing adoption in retail industry is fueling the market growth and is anticipated to continue its supremacy in the near future.
Communications Platform as a Service Outlook by Category
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