TECH SUPPLIER Sep 2019 - Market Analysis Perspective - Doc # US45540719
Market Analysis Perspective: Worldwide Communications Platform as a Service, 2019
This IDC Market Analysis Perspective provides a view of the worldwide communications platform–as-a-service (CPaaS) market. The CPaaS market is forecast to grow from $3.2 billion in 2018 to $17.2 billion in 2023. The CPaaS market is growing rapidly as it gains traction in the enterprise sector. It has garnered the attention of a wide range of new market entrants on a global basis that are responding to the simplicity and agility of leveraging cloud-based APIs to create innovative customer engagement tools. IDC predicts that the CPaaS market will continue to grow at a rapid pace, with a CAGR of 39.2% from 2018 to 2023.
This year, IDC has included new segments such as video and email as service providers to expand their channels of engagement. Enterprise demand continues to be driven by enterprise digital transformation requirements. Enterprises are growing more adept at engaging customers with omni-channels including social media and extending applications to include video and email notifications.
Solutions such as Twilio Flex, introduced in 2018, are suggesting new opportunities for the call center segment. We are also witnessing the emergence of personalization of use cases leveraging verification and video. RCS is still a promise, but holds potential to revolutionize the messaging segment, if network operators have the will and vision to aggressively pursue this option.
This document forecasts the CPaaS segment will grow from $3.2 billion in 2018 to $17.2 billion in 2023. The CPaaS segment has been entering a new stage of explosive growth led by industry leaders Twilio and Vonage (formerly Nexmo).
"CPaaS companies are integrating new segments, churning out new use cases, and piquing the interest of enterprise developers with innovative digital solutions for customer engagement," according to Courtney Munroe, GVP for Worldwide Telecommunications Research at IDC.