According to IDC, the market value for Communication Platforms as a Service (CPaaS) in 2022 will be $10.9 billion. The CPaaS market is evolving at an incredible pace as a one-size-fits-all solution, doesn’t work in a connected world.
CPaaS solutions transform the communication landscape with flexible and scalable tools, which allows companies to embed real-time communication solutions and analytics into their existing technology stack and get a tailor-made technology environment. It is a cost-effective and flexible way for companies to upgrade their end of life tech and start their digital transformation journey.
The New Wave of CPaaS innovation
As the world is becoming more customer-centric, superior user experience and real-time communication are driving technological adoption. Companies using programable APIs and SDKs are embedding virtual assistants bots and AI into for in-house team and customer communications.
However, programable APIs are moving beyond the traditional B2C and B2B networks and conventional Telco communication applications. The wave of evolution is expanding beyond, messaging, IVR, payments, WebRTC and location services, to IoT platforms, systems and overall smart infrastructure applications.
Voice and text messaging have been the most significant drivers for CPaaS adoption, and according to IDC, the market segment will grow to $8.2 billion by next year (2021).
Connected devices, assets and other IoT smart services are driving the next wave of CPaas opportunities. Companies are adopting CPaaS to strengthen their business with IoT and smart connected devices.
In 2019, over 26.66 billion IoT devices were active across the world. In fact, according to IDC, the IoT opportunity is expected to be. $1.2 trillion by 2022.
In the next five years, we will be interacting with connected devices up to 5000 times/day. The majority of the data will be real-time in nature and mainly driven by IoT services.
The way we work and operate is evolving; companies will continue to move away from one-size-fits-all solutions and look for new ways to transform. CPaaS delivers the needed flexibility, scalability and modular environments to allow them to grow and pivot as needed.
It yields companies the competitive edge to navigate the digital disruption storm by deploying new features and services without replacing their communication stack.
In the ever-changing business world and operations, companies are connecting differently with people, processes, and things. IoT is an extension and the heart of digital transformation and future driving force for CPaaS.
Founder/CEO Apiro Data Ltd
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