CPAAS - A never ending story "28bn $ market and ever growing"
Communication is the need for every enterprise across industries including BFSI, Ecommerce, Logistics, Gaming, loyalty and many more.
There are different modes of communication which includes A2P SMS, Email services, Voice/OBD services, Whats app business API, Chatbot & voicebot.
The global Communications Platform-as-a-Service market was valued at USD 4.54 billion in 2020 as per Mordor intelligence report.
It is expected to reach USD 26.03 billion by 2026, registering a CAGR of 34.30% during the forecast period (2021 – 2026).
With the outbreak of COVID-19 and work at home (WAH) becoming a preferred mode of carrying operations, vendors for the market studied have been active in promoting WAH and expanding their business.
For instance, as of April 2020, Teleperformance reached its work at home solutions target, with a penetration rate of 66% of operational staff in its core business, or more than 155,000 agents working from home in April.
A2P SMS is one of the most important tool still adopted by enterprises to reach out to end prospects and customers to notify about their transactions which is not only fast but at the same time secure.
With more and more digital platforms it was expected that CPAAS market would go down but there is no denying the fact that it has increased 100x more than previous 5 years figure and people are more interested in receiving OTPs for authentication on SMS.
CPaaS, or communication platform-as-a-service, is a cloud-based platform that embeds voice, video, chat, and messaging applications within an organization’s business applications. CPaaS acts as a middleware offering, wherein companies (vendors) build and distribute real-time communication software.
Asia being one of the largest market as per population is expecting a 34% YOY every month in CPAAS traffic every year and the volumes are insane.
CPAAS includes the tools for calculating NPS and CSAT scores for multiple enterprises too.
V-Connect has started its journey as well a year back in 2021 Jan and as a start-up in this challenging market we are thrilled to announce that we have onboarded 53+ enterprise in one years of time for multiple CPAAS products where in A2P sms volume is 150-200 mn per month.
Below Graph represents the CPAAS market region wise.
Feel free to connect for more talks on how V-Connect is aiming to make more secure and scalable platform for enterprises by adopting security standard licenses and many more.