Retail, Finance & Tourism Sectors to Account for Over Half of Global CPaaS Revenue by 2027
Juniper Research, foremost experts in mobile messaging markets, have revealed that Retail & eCommerce, Banking & Finance and Travel & Tourism are the three sectors that will dominate the CPaaS (Communications Platform‑as‑a‑Service) market over the next four years; accounting for over half of global CPaaS revenue by 2027.
It stated that Retail & e-commerce would account for 28%, Banking & Finance 13% and Travel & Tourism 10%.
The new report, CPaaS: Strategies, Opportunities & Market Forecasts 2023-2027, provides the most complete assessment available on the CPaaS market; identifying the key vendors, market trends, and strategies that will shape the industry going forward.
Conversational & Media Messaging to Be Key
Juniper Research predicts that the biggest CPaaS sector, Retail, will account for up to $10 billion for CPaaS vendors globally by 2027; a substantial increase of 135% over 2023, when $4.3 billion will be generated. This growth will be largely driven by the integration of new channels into CPaaS platforms. These will enable online retailers to leverage rich media messaging and new conversational abilities for advertising and upselling opportunities.
Research author Sam Barker remarked: “To capitalise on the growth of retail in the CPaaS space, vendors must develop solutions to enable the management of rich media and conversational abilities over RCS (Rich Communication Services) and social media, as these have been identified as two key high-growth channels by the research.”
Social Media & the Next Big CPaaS Opportunity
Whilst ecosystems for RCS and email are well established, the research predicts that leading online retailers will now demand the integration of social media channels, such as Instagram and Facebook, into CPaaS platforms. Social media platforms provide a substantially different proposition to established channels including SMS, as they do not need to adhere to telecommunications regulations on message content or limits on advertising. To maximise the potential of social media channels, the report urges CPaaS vendors to invest in CDPs (Customer Data Platforms) that enable the identification of users in order to incorporate social media into omnichannel communication strategies.
Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.