Last week, Evan Kirstel (The Techfluencerhttps://linktr.ee/evankirstel) hosted an insightful live panel discussing the state of the Communications-Platform-as-a-Service (CPaaS) industry in 2023. Moderated by Evan Kirstel, the session included esteemed speakers such as Robert Galop from CPaaSAA, Pankaj Gupta from EnableX, and Anna Jager from Sinch.
The State of CPaaS 2023 Report
The main topic of conversation was the recently launched State of CPaaS 2023 report, a comprehensive and collaborative study on the current industry landscape. The report predicts a robust market growth, potentially reaching $100 billion by the end of the decade. The evolution is driven by an increased willingness of major players to collaborate and leverage network APIs, in addition to the SME market opening up through new channels, new use cases emerging with the growing important of LLM and AI, and continued growth in messaging and voice (UCaaS and CCaaS).
Opportunities and Challenges in CPaaS
As the CPaaS market scales, both challenges and opportunities are surfacing. The panelists highlighted the demand for Software-as-a-Service (SaaS) solutions, as businesses prioritize fast enablement of technology and seamless integration of communication channels. However, complexities in technology support, security issues, and global regulations are significant challenges that need to be addressed.
Key Areas of Growth
The panelists identified three key areas of growth within the CPaaS space: fintech, HR tech, and customer service. The ability to embed CPaaS solutions into these industries, facilitating real-time communication and improving user experiences, creates an immense potential for market expansion.
Emergence of AI in CPaaS
The rise of artificial intelligence (AI) in CPaaS was another pivotal discussion point. AI is creating exciting possibilities, from enhancing customer self-service to detecting fraud. Embracing AI could catalyze the transition from traditional telcos to techcos – telecom companies equipped with cutting-edge technologies.
CPaaS and the Telco Transition
The panel session also highlighted the transformation of traditional telecom companies into tech-focused firms, enabled by standardization of APIs and the adoption of leading-edge technologies like AI. This shift presents an exciting landscape for the CPaaS market.
The CPaaS Landscape Moving Forward
The panel concluded with an optimistic outlook for the CPaaS industry. Despite complexities, the opportunities for growth, especially in fintech, HR tech, customer service, and telco transition, far outweigh the challenges. The CPaaS market is poised for explosive growth, driven by innovative technology integration and robust industry collaboration.
The full insights and nuances of the panel discussion are best experienced in their entirety. To delve deeper into the State of CPaaS in 2023, watch the full video below or download the report directly from the CPaaSAA website.
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