The CPaaS Acceleration Alliance is excited to share some first highlights from recent research from S&P Global Market Intelligence (based on “Voice of the Customer: Macroeconomic Outlook, SME Tech Trends, Digital Transformation 2021”). This report offers valuable insights into the state of the global CPaaS market and the impact of digital transformation on small and medium-sized enterprises (SMEs).
One of the key highlights of the research is the forecasted growth of the global CPaaS market. According to the report, the market is expected to grow at a compound annual growth rate of 23.1% from 2021-2026, reaching almost $30 billion in revenues. This growth is partly being driven by the increasing adoption of CPaaS offerings by communication service providers (CSPs) and the growth of low-code/no-code and AI platforms.
Another notable finding is that digital transformation in SMEs has lagged behind that of large enterprises. However, the good news is that the COVID-19 pandemic has accelerated digital transformation in SMEs, with 43% of SMEs in the execution or evaluation stage having initiated their first digital transformation initiative in the last two years.
Given these trends, it is expected that CPaaS is now also going to play a huge role in the future of SMEs. As more and more SMEs adopt digital tools and technologies, the demand for CPaaS offerings is only going to increase. This, combined with the growth of low-code/no-code and AI platforms, will further accelerate the adoption of CPaaS by SMEs in the coming years.
In conclusion, the research from S&P Global Market Intelligence provides valuable insights into the current state and future direction of the global CPaaS market. During the SmartCom Summit CX Winter Series we will stream a session with Raul Castanon-Martinez, Industry Analyst at S&P Global Market Intelligence, where he will present these results and more insights about the CPaaS market.