IDC (International Data Corporation, a premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets) just finished their 2023 CPaaS MarketScape, and the main authors Melissa Fremeijer-Holtz and Courtney Munroe wrote a great blog about their findings.
The 2023 CPaaS Vendor MarketScape is IDC’s most ambitious study of the CPaaS segment to date, examining the geographical and strategic aspects of the industry across twice the number of companies assessed in previous years: 23. Here are some key takeaways:
- Momentum is Building: IDC forecasts the worldwide CPaaS market to grow rapidly, driven by the demand and subsequent adoption of digital customer engagement platforms, from $14.3 billion in 2022 to $29.7 billion in 2026.
- The Market is Evolving: The COVID-19 pandemic has accelerated the shift to digital infrastructure and the use of omni-channel digital customer engagement. As users become more demanding, communications must be omnichannel, interactive, and enriched to provide personal, intelligent, and customized engagement.
- CPaaS is a Key Component of Digital Infrastructure: IDC identifies six key services feature segments within the enterprise CPaaS market: voice, messaging, video, email, other APIs, and miscellaneous services.
- AI, Automation, and the Role of Developers: IDC assessed 23 CPaaS providers for the 2023 Worldwide CPaaS MarketScape study. The market is dominated by CPaaS specialists such as Twilio, Infobip, Sinch, and MessageBird, but companies that provide CPaaS as a complementary service or integrated with other services will become increasingly common.
- Importance of Choosing the Right CPaaS Partner: Automation and AI-driven personalization capabilities, unified and conversational engagement capabilities, enhanced tools and capabilities, and platform reliability and carrier integration are crucial factors for enterprises to consider when choosing a CPaaS partner.
To further understand these trends and the future of the CPaaS industry, consider attending the CPaaS Acceleration Summit in Amsterdam on September 18-20, 2023. This event will be a great opportunity to learn more about the industry from CPaaS providers, buyers, and partners.