CPaaS revenue generated in North America will triple to more than US$15 billion by 2026, jumping from US$3.7 billion in 2021, according to a study by Juniper Research.
Demand for mobile channels such as SMS and mobile voice and from enterprises opened market opportunities for CPaaS vendors. The platforms offer a centralised service for outbound communications, Juniper Research says.
The research predicts that this growth will drive investment from leading CPaaS vendors into the North American region. In turn, Juniper Research forecasts that the region will account for 45% of the global CPaaS market value by 2026 despite representing only 5% global mobile subscribers.
To leverage growth, Juniper Research’s study, CPaaS: Future Market Outlook & Emerging Opportunities 2021-2026, urges platforms to invest in AI-based conversational messaging functionality.
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It theorises that when mobile subscribers are able to buy digital and physical goods through the native messaging client, it will further increase the appeal of a vendor’s platform.
Juniper Research also called on CPaaS vendors to capitalise on the growth of mobile messaging via agreements that allocate a proportion of commerce sales to their platforms as revenue. To maximise this new revenue channel, the report recommends that CPaaS vendors prioritise the onboarding of key e-commerce retailers in the US and ensure that payment details are stored securely.
As the services become increasingly competitive in North America, vendors will eye the Asia Pacific region. It forecasts that the region’s revenue will rise from US$2.2 billion in 2021 to over US$9 billion by 2026, a 300% growth over the next five years.
“North America represents an immediate opportunity for CPaaS vendor growth, but long-term growth strategies will require vendors to invest their operations in other regions, as North America becomes saturated,” research author Sam Barker concludes.
This first appeared in the subscription newsletter CommsWire on 2 December 2021.
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