Hampshire, UK – 12th June 2024: A new study from Juniper Research, the foremost experts in telecommunications markets, found revenue from CPaaS rich media traffic, including RCS, video and social media, will grow by 190% in the next five years; rising from $3.4 billion in 2023.
It identified two key drivers of this growth:
1. Rising SMS business messaging termination fees.
2. Apple’s imminent support of RCS business messaging in 2024.
An extract from the new report, Global CPaaS Market 2024-2028, is now available as a free download.
As the price of SMS business messaging continues to rise, the study predicted that more enterprises will be forced to explore alternative channels for marketing campaigns and customer interactions in order to reduce costs. Conversely, Apple will begin support for RCS business messaging this year, creating a highly valuable alternative to SMS for enterprises. By 2028, RCS business messages delivered by CPaaS platforms globally are expected to reach 86 billion; rising from just 2.5 billion in 2024.
Conversational AI to Boost Rich Media Channels
To capitalise on the growth of rich media messaging, the study urged CPaaS platforms to invest in campaign management tools that enable their clients to maximise its true potential. Notably, it identified conversational AI as a highly desired service by enterprises; owing to its ease of deployment into existing business systems.
Research author Sam Barker commented: “Conversational AI will provide an immediate benefit to enterprise CPaaS users. Third-party developers will enable enterprises to launch chatbot services over channels like RCS that leverage large language models. However, to maximise adoption, CPaaS platforms must offer front-end solutions allowing enterprises to directly manage their AI implementations.”
About the Research Suite
The new research suite offers the most comprehensive assessment of the CPaaS market to date, including insightful market analysis and in-depth forecasts for 60 countries. The dataset contains over 280,000 market statistics within a five-year period. It includes a ‘Competitor Leaderboard’ and an examination of current and future market opportunities.
Juniper Research has, for two decades, provided market intelligence and advisory services to the global telecommunications sector, and is retained by many of the world’s leading network operators and communications platforms.
For further details please contact Sam Smith, Press Relations
E: sam.smith@juniperresearch.com
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