Do you want to optimize workflow? Maximize efficiency? Innovate customer experience? Then you’re going to want to pay attention to Communications Platform as a Service (CPaaS). This cloud-based platform allows companies to embed real-time communications like voice, video and SMS directly into any Web or mobile app.
With a new year approaching, we’re going to focus here on the state of the CPaaS market including key players and industry trends (for a refresher, check out this blog). So, let’s get to it…
Market Valuation: The market is slated for astronomical growth. In 2015 the market was valued at $400 million. Looking ahead, several research firms expect the market to grow to $8.1 billion by 2021 (a CAGR of roughly 650 percent).
Tangible Benefit: Research shows CPaaS can decrease overall costs by up to 30 percent. If you ask us, however, it can save millions. 60 percent of IT teams say they need more than 15 minutes just to identify who should respond to an incident. Now, consider that the average cost of a security breach is $4 million per incident. This could translate into hundreds of millions of dollars lost, all because IT personnel couldn’t effectively communicate with one another.
Key Players: Countless companies are rushing to capitalize on this technology, from service providers to third-party software vendors to system integrators. We’re also seeing UCaaS and CPaaS providers teaming up to carve out competitive niches.
This last point is especially important: As a market slated for exponential growth in such a short period of time, it’s only expected that CPaaS will become saturated with providers. Do your due diligence and sift through this landscape before choosing a vendor to grow and sustain your business.
As you plan for a new year, VoIP Innovations stands ready as a trusted provider with longstanding experience and expertise. Our goal is to make 2018 your organization’s best year yet. Sign up a for an account online to see the VI difference firsthand.