Sunday, July 21, 2024
Evina 110o x 220
    Evina 110o x 220

    CPaaS rich media revenue to generate over $10bn globally by 2028, thanks to Apple and AI

    Apple's adoption of RCS later this year, along with SMS termination rates rising is set to see rich media traffic from CPaaS become something of a cash cow – it will also be a boon to RCS... but it is Conversational AI that will make the real difference

    CPaaS rich media traffic, including RCS, video and social media, will grow by 190% in the next five years, rising from $3.4bn in 2023 to more than $10bn in 2028, according to the latest research from Juniper Research.

    In its latest Global CPaaS Market 2024-2028, researchers identified rising SMS business messaging termination fees and Apple’s support of RCS later this year as the two key drivers of this growth.

    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 says: “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.”

    Related Articles

    Subscribe to our newsletter

    To be updated with all the latest news, offers and special announcements.

    Evina 900x750