Report : North America A2P SMS and CPaaS Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solution and Services), Channel [Message (Chat Apps and SMS), Voice, Email, Webpush, and Others], Enterprise Size (SMEs and Large Enterprises), and Industry (IT and Telecom, BFSI, Retail and Ecommerce, Healthcare, and Others)
At 6.0% CAGR, the North America A2P SMS and CPaaS market is speculated to be worth US$ 20,924.22 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America A2P SMS and CPaaS market was valued at US$ 14,711.31 million in 2022 and is expected to reach US$ 20,924.22 million by 2028, registering an annual growth rate of 16.5% from 2022 to 2028. Increasing demand for customer engagement usage to encourage the use of CPaaS and growing adoption of rich communication services.
Organizations around Asia are observing a rise in customer contacts due to greater investments in digital customer engagement. With the need for business units to integrate SMS, application-to-person, voice, and upcoming CPaaS such as advanced messaging, video, increased security, and digital payments into applications, software engineering executives are embracing CPaaS further enhancing digital customer service experience and operational efficiency. Most businesses either already use conversational consumer engagement or have plans to do so. Many such businesses are investigating using a communication platform as a service (CPaaS) to assist them in managing everything related to this strategy. The CPaaS market has experienced rapid expansion in recent years and will continue to do so to keep up with changing consumer expectations and engagement strategies in line with new trends in customer-facing communications. The demand for contextual communications that improve customer experience is one of the main development factors of the CPaaS industry. With the purchase of Inteliquent and Pathwire in 2021, Sinch, a CPaaS provider became the industry leader in mobile customer engagement. Sinch can now satisfy all communication requirements by offering consumers the broadest range of channels to interact with businesses. Increasing focus of major players in the market over customer engagement is helping to increase demand for CPaaS. This is expected to drive the market during the forecast period.
On the contrary, rising security concerns for cloud based CPaaS hurdles the growth of North America A2P SMS and CPaaS market.
- Based on component, the North America A2P SMS and CPaaS market is bifurcated into solution and service. The solution segment held 78.3% market share in 2022, amassing US$ 11,512.24 million. It is projected to garner US$ 15,992.52 million by 2028 to expand at 5.6% CAGR during 2022–2028.
- Based on channel, the North America A2P SMS and CPaaS market is categorized into message (chat apps and SMS), voice, email, webpush, and others. The message segment held 93.4% market share in 2022, amassing US$ 13,747.09 million. It is projected to garner US$ 17,465.98 million by 2028 to expand at 4.1% CAGR during 2022–2028.
- Based on enterprise size, the North America A2P SMS and CPaaS market is categorized SMEs and large enterprises. The large enterprises segment held 66.9% market share in 2022, amassing US$ 9,848.63 million. It is projected to garner US$ 13,440.62 million by 2028 to expand at 5.3% CAGR during 2022–2028.
- Based on industry, the North America A2P SMS and CPaaS market is categorized into IT and telecom, BFSI, retail and ecommerce, healthcare, and others. The BFSI segment held 33.7% market share in 2022, amassing US$ 4,961.59 million. It is projected to garner US$ 6,846.10 million by 2028 to expand at 5.5CAGR during 2022–2028
- Based on country, the North America A2P SMS and CPaaS market has been categorized into the US, Canada, and Mexico. Our regional analysis states that US captured 76.9% market share in 2022. It was assessed at US$ 11,315.94 million in 2022 and is likely to hit US$ 15,935.89 million by 2028, exhibiting a CAGR of 5.9% during the forecast period.
Key players dominating the North America A2P SMS and CPaaS market are Vonage; 8X8, INC.; Avaya Inc.; IntelePeer Cloud Communications LLC.; MessageBird; Plivo Inc.; Cisco Systems, Inc.; TWILIO INC.; Voximplant; and Wazo Coummunication Inc. among others.
- In Mar 2022, Vonage Enhances Video Capabilities for its UCaaS and CCaaS Solutions with its Video API.
- In Oct 2020, 8x8 Announced Strategic Channel Partnership with Pax8.
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