The digital engagement landscape is rapidly evolving, and at its forefront is the Communications Platform as a Service (CPaaS) sector. As per 2023 Gartner® Market Share Analysis : Communications Platform as a Service, Worldwide, 2022
According to Gartner, “The communications platform as a service market grew by 24.6% in 2022, reaching $11.19 billion. This growth is attributed to the emerging and expanding enterprise demand for digital engagement and customer experience. The 2022 growth is well below 2021’s growth rate of 39%. ”
Enter Exotel, the emerging market’s leading customer conversation platform and business-focused virtual telecom operator, Exotel facilitates over 70 million conversations daily for more than 7000 businesses spanning India, Southeast Asia, the Middle East, and Africa. Their recent license to offer cost-effective end-to-end VoIP telephony services reinforces their position as a 100% compliant cloud calling operator.
Exotel’s mission is to create a world where brands and their consumers are no strangers, more like friends. Their omnichannel contact center, Communication API suite, and Conversational AI seamlessly converge to create a platform that facilitates Connected Customer Conversations at an unparalleled scale, speed, and ubiquity.
The CPaaS horizon is expanding beyond just APIs. Today, it encapsulates the entire customer journey. As vendors continue to innovate, we are witnessing a proliferation of developer tools, advanced messaging capabilities, and the integration of AI and automation into platforms. These tools are designed to provide a personalized touch, catering to global enterprise customers, regardless of their development proficiency.
Moreover, partnerships remain a cornerstone for CPaaS vendors. Collaborations with systems integrators (SIs), value-added resellers (VARs), and other tech entities ensure a strengthened relationship and facilitate the creation of bespoke solutions tailored for complex use cases.
2022 was not without its challenges. Economic headwinds slowed the pace of acquisitions, and the Russian invasion of Ukraine prompted Gartner to exclude Russia-based companies from its research. Additionally, unpredictable currency exchange rate fluctuations further compounded the market’s complexities.
With the industry’s trajectory pointing upwards and the APAC region emerging as a significant battleground for CPaaS dominance. Exotel’s mention in the Gartner report, which we believe is a testament to its achievements and a hint of the greater things to come.
As enterprises globally recognize the significance of digital engagement, the CPaaS domain promises to be a space of relentless innovation, fierce competition, and immense growth potential. And in this narrative, Exotel is undoubtedly a name to keep an eye on.
Gartner, Market Share Analysis: Communications Platform as a Service, Worldwide, 2022
By Analyst(s): Lisa Unden-Farboud, Daniel O’Connell, Brian Doherty, Anubhav Nigam
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