CPaaS or known as Communication Platform as a Service, has experienced very significant growth in recent years and continues to crawl forward in the following years. In addition, in recent years, many companies have transformed digitally so companies need communication services such as CPaaS to streamline communication with customers, utilize multiple communication channels, and embed the customer experience.
It is estimated that by 2026, the CPaaS industry will generate more than $34.2 billion in revenue and estimated growth of 37% CAGR over the next five years. So here are the trends that will shape the growth of CPaaS in 2022.
Communications and Commerce will Intertwine
Communication channels are becoming richer and more diverse, such as APIs that make it easier for companies to use chatbots, LiveChat messaging channels, and voice assistance to create trading experiences. This is what makes the movement from e-commerce to c-commerce (Communication Commercial).
Conversational Commerce will see the adoption of easy-to-integrate APIs for catalog management, business messaging, and payments. Companies can also launch their own use cases. For example, a company can enter its business catalog on the WhatsApp Business Platform so that customers can see the company’s price rate and ask for information about products or services by sending messages through the platform. In this case, the channel is used to communicate with customers as well as to trade. Through the following channels, companies can increase conversational interactions that lead to trade communications:
- WhatsApp Business Platform
- RCS Business Messaging
- Viber Business Messaging
- Google’s Business Messaging
- Apple Messages for Business
Companies will adopt channels taking into account the company’s needs, customer base, preferences, price, use cases, and geography. Some other channels that can be used are Telegram, Twitter, Facebook Messenger, and Instagram.
Hybrid Communications
There are various communication channels such as SMS, voice, video, and various other channels that have been used to organize conversational interactions. The next trend is hybrid communication about providing personalized support by integrating reactive and digital communication channels to provide a cohesive customer experience. Implementing a hybrid communication strategy may not be easy but it will be made simpler by implementing CPaaS.
Hybrid communications are designed to address several challenges, such as bottlenecks associated with multi-API management, lack of links between channels, and documentation, invoicing, and reporting issues. Hybrid communication not only unifies all channels but takes an approach to humanize digital communication in order to work effectively and get better customer responses.
Humanizing digital communication is a combination of empathy, creative behavior, and business needs. Businesses are successful when they have redesigned their journey across various touchpoints based on customer preferences and prioritized the experience they want to provide to customers. CPaaS adds more benefits and makes it easier for companies to empathize with customer needs and allows companies to communicate with customers more effectively, for example using chatbots and live agents.
Chatbot and Live Agent using Programmable Video
The combination of a chatbot and a live agent will complement each other, the chatbot will handle simple questions while the live agent will handle more complex interactions until the interaction is complete. To humanize digital interactions, a pure chatbot is also not enough and of course, requires the presence of the live agent.
Chatbots and live agents that use programmable video also help humanize digital communication interactions. Video banking, video-assisted sales, and customer assistance are examples of the use of programmable video. In the financial or health services industry, customers may prefer to discuss their financial or health problems with someone they meet (face-to-face) even if it is done virtually. The product customer center is another marketplace to experiment with programmable video. Now along with this, real-time communication via programmable video can help speed up problem-solving.
Personalization Tech Create Customer Experience
89% of companies invest in personalization as a strategy to achieve current and future success. This is because personalization can bridge the empathy gap between companies and customers and humanize digital channels.
Communication channels will adopt personalization, which this trend aims to enable companies to provide personalized CX. Given that ML and AI algorithms will be more accurate if there is constant incoming data, the messaging channel will have many opportunities to offer personalized experiences, This experience will increase customer satisfaction and reduce customer acquisition costs (CAC).
MIDaaS will Grow Exponentially
Customers’ lives are surrounded by digital activities that can increase the risk of digital fraud or cybercrime. Each customer may have many password combinations but remembering only some is impossible. It’s things like this that make enhanced authentication and security the main use case for digital identities.
To reduce the number of cyber-attacks and identity theft, MIDaaS (Mobile Identification as a Service) technology is the solution presented to overcome these problems. MIDaaS ensures the security of personal data and adds convenience for users.
MIDaaS leverages elements that provide an intelligent authentication and authorization layer for the easy user logging in. The combination of MIDaaS with centralized data storage plays an important role in communications enabling secure, simple, and timely authentication. This provides a better customer experience and saves up to 30 seconds of user interaction compared to the OTP authentication process.
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