Twilio Inc (TWLO US) Hold: Improving execution but expectations ahead

研报英文原文证据摘录

Twilio Inc (TWLO US) Hold: Improving execution but expectations ahead

Equities ● Software

12 May 2026

Market share by layer

Layer Main players Market share read Twilio position

The global CPaaS market was USD14.9bn in 2025, and This is Twilio’s home market: SMS, voice,

CPaaS / Twilio, Infobip, Sinch,

Twilio held 25.4% global revenue share, making it the email APIs, Verify, carrier connectivity,

Communications APIs Alibaba, Vonage, Bandwidth

CPaaS leader, according to Metrigy. developer workflows.

ResearchAndMarkets’ 2025 CCaaS report lists NICE,

CCaaS / NICE, Genesys, Amazon Genesys, Amazon Connect, and Five9 as leading Flex, but Twilio is not the dominant CCaaS

Contact-center platform Connect, Five9 vendors by seats/revenue; Twilio Flex is not in the platform.

leading group.

Emerging. Twilio benefits through voice,

This is where AI demand is becoming monetized. NICE

ConversationRelay, Conversational

NICE, Genesys, Five9, disclosed USD328m AI ARR, Five9 disclosed over

AI contact-center software Intelligence, Branded Calling, and

Salesforce, Microsoft, AWS USD125m AI revenue run-rate, and Salesforce

infrastructure usage, but does not disclose AI

disclosed USD800m Agentforce ARR.

voice revenue.

Salesforce disclosed 29,000 Agentforce deals and

Weaker. Twilio is neutral infrastructure, not the

CRM native agent layer Salesforce, Microsoft USD800m Agentforce ARR; Microsoft is also pushing

CRM system of record.

Copilot / Dynamics contact-center AI.

Twilio, Bandwidth, No clean AI-voice market-share disclosure. But telecom Strong. If AI agents need programmable voice,

Voice connectivity under

Vonage/Ericsson, Telnyx, rails and programmable voice are a separate market phone numbers, routing, compliance, and

AI calls

Sinch, Infobip from AI-agent software.