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Communications Platform as a Service (CPaaS) Market to reach US$ 46,465.0 Mn by 2031

12-15-2021 10:03 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: FMI

Communications Platform as a Service (CPaaS) Market

Communications Platform as a Service (CPaaS) Market

The increasing demand for contextual communications that can improve the overall customer experience is expected to propel growth of communications platform as a service (CPaaS) market between 2021 and 2031. The CPaaS market is projected to witness significant growth during the forecast period, due to several factors such as growing need for reliable and cost-effective communication services, easy migration to hybrid model, highly available, and improved quality of service offered through CPaaS.

In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for Communications Platform as a Service (CPaaS) market. The report tracks the global sales of CPaaS providers in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the telecommunication industry in general, and CPaaS software and services in particular.

Request a report sample to gain comprehensive market insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-12953

FMI has projected the global CPaaS market to reach US$ 46,465.0 Mn by 2031 from US$ 5,283.5 Mn in 2021. In past few years the CPaaS market has gained an enormous interest due to improvement in the cloud computing services and technology. According to FMI, the market exhibited around 14.5% CAGR between 2016 and 2020.

“A CPaaS software is a cloud-based platform that enables developers to add real-time communications features to their applications without needing to build backend infrastructure and interfaces. Due to this factor, many countries around the globe are moving forward towards the development of CPaaS software and thus, creating opportunities for the CPaaS market.” says the FMI analyst.

CPaaS companies are entering into a new era of exponential growth. In order to capitalize on existing opportunities, these companies piquing the interest of various enterprises with innovative digital solutions to allow customer engagement. Spurred by this factor, the market is project to register a CAGR of 24.3% between 2021 and 2031.

CPaaS Market – Important Highlights

CPaaS technologies that are anticipated to be highly sought-after by organizations around the world during the projected timeframe are cloud networking technology, AI, and cloud-based solutions.
Although CPaaS software currently retains supremacy, tables are predicted to turn in favor of the services sector by the end of the forecast era, catapulting it to the forefront.
In terms of industry, the IT & Telecom industry is anticipated to dominate the global CPaaS market.
North America is anticipated to be the largest CPaaS market Due to the strong presence of CPaaS technologies and service providers, especially in the United States.

We Offer tailor-made Solutions to fit Your Requirements, Request Customization@ https://www.futuremarketinsights.com/customization-available/REP-GB-12953

CPaaS Market – Drivers

The demand for the construction and operation of new ideas, such as communication tools, interactive technologies, and cloud-based technology, is fueling the growth of the industry.
The key factors fostering advances among CPaaS software service providers include benefits such as improved market efficiency, greater flexibility, and reduced costs.
digitization of healthcare, public transport, and other industries is anticipated to create opportunities for market growth
The development would be powered by supportive government policies relating to spectrum redistribution, debris mitigation standards for the international market.

CPaaS Market – Restraints

IT teams face diverse obstacles due to the future scale of new, automated, and cost-effective connectivity systems for organizations while ensuring a productive user experience. This is anticipated to continue to be a key restraint for market growth
high enterprise size and maintenance is limiting the adoption of CPaaS solution across the world.
COVID-19 Impact on CPaaS Market

The CPaaS market growth is anticipated to be boosted owing to the pandemic due to a shift in consumer preference. With the outbreak of COVID-19 and work at home (WAH) being the favored mode of service, market vendors have been involved in promoting WAH and expanding their business.

The growth of digital connections has pushed businesses of all sizes and nearly every geographical area to rapidly intensify the digitalization of their business processes and activities. All these factors fueled the CPaaS market growth during the pandemic.

Contact Sales for Further Assistance in Purchasing this Report@ https://www.futuremarketinsights.com/checkout/12953

Competitive Landscape

The CPaaS market players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge. For example, in May 2019, Mitel unveiled a Google cloud-based wholesale corporate communications and collaboration solution. For mid-market and corporate companies, MI Cloud Flex on Google Cloud provides optimum performance and offers additional revenue streams for the channel network. Some of the key companies are Avaya Inc., Bandwidth Inc., Twilio Inc., Vonage, Infobip ltd., Mitel Networks Corporation, TeleSign Corporation

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Mr. Debashish Roy
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
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United Arab Emirates
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For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com

About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth.

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