Press release
Communication Platform as a Service Market to Reach US$ 63.3 Billion 2022-2030 | Industry CAGR of 24.8%
Communications Platform-as-a-Service (CPaaS) Market
A communications platform as a service is one of the cloud-based services (CPaaS). Being a cloud-based communication platform, CPaaS makes it possible to add real-time communication capabilities, scalability, multi-tenancy, improved outreach, shorter development times, and lower overall costs to enhance customer communication channels. It has numerous applications in the healthcare, hospitality, education, logistics, banking, financial services, and insurance (BFSI) industries.
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This report on the global communication platform as a service (CPaaS) market aims to discuss market dynamics, including market drivers, potential threats and challenges to the market, global communication platform as a service (CPaaS) market opportunities for the major players, global communication platform as a service (CPaaS) market trends, market segmentation outlook, regional outlook, communication platform as a service (CPaaS) market size, market forecast, market share, as well as the major players operating in the global communication platform as a service (CPaaS) market.
Communication Platform as a Service (CPaaS) Market: Market Dynamics
The necessity for real-time help and the desire for personalized services are the driving forces behind the growth of the CPaaS sector. Because chatbots are data-driven and scalable, they increase productivity and efficiency for end users. Businesses may quickly and easily communicate with their consumers through the channels of their choice thanks to chatbots in business applications. The increased usage of digital communications, such as contact center software and cloud-based video conferencing, is another factor driving growth in the CPaaS industry.
More companies are moving from on-premises communications to cloud platforms as CPaaS usage rises. These systems could run into issues with data security, though. Organizational flaws and fraud attacks are frequently brought on by inadequate security measures. Even with multinational companies, data breaches reduce customer trust. Credential leaks may occur as a result of credentials being public and granting unauthorized access to network infrastructure. Planning and assessing the risk-to-benefit ratio of CPaaS for communication protection is essential. Such persistent security issues can limit the growth of the CPaaS market.
Technology developments like context-based transactions and lightweight installations, startup and small- and medium-sized business investments in communication services, and the desire for real-time support will all hasten the adoption of CPaaS in the coming years.
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Communication Platform as a Service (CPaaS) Market: Regional Outlook
In terms of the region, the communication platform as a service (CPaaS) market is extended to Africa, Asia-Pacific, Europe, Latin America, the Middle East, and North America.
North America is projected to lead the CPaaS market due to the recent increase in mobility and the tremendous development in the usage of smart mobile devices. Major market participants also plan to roll out unified and integrated CPaaS solutions in the area in response to the expanding need for user-friendly and cost-effective browser-based communication solutions, which is predicted to fuel the market's expansion.
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Communications Platform-as-a-Service (CPaaS) Market Report: Key Players
The Key Players in the Communication Platform as Service (CPaaS) Market are; Avaya, Twilio, Mitel Networks Corporation, Infobip, Bandwidth Inc., Vonage, TeleSign Corporation, MessageBird, IMIMobile Limited, Telnyx, MOBtexting, Yellow Messenger, 8x8, Inc., Telin, and Kaleyra amongst others.
Key Developments by the Key Players:
February 2022 - Finalized agreements for the acquisition of M. R. Messaging FZC, a provider of cloud communications services to businesses and aggregators throughout Europe and South Africa, by Route Mobile's fully-owned subsidiary, Routesms Solutions FZE. The acquisition improves Route Mobile's position in the global CPaaS industry and is consistent with its plan for worldwide expansion.
In January 2022, Bandwidth Inc., a sizable worldwide enterprise cloud communications company, announced significant advancements in the customer experience orchestration of the enterprise contact center with Genesys. Bandwidth is expanding its portfolio of DuetSM products into the contact center market by integrating them with the Genesys Cloud CX platform, enabling businesses to decouple sophisticated telephony from their communications infrastructure.
Communication Platform as Service (CPaaS) Market: Segmentation Outlook
Data for growth projections and estimates are included in this study for the Solution Segment:
[Communications Platform as a Service (CPaaS) Software, Services {Professional Services (Consulting, Integration & Implementation, Support & Maintenance), Managed Services}]; for Enterprise size segment (Large Enterprises, Small & Medium Enterprises); for the Industry segment (BFSI, Healthcare, IT & Telecom, Manufacturing, Retail & CPG). The Communication Platform as Service (CPaaS) market forecast period is 2022 to 2030.
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