Communication Platform-as-a-Service (CPaaS) Market Reach to USD 80.2 Billion by 2031 | Top Players such as - Plivo, Sinch and Twilio

According to the report published by Allied Market Research "The Communication Platform-as-a-Service (CPaaS) Market Reach to USD 80.2 Billion by 2031 | Top Players such as - Plivo, Sinch and Twilio." These players have adopted different strategies such as new product launches collaborations expansion joint ventures agreements and others to increase their market share and maintain dominant shares in different regions.

Rise in cloud spending activities and increase in demand for user-friendly and cost-effective browser-based communication solutions is driving the growth of the global communication platform-as-a-service (CPaaS) market. By component, the solution segment held the major share in 2021. By region, LAMEA would cite the fastest CAGR by 2031.

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The global communication platform-as-a-service market is analyzed across component, enterprise size, industry vertical, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.

By enterprise size, the large enterprise size segment contributed to nearly three-fifth of the global communication platform-as-a-service (CPaaS) market share in 2021 and is projected to rule the roost by 2031. The SMEs segment, on the other hand, would display the fastest CAGR of 24.3% throughout the forecast period.

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By region, North America held the major share in 2021, garnering more than one-third of the global communication platform-as-a-service (CPaaS) market revenue. The LAMEA region would showcase the fastest CAGR of 25.1% from 2022 to 2031. The other provinces assessed through the report include North America, Europe, and Asia-Pacific.

The key market players analyzed in the global communication platform-as-a-service market report include 8x8 Inc., ALE International, Avaya Inc., Bandwidth Inc., Infobip Ltd., IntelePeer Cloud Communications LLC, Plivo Inc., Sinch, Twilio Inc., and Vonage America, LLC.

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Covid-19 Scenario-

● The COVID-19 pandemic had a positive impact on the communication platform as a service market. The need to work from home dramatically increased and highlighted the need for dynamic and efficient cloud-based communication solutions for remote working.

● However, growing use of communication platform increased the cyber-attacks on the institutes especially on the SMEs.

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