Communication Platform-as-a-Service (CPaaS) Market size to cross $80.2 billion by 2031, register at a CAGR of 23.1%

According to a new report published by Allied Market Research, titled, "Communication Platform-as-a-Service (CPaaS) Market by Component (Solution, Service), by Enterprise Size (Large Enterprise, SMEs), by Industry Vertical (IT and Telecom, BFSI, Government and Public Sector, Manufacturing, Retail, Education, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031".

The global communication platform-as-a-service (cpaas) market was valued at $10.2 billion in 2021, and is projected to reach $80.2 billion by 2031, growing at a CAGR of 23.1% from 2022 to 2031.

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CPaaS Industry is a cybersecurity defense practice that aims to deceive attackers by distributing a collection of traps and decoys across a system's infrastructure to imitate genuine assets. The aim of communication platform as a service is to prevent a cybercriminal that has managed to infiltrate a network from doing any significant damage.

Furthermore, growing trend of mobility and BYOD as well as demand for personalized and streamlined customer interaction to achieve high customer satisfaction is boosting the growth of the global CPaaS market. In addition, increase in use of chat bot sales in communication platform as a service positively impacts the growth of the communication platform-as-a-service market. However, internet bandwidth & technical glitch issues and increasing security concerns are hampering the communication platform-as-a-service market growth. On the contrary, increase in use of technological advancement is expected to offer remunerative opportunities for expansion during the communication platform-as-a-service market forecast.

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Competitive Analysis:
The competitive environment of Communication Platform-as-a-Service (CPaaS) Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Communication Platform-as-a-Service (CPaaS) Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
8x8 Inc.
ALE International
Avaya Inc.
Bandwidth Inc.
Infobip Ltd.
IntelePeer Cloud Communications LLC
Plivo Inc.
Sinch
Twilio Inc.
Vonage America, LLC and Many More

The CPaaS market is primarily benefiting from a surge in digital customer engagement, cloud encryption, and digital transformation. Communications platform as a service is a cloud-based delivery model that allows organizations to add real-time communication capabilities. Being a cloud communication technology, CPaaS is primarily used to enrich customer communications channels.

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Region-wise, the communication platform-as-a-service market size was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to, increase demand for sophisticated communication platform technologies. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to increasing government investments in digital transformation.

Market Dynamics and Transformations
Economic Downturn Analysis: Impact of Recession in 2023
Pandemic's Influence: Impact of Covid-19 Pandemic
Market Evolution: Recent Developments in the Market with Key Players Announcements

Read More: https://www.alliedmarketresearch.com/press-release/communication-platform-as-a-service-cpaas-market.html

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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