New York, NY, March 20, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Communication Platform As A Service Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions (Voice, Message, and video) and Services (Professional and Managed)); By Organization Size; By Region; Segment Forecast, 2023 - 2032” in its research database.
“According to the latest research study, the global communication platform as a service (CPaaS) market size/share is anticipated to be valued at approximately USD 11.66 Billion in 20222 and is projected to hit a revenue of around USD 172.91 Billion By 2032, at a CAGR of around 31.0% between 2023 and 2032.”
What is a Communication Platform as a Service (CPaaS)? How Big is Communication Platform as a Service (CPaaS) Market Size & Share?
- Overview
The Communication Platform as a Service (CPaaS) is a cloud-based delivery model that enables businesses to integrate real-time communication capabilities like voice, video, and messaging into their applications through APIs. This technology has found applications across various industries, such as retail, education, government, and travel, and in developing chatbots to enhance customer interactions.
The CPaaS market size is expected to experience significant growth in the coming years, fueled by factors such as the need for personalized customer interactions, the affordability of cloud communication services, and the increasing use of digital communications. Vendors in the market focus on providing webRTC services to enhance real-time communication and user experience. Businesses are adopting CPaaS as a suitable and cost-effective solution to modernize their technology and take advantage of cloud benefits.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Key Market Factors Covered in the Report
- The study covers industry drivers, restraints, and opportunities.
- Offers a neutral perspective on market performance.
- Highlights recent industry trends and developments.
- Provides insight into the competitive landscape and strategies of key players.
- Identifies potential and niche segments and regions with promising growth.
Some of the Top Market Players Are:
- Twilio
- Sinch
- Avaya
- Vonage
- Bandwidth
- RingCentral
- TeleSign
- Infobip
- CM.com
- 8x8
For Additional Information on Key Players, Download a PDF Brochure: https://www.polarismarketresearch.com/industry-analysis/communication-platform-as-a-service-market/request-for-sample
Prominent drivers of the market
- The affordability and suitability of CPaaS as a modernizing solution are expected to drive market growth further.
The communication platform as a service market is poised for growth in various sectors, such as food, government, travel, and education. Enterprises in these sectors use chatbots for language selection, product information, table reservations, booking changes, and inquiries. Adopting digital communications, such as cloud-based video conferencing and contact center systems, is also driving market growth.
To enhance the user experience for both passive and mobile customers, businesses are focusing on providing communication services that enable real-time communication. Vendors also offer Web RTC services for group chats and video streaming on client devices. This communication platform as a service market trend is expected to continue fueling the CPaaS market size in the coming years.
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Recent trends influencing the market
- In November 2022, OpenAI unveiled ChatGpt, an online chatbot designed to converse with users and provide answers to their queries in a natural and human-like manner.
- Newly developed communication channels such as Rich Communication Services (RCS) and social media messaging provide various alternative options for digital communication.
Segmentation Assessment Outlook
- The services segment is anticipated to experience the most rapid growth in 2022
CPaaS market sales are driven by the demand for customized and real-time assistance, with chatbots gaining popularity for their cost-effectiveness and ability to handle multiple conversations. Technological interventions like chatbots are changing business models, leading to growth in the Services segment. Professional services are expanding in education and travel due to the need for digitalization and improved customer interaction, with investments in digital customer engagement contributing to market growth.
- There is an expected significant growth in the small enterprise segment
Increasing awareness of technology among entrepreneurs and the affordability of cloud communication services are expected to drive higher growth in the Small Enterprises segment. In addition to traditional phone calling, messaging, and video collaboration, customers seek economical and easy-to-deploy systems like automated chatbots and Instant Voice Recognition (IVR). These factors will fuel the CPaaS market segment growth throughout the forecast period.
- There is an expected significant growth in the retail and e-commerce segment
The growth of the Retail and E-commerce segment is expected as companies adopt technological solutions to improve consumer interactions. CPaaS can also deliver customized updates to the appropriate customer channel. Furthermore, with the help of CPaaS, e-commerce sites can alert customers in advance about shipment delays due to bad weather, providing smooth and automated support, which promotes communication platform as a service market share growth.
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Communication Platform as a Service (CPaaS) Market: Reports Scope
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 172.91 Billion |
| Market size value in 2023 | USD 15.24 Billion |
| Expected CAGR Growth | 31.0% from 2023 - 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Twilio, Sinch, Avaya, Vonage, Bandwidth, RingCentral, TeleSign, Infobip, CM.com, and 8x8 |
| Segments Covered | By Component, By Organization Size, By Vertical, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
- There is anticipated substantial growth in demand for the Asia Pacific region
CPaaS market demand in the Asia Pacific region is experiencing growth, attributed to the rising popularity of cloud computing and mobile technology in countries such as China, India, and Japan. The government's efforts to enhance digital infrastructure have also contributed to the increased usage of CPaaS solutions in the region. As a result, the Asia Pacific region is currently one of the fastest-growing markets for these solutions globally.
With the upgrade of infrastructure, the implementation of various business strategies, and intense competition, service providers are looking to extend their service offerings to multiple countries. Industries in the Asia Pacific region expect CPaaS solutions and services to meet their high standards for quality, service, uptime, and security.
Browse the Detail Report “Communication Platform As A Service Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions (Voice, Message, and video) and Services (Professional and Managed)); By Organization Size; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/communication-platform-as-a-service-market
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Recent Development
- Twilio made a public announcement in December 2022 about the launch of Flex Conversations, an open platform accessible to everyone. This new platform provides an easy way to establish SMS/MMS, chat, and WhatsApp channels through its async channel feature.
Key Questions Are Answered in The Report
- What was the market length? What are the anticipated growth tendencies and forecasts?
- What are the key factors driving the market?
- Who are the key manufacturers in the market space?
- Which segments have been most appealing for investments?
- What are the opportunities and threats faced by the vendors in the market?
- Which product or application will capture the largest share of the market?
- Which market in the region will experience the greatest growth?
- What modes and strategic moves are considered suitable for entering the market?
Polaris Market Research has segmented the communication platform as a Service Market report based on component, organization size, and region:
By Component Outlook
- Solutions
- Message
- Voice
- Video
- Services
- Professional
- Managed
By Organization size Outlook
- Large Enterprises
- Small and medium enterprises (SME)
By Vertical Outlook
- Banking, Financial Services, and Insurance (BFSI)
- Retail & eCommerce
- IT & Telecom
- Government
- Healthcare
- Education
- Manufacturing
- Other Verticals
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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