Dublin, May 12, 2023 (GLOBE NEWSWIRE) -- The "Communication Platform-as-a-Service Market by Component, Enterprise Size, Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the communication platform-as-a-service (CPaaS) market was valued at $10.2 billion in 2021, and is estimated to reach $80.2 billion by 2031, growing at a CAGR of 23.1% from 2022 to 2031.
Key Market Players
- ALE International
- Avaya Inc.
- Infobip Ltd.
- Plivo Inc.
- Sinch
- Vonage America, LLC
- 8x8, Inc.
- Bandwidth Inc.
- IntelePeer Cloud Communications LLC
- Twilio Inc.
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.
Key factors driving the growth of the communication platform-as-a-service (CPaaS) market include growing trend of mobility and BYOD as well as demand for personalized and streamlined customer interaction to achieve high customer satisfaction, increase in use of chat bot sales in communication platform as a service. Increasing use of chat bot sales in communication platform as a service that helps in converting to conduct an on-line chat conversation via text or text-to-speech in lieu of providing direct contact with a live human agent.
It plays very important role in the industrial sector owing to growing need among the consulting providers for providing enhanced customer services and to improve the security of the customer. Furthermore, chat bot sales in communication platform as a service also helps to improve lead generation, qualification and nurturing, which propels the growth of the market.
In addition, chat-bots are data driven and scalable in nature, they offer increased productivity and efficiency to end users. Deployment of chatbots in business applications facilitates brands to reach their customers via preferred channels with quick support. Rising demand for customized services and requirements of real-time support are fueling the market.
Features such as simultaneous multiple conversations, cost efficiency, elimination of repetitive work, and personal assistants are also surging the demand for chatbots in the market, which in turn, drives the growth of the market.
The market also offers growth opportunities to the key players in the market. Technological advancements have boosted the benefits of communication platform as a service. AI, an innovation primed to revolutionize service- and communication-related technology, is a significant example. In addition, as machines grow smarter and closer to communicative parity with humans, cloud-based communications platforms are expected to take the idea of automated self-service, among other business functions, to new levels. AI in the call center is one such example of this.
Technological innovations carry a value that works in multiple sectors. Furthermore, smart shopping assistants will soon be better at making purchase suggestions based on the user's browsing history. The software will provide accurate, real-time translations, reducing the need for expensive multilingual customer support representatives.
APIs would provide communication platform as a service video chat technology and AI capable of facial recognition to turn any phone or webcam into a biometric security checkpoint. Chatbots will also continue to grow in scope and capacity, allowing multiple businesses to deploy teams of automated service reps made entirely of bots. Such technological revolutions provide lucrative opportunities for market growth.
Key Benefits
- The study provides an in-depth analysis of the global communication platform as a service (CPaaS) market forecast along with the current and future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on global communication platform as a service (CPaaS) market trend is provided in the report.
- The Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Industry Vertical
- Healthcare
- Others
- IT and Telecom
- BFSI
- Government and Public Sector
- Manufacturing
- Retail
- Education
By Component
- Solution
- Service
By Enterprise Size
- Large Enterprise
- SMEs
For more information about this report visit https://www.researchandmarkets.com/r/r02cus
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