Communication Platform-as-a-Service (CPaaS) Market Report 2023: Increasing Demand for Omnichannel Communication Fuels Sector
DUBLIN, June 23, 2023 /PRNewswire/ -- The "Communication Platform-as-a-Service (CPaaS) Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The communication platform-as-a-service (CPaaS) market is projected to grow at a CAGR of 20.91%, reaching US$29.524 billion in 2028 from US$7.813 billion in 2021.
Communication platform-as-a-service (CPaaS) is a service model that allows businesses and developers to integrate real-time communication features into their services or applications. CPaaS providers offer APIs (Application Programming Interfaces) that developers can use to embed communication functionality into their applications or services without building the underlying infrastructure.
CPaaS solutions provide a variety of communication channels, such as voice, video, SMS, MMS, chat, and social messaging. These channels can be used for various applications, including customer service, marketing, collaboration, and IoT (Internet of Things) devices. In addition, CPaaS providers typically offer a pay-as-you-go pricing model, enabling businesses to only pay for their communication services.
The communication platform-as-a-service (CPaaS) market is driven by increasing demand for real-time and omnichannel communication and the rising adoption of APIs.
Increasing demand for omnichannel communication
Omnichannel communication has become increasingly important in recent years, enabling businesses to communicate with customers across multiple channels such as voice, email, chat, and social media. CPaaS solutions offer a range of communication channels, which has contributed to the market's growth. Omnichannel communication can help businesses to provide a seamless customer experience, improve customer satisfaction, and increase customer loyalty.
Rising adoption of APIs
APIs (Application Programming Interfaces) have become increasingly popular in recent years as they enable businesses to integrate different systems and applications. CPaaS solutions provide APIs that will allow developers to integrate communication capabilities into their applications, which has contributed to the market's growth.
For instance, in October 2022, BICS, a telecommunications services company based in Belgium, introduced a Communications Platform as a Service (CPaaS) solution for businesses to integrate voice, text, and WhatsApp messaging into their existing workflows using APIs.
Based on application, the communication platform-as-a-service (CPaaS) market is expected to witness positive growth in the voice calling segment.
The communication platform-as-a-service (CPaaS) market is a rapidly growing sector, with various applications catering to the customers' needs. One of the most common and essential applications of CPaaS is voice calling. Voice calling is vital to any communication system, and CPaaS has made it more accessible than ever.
With the help of CPaaS, businesses can easily integrate voice-calling functionality into their existing applications and workflows. This has resulted in improved customer engagement and streamlined communication processes for companies.
North America accounted for a significant share of the global communication platform-as-a-service (CPaaS) market.
Based on geography, the communication platform-as-a-service (CPaaS) market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The CPaaS market in North America is a rapidly growing industry driven by the increasing demand for cloud-based communication services. The region is expected to witness significant growth over the forecast period, owing to several key players in the market, technological advancements, and the increasing adoption of digital transformation strategies by businesses.
Additionally, the growing popularity of mobile messaging applications, the rise of artificial intelligence and machine learning technologies, and the shift towards omnichannel communication are also expected to drive the growth of the CPaaS market in North America.
The United States holds substantial shares of the North American CPaaS market due to its highly developed IT infrastructure, many technology start-ups, and a high adoption rate of cloud-based services. In addition, the COVID-19 pandemic has also accelerated the adoption of CPaaS solutions, as businesses increasingly rely on remote communication and collaboration tools to maintain operations.
Market Segmentation:
By Application
- Messaging
- Voice calling
- Video calling
- Verification/identity
- Others
By Provider
- API Providers
- Network owners
- Telecom companies
By End-User
- BFSI
- Retail
- Healthcare
- Public Sector
- Education
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- United Kingdom
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Taiwan
- Others
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. COMMUNICATION PLATFORM-AS-A-SERVICE (CPAAS) MARKET BY APPLICATION
6. COMMUNICATION PLATFORM-AS-A-SERVICE (CPAAS) MARKET BY PROVIDER
7. COMMUNICATION PLATFORM-AS-A-SERVICE (CPAAS) MARKET BY END-USER
8. COMMUNICATION PLATFORM-AS-A-SERVICE (CPAAS) MARKET BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
10. COMPANY PROFILES
Companies Mentioned
- Bandwidth Inc.
- Avaya Inc.
- ALE International
- Infobip ltd.
- Twilio Inc.
- Vonage
- MessageBird
- Plivo Inc.
- Sinch
For more information about this report visit https://www.researchandmarkets.com/r/n346yw
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