Communication Platform-as-a-Service Market (CPaaS) Market Will Reach USD 16.3 Billion By 2028 With A CAGR of 15.97% | Valuates Reports

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Dec 16, 2022, 11:00 ET

BANGALORE, India, Dec. 16, 2022 /PRNewswire/ -- Communications Platform as a Service (CP aaS) Market is segmented by Type - Customized Service, Standardized Service, Communications Platform as a Service (CPaaS), by Application - SME (Small and Medium Enterprises), Large Enterprise. Global Opportunity Analysis and Industry Forecast, 2022 - 2028. It is published in Valuates Reports under the Software Category.

Global communication platform-as-a-service market (CPaaS) market size is estimated to be worth USD 6.7 billion in 2022 and is forecast to be a readjusted size of USD 16.3 billion by 2028 with a CAGR of 15.97% during the forecast period 2022-2028.

Major factors driving the growth of the CPaaS market are

The rise in cloud encryption, digital transformation, and technological improvements are predicted to propel the communication platform-as-a-service market.

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TRENDS INFLUENCING THE GROWTH OF CPAAS MARKET

CPaaS is one of the communication sectors that is expanding the fastest right now. Real-time, cloud-based, bespoke communication services like video chat or two-factor authentication can be easily integrated into an existing application using CPaaS. It is the perfect option for small businesses wishing to interact with and expand their consumer bases because of its scalability and flexibility. These factors are expected to drive the growth of the CPaaS market.

The growth of cloud encryption, digital transformation, and digital client engagement are the main drivers of the CPaaS market. A cloud-based delivery paradigm called communications platform as a service enables businesses to add real-time communication capabilities. CPaaS is largely utilized to improve customer communication channels because it is a cloud communication technology.

Machine learning innovations are introducing improved types of artificial intelligence to a variety of goods and services. The main players in the CPaaS industry are concentrating on providing communication solutions based on AI. Another element propelling growth in the CPaaS market is the rising use of digital communications, including cloud-based video conferencing and contact center systems.

CPaaS is quickly taking over the customer service industry. Building a clientele that trusts a company requires offering a real-time connection between consumers and reps without requiring users to leave the website or dial several numbers. Customers won't feel like they have to jump through hoops to obtain a response to their inquiry, and business can address problems and understand the clientele right away. This in turn will drive the growth of the CPaaS market

Long-term savings are possible with CPaaS systems because they are cloud-based and offered as a service that may be purchased. All the expenditures related to paying developers to design and maintain a comparable communications infrastructure will be replaced by a simple monthly pricing structure, one that typically only represents the services that businesses choose to integrate and execute.

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CPAAS MARKET SHARE ANALYSIS

Based on Applications, due to rising government funding and other private investments, small and medium-sized businesses will experience a high CAGR. These SMEs are concentrated on providing real-time client involvement for company growth. Thus, SMEs are integrating communication platform-as-a-service across their businesses to enhance customer connection and pleasure.

Due to increasing government investments in digital transformation, the Asia Pacific area is expected to experience significant growth during the projection period. China will increase its market share during the prediction period.

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Market By Region

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key players

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