As per the report by MarketsandMarkets, the global CPaaS market size is projected to reach USD 45.3 billion by 2027, at a CAGR of 29.4% during the forecast period, 2022-2027
Chicago, July 20, 2023 (GLOBE NEWSWIRE) — The global Communication Platform as a Service Market size is projected to grow from USD 12.5 billion in 2022 to USD 45.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 29.4% during the forecast period, according to a new report by MarketsandMarkets™. The cost effectiveness of CPaaS solutions is expected to drive market growth in the coming years.
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268 – Tables
61 – Figures
288 – Pages
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Scope of the Report
Report Metrics
Details
Market size value in 2022
USD 12.5 billion
Market size value in 2027
USD 45.3 billion
Growth rate
CAGR of 29.4%
Segments covered
By Component, Organization Size, Vertical, and Region
Regions covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Major vendors include Twilio (US), Sinch (Sweden), Avaya (US), Vonage (US), and Bandwidth (US)
Over the past few years, a rapid increase in disruptive and innovative technologies, such as Artificial Intelligence (AI), Machine Learning (ML), cloud technology, and 5G network, in the communication platform landscape has been observed. AI helps to automate processes and interactions that saves time and resources and allows employees to deal with questions that require high levels of expertise. With the help of cloud-based solutions, vendors can provide various features, such as recording videos, compressing, and sharing videos, without the concerns of storage and security, thereby enhancing the utility of the CPaaS solution.
By solutions, the message segment is estimated to account for the largest market share in 2022. Message solutions considered in the study include SMS, MMS, social channels (WhatsApp, Facebook Messenger, WeChat, and others), RCS, and Email. Real-time chat messaging and automated chatbots include use cases such as automated appointment reminders, order/shipping updates and confirmations, bulk messaging and group messaging, marketing automation, customer or technical support, and other real-time alerts and push notifications.
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By organization size, the SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs are defined as an entity with the number of employees below 1,000. The real-time monitoring capabilities, reliability, scalability, mobility, damage control, user-friendly capabilities, easy integration, increase agility, reduced risk, reduced risk, and increased efficiency are the main reasons encouraging SMEs to adopt the CPaaS solutions and services at a rapid pace.
By vertical, the IT & Telecom segment is expected to account for the largest share in the market. The majority of telecom vendors are offering CPaaS solutions, including business messaging, enterprise telephony, and telepresence, to deliver cost-effective communication platforms, reducing company expenses and improving productivity. The IT & Telecom sector has the largest market size in the vertical segment of the CPaaS market due to the industry being an early adopter of CPaaS solutions.
Programmable video is an area of opportunity as organizations look to replicate in-person communication with video. Video communication is one of the most popular modes of communication. It offers a quick and easy way to communicate with people. Programmable video enables customers to integrate video into existing business applications, such as sales software, to add features, such as call-to-call and multifactor authentication. Furthermore, the adoption of video communication applications has drastically increased during the COVID-19 pandemic. This provides great opportunity for vendors offering programmable video solutions.
Top Trends in Global Communication Platform as a Service Market
The rise of cloud-based communication solutions: Cloud-based communication solutions are gaining popularity because they provide a number of advantages over traditional on-premises systems. Cloud-based solutions are more scalable, dependable, and cost-effective.
The increasing demand for real-time communication: Businesses need to be able to connect with consumers and workers in real time. CPaaS solutions may assist organizations in providing real-time communication across a range of channels such as phone, video, and messaging.
The growing popularity of chatbots: Chatbots are gaining popularity because they can assist organizations in automating customer care activities and providing 24/7 support. Chatbots may be created and deployed using CPaaS platforms, and they can be linked with a range of different corporate applications.
The increasing adoption of artificial intelligence (AI): AI is being employed in CPaaS solutions to assist organizations enhance the quality of their communication. For example, artificial intelligence (AI) may be used to analyze customer interactions and detect trends, which can then be utilized to improve the customer experience.
The growing demand for global communication: Because businesses are increasingly functioning in a global economy, they must be able to interact with consumers and workers all over the world. Businesses may benefit from CPaaS solutions by providing worldwide communication via a number of channels.
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Key Industry Development
The rise of 5G: 5G is the next generation of cellular network technology, and its influence on the CPaaS industry is projected to be enormous. 5G will deliver faster speeds, reduced latency, and larger capacity than 4G, allowing CPaaS companies to provide more sophisticated communication services.
The growth of the IoT: As billions of devices connect to the internet, new possibilities for CPaaS providers emerge. IoT devices may be connected and interact with one another using CPaaS solutions.
Growing AI adoption: AI is being utilized in CPaaS solutions, which may assist organizations in improving the quality of their communication. For example, artificial intelligence (AI) may be used to analyze customer interactions and detect trends, which can then be utilized to improve the customer experience.
The convergence of CPaaS with other cloud-based services: CPaaS is integrating with other cloud-based services such as CRM, ERP, and customer support. This opens up new possibilities for firms to combine communication with other business operations.
The increasing demand for security: As organizations rely increasingly on cloud-based communication solutions, so does the requirement for security. To secure their clients' data, CPaaS suppliers are implementing additional security measures.
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