Industry Overview of Communications Platform as a Service Market
Communications platform-as-a-service (CPaaS) refers to a cloud-based solution that allows developers to add real-time communication capabilities, including video, voice, and messaging, to their applications, services, and business processes by deploying application program interfaces or APIs. This, in turn, aids organizations in enhancing customer communication channels, automating reminders, managing appointments, promoting in-app calling and broadcast, etc. Some of the communication capabilities delivered by them include SMS (short message service), MMS (multimedia messaging service), telephone, video, etc. They also offer enhanced scalability, multi-tenancy, reduced development time, improved outreach, lowered overall costs, etc. As a result, CPaaS services find extensive applications across numerous sectors, such as healthcare, education, hospitality, logistics, banking, financial services, and insurance (BFSI), etc.
How Big Is the Communications Platform as a Service Market?
The global communication platform as a service (CPaaS) market size reached US$ 8.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 35.1 Billion by 2028, exhibiting a growth rate (CAGR) of 25.4% during 2023-2028.
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Communications Platform As A Service Market Trends and Drivers:
The growing adoption of this solution in the retail and e-commerce industries, as it allows retailers to integrate audio, video, and SMS to their websites, mobile application, and social media channels to enhance customer engagement, is primarily driving the communications platform-as-a-service (CPaaS) market. Additionally, the escalating demand for personalized recommendations that improve the shopping experience is acting as another significant growth-inducing factor. Besides this, the increasing usage of virtual, voice assistants, and chatbots to enhance productivity and the emerging trend of integrating Artificial Intelligence (AI) and Machine Learning (ML) for automation, speech recognition, agent augmentation, emotion analysis, call analytics, etc., are also positively influencing the global market. Moreover, the growing popularity of digital communication in the education industry to aid online educators with video calling, screen sharing, call recording, and other features and the development of cloud-based technologies in the healthcare industry for managing appointments, telehealth, and consultations are expected to fuel the communications platform-as-a-service (CPaaS) market over the forecasted period.
Global Communications Platform As A Service Market 2022-2028 Analysis and Segmentation:
Top Key Players covered in this report are: 8×8 Inc., Avaya Inc., Bandwidth Inc., Infobip, Intelepeer Cloud Communications LLC, Mavenir Systems Inc. (Mavenir plc), MessageBird B.V., Plivo Inc., Ringcentral Inc., Telnyx LLC, Twilio Inc., Vonage Holdings Corp. (Telefonaktiebolaget LM Ericsson) and Voxvalley Technologies Pvt. Ltd.
The report has segmented the market based on region, component, enterprise size and industry.
Breakup by Component:
Breakup by Enterprise Size:
Breakup by Industry:
Breakup by Region:
The key regions covered in the market report are Asia Pacific, Europe, North America, Latin America, Middle East and Africa.
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