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The Global Communication Platform as A Service (CPaaS) Market Size is valued at 15.26 billion in 2023 and is predicted to reach 119.61 billion by the year 2031 at a 29.66% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The rising popularity of digital communications, like contact center platforms and cloud-based video conferencing, is also fueling the expansion of the CPaaS industry.
- Growing demand for chatbots on communication SaaS platforms has a favorable effect on expanding the communication platform-as-a-service industry.
- Asia Pacific dominated the market and accounted for a revenue share of global revenue in 2023.
- Challenges with internet speed, technical glitches, and growing security concerns limit the expansion of the communication platform as a service market.
The widespread acceptance of the solution in the retail and e-commerce industries creates a bright outlook for the market. To increase customer involvement, CPaaS enables merchants to include audio, video, and SMS communication into their websites, mobile applications, and social media platforms. Another growth element is the increasing desire for individualized recommendations that improve all channels' buying and service experience.
Also, the widespread use of chatbots, virtual assistants, and voice assistants to promote productivity and efficiency is significantly boosting the market growth. Additionally, the incorporation of AI and ML for call analytics, agent augmentation, emotion analysis, automation, speech recognition, and automation are advancing the field.
In addition, the retail industry has undergone a substantial transformation as a result of the rapidly changing purchasing patterns of consumers, shifting from a single point of engagement to omnichannel interactions via the web or social media. A better shopping and customer experience has been built across all channels as a result of the increasing consumer demand, which is being met by innovative mobile communications that automate customer care and retail business operations.
Recent Developments:
- In February 2022, Bosch Group, a significant global provider of technology and services, selected Kaleyra Inc. as their dependable vendor to power the Bosch Mobility Solutions cloud communications in India. Kaleyra Inc. is a cloud communications software provider in the API/Communications Platform as a Service (CPaaS) sector.
- In January 2022, Bandwidth Inc. announced a key development in the enterprise contact center's future with Genesys, a leading global corporate cloud communications business specializing in customer experience orchestration.
Competitive Landscape:
Some of the Communication Platform as a Service (CPaaS) market players are:
- Avaya Inc.
- Bandwidth Inc.
- Infobip ltd.
- Message Bird BV
- Plivo Inc.
- Snich AB
- Telnyx LLC
- TEXTUS
- Twilio Inc.
- Vonage Holdings Corp
- Voximplant
Market Segmentation:
The Communication Platform as a Service (CPaaS) market is segmented based on components, organization size and vertical. Based on components, the market is categorized as a services and solutions. Based on organization size, the market is categorized into large enterprises and small and medium-sized enterprises (SMEs). Based on vertical, the market is segmented as banking, financial services, and insurance (BFSI), Retail and eCommerce, IT & telecom, government, healthcare, education, manufacturing and other verticals.
Based On Product, The Retail & E-Commerce Segment Is A Major Contributor To The Communication Platform As A Service (CPaaS) Market
The retail & e-commerce category will hold a major share of the global Communication Platform as a Service (CPAAS) market in 2021. Since transitioning from a single interaction location to omnichannel interactions through the web or social media, the retail industry has seen a considerable transformation, primarily due to the rapidly evolving consumer purchasing preferences. Because of the growing consumer demand, a better shopping and service experience has been well-established across all channels. So, it is being served by sophisticated communication systems that primarily automate customer service and retail business operations.
The Large Enterprise Segment Witnessed Growth At A Rapid Rate
The large enterprise segment is projected to grow rapidly in the global Communication Platform as a Service (CPAAS) market. Business owners that use CPaaS services place a higher value on managing customer relationships, opening the door for ongoing process improvement. Customers from large enterprises are often dispersed throughout several regions rather than concentrated in a single one, and they have more significant market shares, technological know-how, and successful business strategies.
The North American Communication Platform As A Service (CPaaS) Market Holds A Significant Regional Revenue Share
The North American Communication Platform as a Service (CPaaS) market is expected to register the highest market share in revenue soon. The retail business has seen a significant transformation due to the fast-shifting consumer purchasing intentions, shifting from the prior single point of interaction to omnichannel interactions via the web or social media. A better shopping and customer experience has been established across all channels thanks to the growing consumer demand, which is being catered to by cutting-edge mobile communications that automate customer service and retail business processes.
In addition, the Asia Pacific region is predicted to grow tremendously in the market. The retail business has seen a significant transformation due to the fast-shifting consumer purchasing preferences, moving from the previous single point of interaction to omnichannel interactions via the web or social media. A better shopping and service experience has been established across all channels thanks to the growing consumer demand, which is being catered to by cutting-edge communication solutions that automate customer service and retail business processes.
Communication Platform as a Service (CPaaS) Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 15.26 Bn |
|
Revenue forecast in 2031 |
USD 119.61 Bn |
|
Growth rate CAGR |
CAGR of 29.66% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Components, Organization Size And Vertical |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Twilio Inc., Vonage Holdings Corp, MessageBird BV, Plivo Inc. and Snich AB. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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