Market Challenges And Opportunities

Global Communication Platform- As-A-Service (CPaaS) Market Restraints:

Security concerns related use of CPaaS to hamper growth of the market

The security concerns linked to user data are restraining growth of the market. The deployment of these communication solutions is increasing, which is also leading to increasing cyberattacks. Although cloud-based solutions are the most viable options for different applications, as they offer the computation and storage for cloud users, these solutions still have limitations in terms of security measures to protect data and applications for users having accessibility changing hands. Thus, these factors are expected hinder growth of the market over the forecast period. However, major market players are focused on development and launch of novel and efficient solutions to overcome these shortcomings of CPaaS solutions that are currently in use. This in turn is likely to support the market growth.

Government regulations regarding data usage to restrain the market pace

Regulatory concerns related to user data are restraining growth of the global communication platform-as-a-service market over the forecast period. Several governments are imposing stringent regulation associated with the use of data and its privacy, as deployment of CPaaS is increasing in several sectors including healthcare. These regulations are however creating challenges in adoption of CPaaS solutions. This in turn is expected to hamper growth of the global communication platform-as-a-service (CPaaS) market over the forecast period.

Global Communication Platform- As-A-Service (CPaaS) Market Drivers:

Rise in shift of organizations from traditional and adjacent models to augment the market pace

Traditionally businesses rely upon real-time communication technologies that functions same as CPaaS. However, developing and deploying such communication solutions require workforce, time, and energy on existing systems. CPaaS solutions offer readymade SDK, which is software development kits. These are a complete development framework for developing and deploying communication software on any application or website. Thus, demand CPaaS is increasing as many companies are shifting towards these solutions from traditional and adjacent models. This in turn is expected to augment growth of the market in the forecast period.

Rise in demand for omnichannel marketing to boost the market growth

The demand for omnichannel marketing is increasingly rapidly among enterprises for retaining and attracting new customers. Customers are required to reach businesses through various methods. Some use live web chat, some use text messaging, and other use standard voice services. The use of communication platform-as-a-service (CPaaS) offers access to all well-known communication platform at the same time. This allows businesses to be on the platforms that customers want to use. Thus, demand for omnichannel marketing is expected to support growth of the global communication platform-as-a-service (CPaaS) market over the forecasts period.

Global Communication Platform- As-A-Service (CPaaS) Market Opportunities:

Increasing technological developments such as lightweight and context-based transaction deployments is expected to create growth opportunities in the global communication platform-as-a-service (CPaaS) market over the forecast period. Due to the rise in technological advancements, benefits of CPaaS are increasing. Ai is a major example, as it is an innovation, which will revolutionized service- and communication-related technology. As machines are becoming smarter and coming closer to communicative parity with humans, cloud-based communication platforms will transform automated self-service, among other functions in businesses. Thus, this in turn will impact adoption of CPaaS lucratively, which is expected to offer business opportunities in the market.

Growing adoption of work from home modules by several companies around the world is also projected to offer growth opportunities in the global communication platform-as-a-service (CPaaS) market over the forecast period. After the Covid-19 pandemic, several companies are adopting permanent work from home or hybrid work culture. Use of CPaaS is anticipated to support this increasing remote workforce. For instance, as per Owl Labs data, the rate of individuals working from home at least once of week is 52% on a global scale. And use of CPaaS will play a major role to enable uncompromised remote work options.