COMMUNICATION PLATFORM-AS-A-SERVICE (CPAAS) MARKET ANALYSIS

Communication Platform-As-A-Service (CPaaS) MarketSize and Trends

The global Communication Platform- As-A-Service (CPaaS) market size was valued at US$ 5960 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 28.50% from 2022 to 2030. The global communication platform as a service market is expected to witness an increase in growth during the forecast period. This growth is driven by increasing demand for real time communication capabilities in various industries. Moreover, the increased adoption of digital communications is also one of the key factors contributing to the growth of the CPaaS market.

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

Reshaping of CPaaS is a major trend in the market

Reshaping of communication platform-as-a-service is changing the way for several enterprises to perceive communications. Some of them are moving everything to the cloud, while others are showing interest in developing over-the-top solutions that can boost and coexist with their existing communication platforms. The adoption of advanced CPaaS solutions is likely to increase in the coming time, as these solutions can offer the flexibility to adapt to such services at any point in time, without having them to spend larger amount of money. Thus, this trend is anticipated to continue in the global communication platform-as-a-service (CPaaS) market over the forecast period.

Growing focus of major market players on offering highly efficient solutions is a growing trend

Big market players such as Cisco, Microsoft, Google, and Zoom among others are fighting it out in the pandemic-driven remote market, they intend to offer more to love about their application to the end users. For instance, in October 2020, Teams announced that it has upgraded included enhancements to meeting transcriptions and templates intended for facilitating management of projects on Teams. Thus, such offerings by major market players are likely to continue in the market over the coming future, which in turn is expected to support the market growth.

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

Reshaping of CPaaS is a major trend in the market

Reshaping of communication platform-as-a-service is changing the way for several enterprises to perceive communications. Some of them are moving everything to the cloud, while others are showing interest in developing over-the-top solutions that can boost and coexist with their existing communication platforms. The adoption of advanced CPaaS solutions is likely to increase in the coming time, as these solutions can offer the flexibility to adapt to such services at any point in time, without having them to spend larger amount of money. Thus, this trend is anticipated to continue in the global communication platform-as-a-service (CPaaS) market over the forecast period.

Figure.1: Global Communication Platform-As-A-Service (CPaaS) Market Share (%), By Region, 2021