Asia Pacific Communication Platform as a Service (CPaaS) Market was valued at US$ 1,009.4 Million in 2020 and is expected to surpass US$ 28,807.6 Million by 2028, exhibiting a CAGR of 45.5% during the forecast period (2021-2028), according to the Asia Pacific Communication Platform as a Service (CPaaS) Market Report, by Component (Platform, (SMS API Platform, VoiP & Voice API Platform, Video API Platform, and Others (Email APIs, Phone Verifications)) and Services), by Enterprise Size (SME’s and Large Enterprises), by Vertical (BFSI, Manufacturing, Healthcare, IT & Telecom, Transportation & Logistics, and Retail & E-commerce), and by Country (China, India, Japan, South Korea, Indonesia, Australia and New Zealand, Singapore, Malaysia, Philippines, and Myanmar), published by Coherent Market Insights.
The increasing use of communications platform as a service for customer engagement is major factor that is expected to drive the market growth. Communications platform as a service improves the overall customer experience by providing contextual communication solutions for customers. The companies in BFSI and IT sector are investing in various communications platform as a service applications such as video-enabled help desks, authentication services, and appointment reminders among others, in order to provide more personal and engaging services than traditional channels. Moreover, communications platform as a service enables smarter person-to-device and person-to-person (P2P) communication. With the help of intelligent CPaaS, right information reaches the right person without human intervention. Due to the aforementioned benefits, companies across Asia Pacific are adopting CpaaS for offering various services to the customers. For instance, in July 2017, NTT Communications Corporation launched Enterprise Cloud WebRTC Platform. This platform will enable easy installation of online real-time communication on web applications such as voice and video communications and data transmission capabilities.
Asia Pacific Communication Platform as a Service (CPaaS) Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, most of the countries are affected by COVID-19 pandemic and have announced lockdown. Due to this, most of the companies are offering work from home option. Bring Your Own Device (BYOD) emerged as a significant trend in this new era of flexibility and network accessibility for employees worldwide for various organizations, making the workplace more productive. The rapidly increasing adoption of the BYOD trend and other mobility solutions is expected to further drive the adoption of communication platform as a service (CPaaS) solutions.
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Key Trends and Analysis of the Asia Pacific Communication Platform as a Service (CpaaS) Market:
- China held dominant position in the Asia Pacific communication platform as a service (CPaaS) market in 2020 and is expected to retain its dominance throughout the forecast period. The healthcare industry in China is adopting communication platform as a service (CPaaS), in order reach out to patients remotely by assisting them in booking appointments and sending medical reports to the doctor for analysis and counseling.
- South Korea is expected to witness significant growth over the forecast period. South Korea has an advanced existing telecommunication infrastructure that has supported the growth of the ICT sector in the country. In addition to that, adoption of cloud services is also increasing at a rapid pace in the country which is further expected to drive the communication platform as a service (CPaaS) market growth in the Asia Pacific region.
- Among vertical, BFSI segment held a dominant position in the market in 2020 and is expected to retain its dominance during the forecast period, owing to the rising adoption of software-based CPaaS solutions to minimize cost of IT infrastructural.
- Major players operating in the Asia Pacific communication platform as a service (CPaaS) market include Voxbone, GENBAND, RingCentral Connect Platform, Brightlink CPaaS Platform, MessageBird, Exotel, Karix Mobile Pvt. Ltd, CALLHIPPO, VCLOUDX PTE LTD, Plivo Inc., Xoxzo Inc., Nippon, BroadSoft Japan KK, NTT Communications Corporation, Telesmart, TWILIO INC., Infobip ltd, Alcatel-Lucent S.A, Amazon Connect, and Ribbon Communications Operating Company, Inc.
