The global Communication Platform-As-A-Service (CPaaS) Market is estimated to account for US$ 5960 Mn in terms of value by the end of 2021. Communication Platform as a Service CPaaS is the ultimate communications platform that can be tailored to user’s needs. Customers expect more flexibility and reliability in their communication experiences, and with a CPaaS, users can provide a customized solution for their business. Whether the customers are in the United States, Canada, Europe, or Asia Pacific, a CPaaS can help user keep up with their changing expectations.
Global Communication Platform-As-A-Service (CPaaS) Market: Drivers
Use of chat-bots is expected to propel growth of the global communication platform-as-a-service market over the forecast period. Chat-bots are in nature data driven and scalable. They provide enhanced productivity and efficiency to end users. The use of chat-bots in business applications facilitated brands for reaching their customers through preferred channels with rapid support. Thus, increasing demand for customized services and needs for real-time support are expected to drive the market, as chat-bots are increasing being adopted due to features such as cost efficiency, simultaneous multiple conversations, personal assistants, and elimination of repetitive work.
Global Communication Platform-As-A-Service (CPaaS) Market: Opportunities
Growing launch of novel solutions and services by market players to cater the increasing demand for CPaaS is expected to create growth opportunities in the global communication platform-as-a-service (CPaaS) market over the forecast period. For instance, in February 2022, Syniverse launched a cloud-native, hyperscale digital engagement platform for enhancing the customer experiences and boosting the digital transformation of enterprises. Thus, such activities are creating competitive environment in the market, which is providing market players with several growth opportunities.
Global Communication Platform-As-A-Service (CPaaS) Market: Restraints
Lack of infrastructure availability in developing and underdeveloped economies is expected to hamper growth of the global communication platform-as-a-service (CPaaS) market over the forecast period. Due the lack of availability of physical infrastructure such as servers, data centers, storage, and network equipment, the adoption of CPaaS solutions is hindered in various emerging regions. Moreover, issues with the availability of infrastructure, such as failure of data centers leading to significant downtime is also expected to hinder growth of the market over the forecast period.
Communication Platform-As-A-Service (CPaaS) Market - Impact of Coronavirus (Covid-19) Pandemic:
The outbreak of coronavirus positively impacted the global communication platform-as-a-service (CPaaS) market over the forecast period. The pandemic accelerated digital communication strategies of companies by nearly 6 years, and 97% of enterprise decision-makers think that the pandemic accelerated digital transformation of their companies, according to the survey of over 2,500 enterprise in the U.S. conducted by Twilio, a cloud communication and customer engagement platform. Thus, adoption of CPaaS solutions increased during the pandemic, which in turn positively impacted growth of the market.
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Key Takeaways:
The global communication platform- as-a-service (CPaaS) market was valued at US$ 5960 Mn in 2021 and is forecast to reach a value of US$ 56934.4 Mn by 2030 at a CAGR of 28.50% between 2022 and 2030.
Retail and E-commerce segment held dominant position in the global Communication Platform-As-A-Service (CPaaS) market in 2020, accounting for 28.4% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Communication Platform-As-A-Service (CPaaS) Market Trends:
Increasing growth of retail and e-commerce industry is a major trend in the global communication platform-as-a-service market. Owing to the fast-changing consumer purchasing preferences, the retail business is witnessing rapid transformation. It has moved from the previous sing point interaction to omnichannel interactions through social media or web. Due to growing consumer demand, all channels have established a better service and shopping experience. Thus, advanced communication solutions are catering this demand by automating customer services and retail business processes. This in turn is expected to boost growth of the global communication platform-as-a-service (CPaaS) market over the forecast period.
Growing adoption of strategic mergers and acquisitions by market players to gain a strong edge in the market is another trend in the global communication platform-as-a-service (CPaaS) market. For instance, in March 2021, Twilio announced the acquisition of Value First, a CPaaS provider based in India. With this acquisition, the cloud communication and CPaaS platform of both the companies were united. Thus, such inorganic market strategies being adopted by market players is recent trend in the market, which is likely to continue over the forecast period.
Global Communication Platform-As-A-Service (CPaaS) Market: Competitive Landscape
EnableX.io (VCLOUDX PTE. LTD), Twilio Inc., Infobip Ltd., Vonage Holdings Corp, M800 Limited, MessageBird BV, Iotum Inc., Plivo Inc., Voxbone SA, Snich AB, Telestax, Voximplant (Zingaya Inc.), Mitel Networks Corporation, 8x8 Inc., AT&T Inc., Voxvalley Technologies, Avaya Inc., Bandwidth Inc. (Bandwidth.com), Wazo Communication Inc., and IntelePeer Cloud Communications
Global Communication Platform-As-A-Service (CPaaS) Market: Recent Developments
In April 2021, Voximplant (Zingaya, Inc.), announced the plans to raise a Series C round of capital in the first of 2022 for accelerating growth in the CPaaS platform. The company planned to raise US$ 30 million, and geographic expansion in the U.S.
