The Rise of Communication Platform as a Service: Market Overview
Communications platform-as-a-service (CPaaS) refers to a cloud-based solution that allows developers to add real-time communication capabilities, including video, voice, and messaging, to their applications, services, and business processes by deploying application program interfaces or APIs. This, in turn, aids organizations in enhancing customer communication channels, automating reminders, managing appointments, promoting in-app calling and broadcast, etc. Some of the communication capabilities delivered by them include SMS (short message service), MMS (multimedia messaging service), telephone, video, etc. They also offer enhanced scalability, multi-tenancy, reduced development time, improved outreach, lowered overall costs, etc. As a result, CPaaS services find extensive applications across numerous sectors, such as healthcare, education, hospitality, logistics, banking, financial services, and insurance (BFSI), etc.
According to the latest report by IMARC Group, the global communication platform as a service market reached a value of US$ 8.0 Billion in 2022. It is projected to reach a value of US$ 35.1 Billion by 2028, exhibiting a CAGR of 25.4% during 2023-2028.
Communication Platform As A Service Market Trends and Drivers:
The growing adoption of this solution in the retail and e-commerce industries, as it allows retailers to integrate audio, video, and SMS to their websites, mobile application, and social media channels to enhance customer engagement, is primarily driving the communications platform-as-a-service (CPaaS) market.
Additionally, the escalating demand for personalized recommendations that improve the shopping experience is acting as another significant growth-inducing factor. Besides this, the increasing usage of virtual, voice assistants, and chatbots to enhance productivity and the emerging trend of integrating Artificial Intelligence (AI) and Machine Learning (ML) for automation, speech recognition, agent augmentation, emotion analysis, call analytics, etc., are also positively influencing the global market.
Request a free sample of report: https://www.imarcgroup.com/communications-platform-as-a-service-market/requestsample
Moreover, the growing popularity of digital communication in the education industry to aid online educators with video calling, screen sharing, call recording, and other features and the development of cloud-based technologies in the healthcare industry for managing appointments, telehealth, and consultations are expected to fuel the communications platform-as-a-service (CPaaS) market over the forecasted period.
Global Communication Platform As A Service Market 2022-2028 Analysis and Segmentation:
Top Key Players covered in this report are: 8x8 Inc., Avaya Inc., Bandwidth Inc., Infobip, Intelepeer Cloud Communications LLC, Mavenir Systems Inc. (Mavenir plc), MessageBird B.V., Plivo Inc., Ringcentral Inc., Telnyx LLC, Twilio Inc., Vonage Holdings Corp. (Telefonaktiebolaget LM Ericsson) and Voxvalley Technologies Pvt. Ltd.
The report has segmented the market based on region, component, enterprise size and industry.
Breakup by Component:
· Software
· Services
Breakup by Enterprise Size:
· Small and Medium-Size Enterprises
· Large Enterprises
Breakup by Industry:
· BFSI
· Government
· IT and Telecom
· Healthcare and Life Sciences
· Retail
· Education
· Others
Breakup by Region:
· North America
o United States
o Canada
· Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
· Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
· Latin America
o Brazil
o Mexico
o Others
· Middle East and Africa
The key regions covered in the market report are Asia Pacific, Europe, North America, Latin America, Middle East and Africa.
If you want latest primary and secondary data (2022-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
Key highlights of the report:
· Market Performance (2016-2021)
· Market Outlook (2022- 2028)
· Porter’s Five Forces Analysis
· Market Drivers and Success Factors
· SWOT Analysis
· Value Chain
· Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
Appreciate the creator