Dublin, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The "Global Communication Platform as a Service Market by Component (Solutions (Message, Voice, Video) and Services (Professional and Managed)), Organization Size (SMEs and Large Enterprises), Vertical and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global CPaaS market is projected to grow from USD 12.5 billion in 2022 to USD 45.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 29.4% during the forecast period. CPaaS providers offer a number of communication services that are available to their clients out of the box or can be implemented with customization. CPaaS offers a high level of customization to meet specific needs of customers without having to subscribe to a bunch of extra services.
In addition to being customizable, CPaaS systems are also fully scalable. By using APIs, software developers can reuse existing technical solutions and focus exclusively on new functionality that solves a specific problem. In so doing, they share resources with others, which reduces the need to independently scale up their infrastructure to handle unforeseen spikes in traffic volume and usage.
By solutions, the video segment is expected to grow at a higher CAGR during the forecast period
The video segment is expected to grow at a higher growth rate during the forecast period. Video solutions help to build a custom video experience within any mobile, web, or desktop application using Video APIs. Video solutions include video calling, video conferencing, and WebRTC-based video. CPaaS providers are seeing growing demand for video APIs that integrate with industry specific applications such as electronic health records virtual learning platforms.
By organization size, the large enterprises segment is expected to account for the largest market share
The large enterprises segment is expected to account for the largest market size. Large enterprises are defined as a business entity with an employee count of more than 1,000. Large enterprises have the ability to invest in latest technologies to run their businesses effectively. These enterprises do not face any budget issues and are always ready to update the technologies to perform better and monitor the customers in real-time.
By vertical, the retail & eCommerce segment is expected to grow at the highest CAGR during the forecast period
The retail & e-commerce segment is expected to grow at the highest CAGR during the forecast period. The vertical is focusing on offering an interactive experience to consumers through web and mobile-based retail solutions. Online video advertising and online video campaigns enable retailers to strengthen their brand image in the market. CPaaS solutions facilitate real-time communication between customers and stakeholders, leading to enhanced brand loyalty and increased revenue through effective digital marketing.
| Report Attribute | Details |
| No. of Pages | 278 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $12.5 Billion |
| Forecasted Market Value (USD) by 2027 | $45.3 Billion |
| Compound Annual Growth Rate | 29.4% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Growing Demand for Improved Customer Service and Client Engagement
- Cost-Effectiveness of CPaaS Solutions
- Enhanced Customizability and Scalability
- Entry of Large Enterprises
- Boost in Demand for CPaaS Solutions After Pandemic
Restraints
- Security Concerns Related to Public Cloud
Opportunities
- New Channels to Digital Transformation
- Emergence of Programmable Videos
Challenges
- Vulnerability of CPaaS Companies to Fraudulent Activities
- Poor Customer Experience due to Multiple Levels of Intermediaries
The following key CPaaS vendors are profiled in the report:
- Twilio (US)
- Sinch (Sweden)
- Avaya (US)
- Vonage (US)
- Bandwidth (US)
- RingCentral (US)
- TeleSign (US)
- Infobip (UK)
- CM.com (Netherlands)
- 8x8 (US)
- Syniverse (US)
- AWS (US)
- Link Mobility (Norway)
- Tanla (India)
- Kaleyra (Italy)
- Telnyx (US)
- Dolby.io (US)
- Route Mobile (India)
- Microsoft (US)
- MessageBird (Netherlands)
- Plivo (US)
- Botmaker (US)
- EnableX.io (Singapore)
- TextUs (US)
- Voxvalley (Singapore)
- Vidyo (US)
- Voximplant (US)
- MOBtexting (India)
- Nuso (US)
- Iotum (Canada)
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Communication Platform as a Service Market, by Component
6.1 Introduction
6.2 Solutions
6.2.1 Message
6.2.1.1 Increasing Need for Advanced Messaging Capabilities
6.2.1.2 Short Message Service (Sms)
6.2.1.3 Multimedia Messaging Service (Mms)
6.2.1.4 Social Channels
6.2.1.5 Rich Communication Services (Rcs)
6.2.1.6 Email
6.2.2 Voice
6.2.3 Video
6.3 Services
6.3.1 Professional Services
6.3.2 Managed Services
7 Communication Platform as a Service Market, by Organization Size
7.1 Introduction
7.2 Large Enterprises
7.3 Small and Medium-Sized Enterprises
8 Communication Platform as a Service Market, by Vertical
8.1 Introduction
8.2 Banking, Financial Services, and Insurance (BFSI)
8.3 Retail & Ecommerce
8.4 IT & Telecom
8.5 Government
8.6 Healthcare
8.7 Education
8.8 Manufacturing
8.9 Other Verticals
9 Communication Platform as a Service Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Adjacent Markets
13 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/gxfwyk
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
