Communication Platform as a Service (CPaaS) Market Worth USD 118.18 Billion to 2031 - Explained Detail | InsightAce Analytic

Jersey City, NJ, March 15, 2023 (GLOBE NEWSWIRE) -- The global Communication Platform as a Service (CPaaS) Market is estimated to reach over USD 118.18 billion by 2031, exhibiting a CAGR of 29.17% during the forecast period. 

An organization's business activities can be integrated with audio, video, chat, and messaging apps using Caps or communication platform-as-a-service. A middleware service called CPaaS enables companies (vendors) to develop and distribute meaningful dialogue applications. In the contact center context, agents can communicate within the CRM application or contact center software platform.

The rapidly expanding uptake of the BYOD trend and other mobility solutions is predicted to accelerate the adoption of CPaaS solutions. Bring Your Device (BYOD) emerged as a big trend in this new era of flexibility and network accessibility for employees globally for different enterprises, enhancing workplace productivity further. The retail business has changed, moving away from a more direct single point of communication toward omnichannel communications via the web or social media, resulting in rapidly evolving customer purchasing trends. A better shopping and service experience across all channels is in high demand due to rising consumer demand.

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The importance of omnichannel communication has now been recognized by retailers worldwide, and several businesses now post their material on social media, mobile applications, business websites, and other digital channels. Retailers worldwide are being advised to use these real-time communication systems by expanding retail sales across many locations to serve their customers better and broaden their clientele. As a result, this industry's growth is also fueled by fast-shifting consumer purchasing behaviors.

List of Prominent Players in the Communication Platform as a Service (CPaaS)Market:

• Avaya Inc.
• Bandwidth Inc.
• Infobip ltd.
• Message Bird BV
• Plivo Inc.
• Snich AB
• Telnyx LLC
• TEXTUS
• Twilio Inc.
• Vonage Holdings Corp
• Voximplant

Recent Developments:

• In February 2022, Bosch Group, a significant global provider of technology and services, selected Kaleyra Inc. as their dependable vendor to power the Bosch Mobility Solutions cloud communications in India. Kaleyra Inc. is a cloud communications software provider in the API/Communications Platform as a Service (CPaaS) sector.

• In January 2022, Bandwidth Inc. announced a key development in the enterprise contact center's future with Genesys, a leading global corporate cloud communications business specializing in customer experience orchestration.

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Communication Platform as a Service (CPaaS) Market Report Scope

Market Dynamics:

ivers-
One of the key factors driving this market is the demand for contextual messaging as businesses look to improve the overall customer experience. Opportunities and One of the key factors driving this market is the demand for contextual messaging as businesses look to improve the overall customer experience. Opportunities and challenges are external market aspects, whereas drivers and restraints are inner market forces. Developers can access 24/7 live help or use online forums, tutorials, and guidelines to obtain the necessary solutions. This is another significant reason propelling the expansion of the Global Enterprise Communications Platform as a Service (CPAAS) Market. Additionally, the CPAAS Market offers service providers the chance to boost sales and forge connections with businesses that wish to expand beyond conventional telephony applications. CPAAS allows businesses to create unique apps and processes at a low cost.

Challenges:
The communications platform as a service (CPAAS) security risk is anticipated to restrain market expansion throughout the projection period. Lack of product knowledge in developing nations is the main issue, which is expected to slow the market's expansion for CPASS. However, considerations, including the high setup cost, are anticipated to limit the market's overall growth in the upcoming years.

Regional Trends:
The North American Communication Platform as a Service (CPASS) market is expected to register a major market share in revenue and is projected to grow at a high CAGR soon. The market for widely used communication platform systems is anticipated to increase due to the existence of key players from numerous industries. Moreover, the CPaaS market is anticipated to be driven by the rising use of cloud-based software. The US is predicted to gain the largest market share during the forecast period due to its fast-expanding consumer base across all communication channels. Besides, Europe had a substantial market share because of the recent rise in mobility and the significant expansion of the use of smart mobile devices. Furthermore, major market players intend to introduce unified and integrated CPaaS solutions in the region in response to the growing need for user-friendly and affordable browser-based communication solutions, which is anticipated to accelerate the market's growth.

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Segmentation of Communication Platform as a Service (CPASS) Market-

Communication Platform as a Service (CPASS) Market By Component

• Solutions
  • Message
    • Short Message Services (SMS)
    • Multimedia Message Services (MMS)
    • Social Channels (WhatsApp, Facebook Messenger, WeChat, and others)
    • Rich Communication Services (RCS)
    • Email
  • Voice
    • Outbound & Inbound Voice Calls
    • Interactive Voice Response (IVR) Calls
    • Voice Over Internet Protocol (VoIP)
    • SIP Trunking Services
    • WebRTC-based Calling
  • Video
    • Video Calling
    • Video Conferencing
    • WebRTC-based Video
  • Other Solutions
    • Security
    • Reporting & Analytics
• Services
  • Managed Services
  • Professional Services
    • Implementation & Integration
    • Training & Consulting
    • Support & Maintenance

Communication Platform as a Service (CPASS) Market By Organization Size:

• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)

Communication Platform as a Service (CPASS) Market By Vertical

• Banking, Financial Services, and Insurance (BFSI)
• Retail and eCommerce
• IT & Telecom
• Government
• Healthcare
• Education
• Manufacturing
• Other Verticals

Communication Platform as a Service (CPASS) Market By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

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