Communication Platform as a Service Market worth $45.3 billion by 2027, growing at a CAGR of 29.4%: Report by MarketsandMarkets™

Chicago, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The Global Communication Platform as a Service Market is estimated 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, according to a new report by MarketsandMarkets™. The cost effectiveness of CPaaS solutions is expected to drive market growth in the coming years.

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268 - Tables
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Scope of the Report

Over the past few years, a rapid increase in disruptive and innovative technologies, such as Artificial Intelligence (AI), Machine Learning (ML), cloud technology, and 5G network, in the communication platform landscape has been observed. AI helps to automate processes and interactions that saves time and resources and allows employees to deal with questions that require high levels of expertise. With the help of cloud-based solutions, vendors can provide various features, such as recording videos, compressing, and sharing videos, without the concerns of storage and security, thereby enhancing the utility of the CPaaS solution.

By solutions, the message segment is estimated to account for the largest market share in 2022. Message solutions considered in the study include SMS, MMS, social channels (WhatsApp, Facebook Messenger, WeChat, and others), RCS, and Email. Real-time chat messaging and automated chatbots include use cases such as automated appointment reminders, order/shipping updates and confirmations, bulk messaging and group messaging, marketing automation, customer or technical support, and other real-time alerts and push notifications.

By organization size, the SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs are defined as an entity with the number of employees below 1,000. The real-time monitoring capabilities, reliability, scalability, mobility, damage control, user-friendly capabilities, easy integration, increase agility, reduced risk, reduced risk, and increased efficiency are the main reasons encouraging SMEs to adopt the CPaaS solutions and services at a rapid pace.

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By vertical, the IT & Telecom segment is expected to account for the largest share in the market. The majority of telecom vendors are offering CPaaS solutions, including business messaging, enterprise telephony, and telepresence, to deliver cost-effective communication platforms, reducing company expenses and improving productivity. The IT & Telecom sector has the largest market size in the vertical segment of the CPaaS market due to the industry being an early adopter of CPaaS solutions.

Programmable video is an area of opportunity as organizations look to replicate in-person communication with video. Video communication is one of the most popular modes of communication. It offers a quick and easy way to communicate with people. Programmable video enables customers to integrate video into existing business applications, such as sales software, to add features, such as call-to-call and multifactor authentication. Furthermore, the adoption of video communication applications has drastically increased during the COVID-19 pandemic. This provides great opportunity for vendors offering programmable video solutions.

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Top Trends in global Communication Platform as a Service Market

• Businesses were increasingly using CPaaS solutions to integrate real-time communication capabilities (such as voice, video, and messaging) directly into their applications, websites, and workflows via APIs. This enabled consistent and personalised communication experiences.
• CPaaS platforms enabled organisations to communicate with their customers over a variety of channels, including SMS, voice, email, social media, and others. In customer engagement initiatives, providing an omnichannel experience was becoming a critical difference.
• CPaaS suppliers improved their solutions to support rich media communication, which includes delivering images, videos, and other visual content via messaging and other channels. The growing demand for dynamic and engaging consumer encounters fueled this trend.
• Capabilities for video communication were gaining traction in CPaaS solutions. Video APIs were used for video conferencing, live streaming, virtual events, and remote customer assistance.
• The integration of CPaaS with artificial intelligence (AI) and chatbot technologies was on the rise. AI-powered chatbots were being used by businesses to automate conversations and give instant customer care via messaging channels.
• As the importance of communication data grew, CPaaS providers focused on improving security features like as encryption, authentication, and compliance with data protection standards such as GDPR.
• CPaaS systems were broadening their global reach by supporting several languages, international numbers, and local legislation to ease contact across borders.
• CPaaS platforms for Internet of Things (IoT) applications were being investigated, allowing devices to interface with users and other devices via message and voice capabilities.
• To offer more flexible and modular communication capabilities, CPaaS providers adopted microservices architecture. This method enabled firms to tailor and scale their communication features to meet their individual requirements.
• CPaaS products were becoming more focused on specific areas such as healthcare, banking, e-commerce, and others. Businesses were able to overcome industry-specific communication difficulties because to this customisation.

Key Industry Development in Communication Platform as a Service Market

• The COVID-19 epidemic, as well as the shift to remote work and virtual events, may have hastened the use of video communication inside CPaaS systems. Virtual meetings, webinars, and video conferencing have the potential to become even more important in CPaaS platforms.
• CPaaS vendors may have integrated artificial intelligence and automation technologies into their systems. To improve customer interaction and support, this might incorporate more advanced chatbots, natural language processing, and predictive analytics.
• With a rising emphasis on data privacy and security, enhanced security features inside CPaaS systems may have resulted. Encryption, secure authentication techniques, and adherence to changing data protection requirements may have become even more important.
• As edge computing and the Internet of Things (IoT) have grown in popularity, CPaaS providers may have shifted their attention to facilitating real-time communication between devices and applications at the edge. This could result in more efficient and smooth connectivity in IoT contexts.
• CPaaS platforms may have continued to build industry-specific solutions targeted to the demands of diverse industries, including healthcare, finance, retail, and others. These solutions may include specialised communication features as well as compliance choices.
• CPaaS providers might have increased their API marketplaces and ecosystems, giving developers access to a broader selection of communication tools and connectors to improve their apps.
• CPaaS providers may have increased their worldwide reach even further by delivering localised solutions, supporting new languages, and enabling region-specific communication capabilities.
• CPaaS systems may have focused on supporting hybrid communication strategies, in which organisations switch between different communication channels smoothly based on user preferences and engagement patterns.
• The CPaaS market may have seen the introduction of new players, startups, and creative solutions that provide novel methods of facilitating communication within applications and workflows.

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