Pune, India, Nov. 04, 2022 (GLOBE NEWSWIRE) -- The global communication platform-as-a-service market size was valued at USD 8.73 billion in 2021. The market is projected to grow from USD 11.03 billion in 2022 to USD 62.54 billion by 2029, exhibiting a CAGR of 28.1% during the forecast period.
Fortune Business Insights, present this information in its report, titled, “Communication Platform-as-a-Service Market, 2022-2029.”
Key Industry Development
March 2022: The subscription-based MiVoice MX-ONE, MiVoice Business, MiVoice Office 400, and MiVoice 5000 products from Mitel were recently released. These subscription-based business models should make it simple for clients to access the newest cloud-based technology and quickly adapt to changing market demands.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 28.1% |
| 2029 Value Projection | USD 62.54 Billion |
| Base Year | 2021 |
| Communication platform-as-a-service market size in 2021 | USD 8.73 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Deployment, Enterprise Size, Industry and Geography |
| Communication platform-as-a-service market Growth Drivers | Introduction of Chat-Bots to Upsurge CPaaS Market Sales |
Growing Remote Workforce in the Face of Pandemic to Drive Communication Platform-as-a-Service Market Growth
The operations activities of all businesses have been significantly impacted by the COVID-19. Organizations are increasingly turning to online solutions as desk-based corporate activities shift to a remote working environment. Due to rising acceptance of BYOD for office work and remote working, communication was initially a significant problem. As a result, businesses considerably increased their investments in communication platform as a service solutions during the pandemic, taking into account the numerous applications.
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Driving Factors
Introduction of Chat-Bots to Upsurge CPaaS Market Sales
Vendors are now able to offer Web RTC solutions to make group chats and video streaming on client devices easier due to the growing demand for real-time communication. Businesses concentrate on communication services that help them improve the experience of both desk-bound and remote consumers. This is encouraging chatbot adoption among numerous customer-facing firms.
Segmentation
Real-time Communication Capabilities to Fuel Cloud Demand
By deployment, the market segmentation is divided into cloud and on-premise. Cloud holds the highest market share and is also expected to grow at the highest CAGR during the forecast period as cloud-based deployment enables real-time communication that helps in improving the services.
Focus on Customer Engagement to Surge SME’s Growth Rate
Based on enterprise size, the market is classified into large enterprises and small and medium enterprises.
Large enterprises are expected to gain maximum revenue share during the forecast period.
Continuous Patient Engagement Needs to fuel Platform Adoption in Healthcare Industry
Based on industry, the market is segmented into BFSI, IT and telecom, healthcare, retail, logistics and transportation, hospitality, and others.
IT and telecom sector is expected to gain dominant share of the market during the forecast period.
In terms of region, the market is divided into five key regions: North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
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Regional Insights
North America to Lead Backed by Increased Need for Advanced Communication Platform Systems
During the forecast period, North America is anticipated to dominate the communication platform-as-a-service market share. It is anticipated that the presence of significant participants from a variety of industries would increase demand for sophisticated communication platform technologies.
Due to increasing government investments in digital transformation, the Asia Pacific area is expected to experience significant growth during the projection period. China will increase its market share during the projection period.
Europe is anticipated to exhibit moderate development. Businesses in the area are making investments in customer-based services to increase their clientele and drive revenue development. The popularity of communication platform-as-a-services is projected to increase as a result.
Report Coverage
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
Competitive Landscape
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
List of Key Players Covered in the Report
- Twilio Inc. (U.S.)
- Sinch AB (Sweden)
- 8x8 Inc. (U.S.)
- Bandwidth Inc. (U.S.)
- Avaya Inc. (U.S.)
- Vonage Holdings Corp. (U.S.)
- Alcatel-Lucent Enterprise (France)
- Plivo Inc. (U.S.)
- IntelePeer (U.S.)
- Infobip Ltd. (U.K.)
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Major Table of Contents:
- Global Communication Platform-as-a-Service Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Size (USD)
- Large Enterprises
- Small & Medium Enterprises
- By Industry (USD)
- BFSI
- IT & Telecom
- Healthcare
- Retail
- Logistics & Transportation
- Hospitality
- Others (Manufacturing, Education, etc)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Communication Platform-as-a-Service Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Size (USD)
- Large Enterprises
- Small & Medium Enterprises
- By Industry (USD)
- BFSI
- IT & Telecom
- Healthcare
- Retail
- Logistics & Transportation
- Hospitality
- Others (Manufacturing, Education, etc)
- By Country (USD)
- United States
- By Industry
- Canada
- By Industry
- Mexico
- By Industry
- United States
- South America Communication Platform-as-a-Service Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Size (USD)
- Large Enterprises
- Small & Medium Enterprises
- By Industry (USD)
- BFSI
- IT & Telecom
- Healthcare
- Retail
- Logistics & Transportation
- Hospitality
- Others (Manufacturing, Education, etc)
- By Country (USD)
- Brazil
- By Industry
- Argentina
- By Industry
- Rest of South America
- Brazil
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