Chicago, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The Communication Platform as a Service Market 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, according to a new report by MarketsandMarkets™. The growth of the CPaaS market can be attributed to the growing demand for improved customer service and client engagement. Moreover, the boost in the adoption of CPaaS solutions during the pandemic fuels the growth of the market.
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Scope of the Report
| Report Metrics | Details |
| Market size available for years | 2018-2027 |
| Base year considered | 2021 |
| Forecast period | 2022-2027 |
| Forecast units | Value (USD Million/Billion) |
| Segments covered | By Component, Organization Size, Vertical, and Region |
| Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Companies covered | Major vendors include Twilio (US), Sinch (Sweden), Avaya (US), Vonage (US), and Bandwidth (US) |
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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