Portland, OR, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Rise in cloud spending activities and increase in demand for user-friendly and cost-effective browser-based communication solutions is driving the growth of the global communication platform-as-a-service (CPaaS) market. By component, the solution segment held the major share in 2021. By region, LAMEA would cite the fastest CAGR by 2031.
According to the report published by Allied Market Research, the global communication platform-as-a-service market was estimated at $10.2 billion in 2021 and is expected to hit $80.2 billion by 2031, registering a CAGR of 23.1% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $10.23 Billion |
| Market Size in 2031 | $80.23 Billion |
| CAGR | 23.1% |
| No. of Pages in Report | 232 |
| Segments Covered | Component, Enterprise Size, Industry Vertical, and Region. |
| Drivers | Growing trend of mobility and BYOD |
| Growing demand for personalized and streamlined customer interaction to achieve high customer satisfaction Increase in use of chat bot sales in communication platform as a service | |
| Restraints | Internet bandwidth and technical glitch issues |
| Increasing security concerns | |
| Opportunities | Increase in use of technological advancement |
Covid-19 scenario-
- The COVID-19 pandemic had a positive impact on the communication platform as a service market. The need to work from home dramatically increased and highlighted the need for dynamic and efficient cloud-based communication solutions for remote working.
- However, growing use of communication platform increased the cyber attacks on the institutes especially on the SMEs.
The global communication platform-as-a-service market is analyzed across component, enterprise size, industry vertical, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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By component, the solution segment held the largest share in 2021, garnering more than two-Third of the global communication platform-as-a-service (CPaaS) market revenue, and is projected to maintain its dominance by 2031. The service segment, on the other hand, would showcase the fastest CAGR of 24.5% during the forecast period.
By enterprise size, the large enterprise size segment contributed to nearly three-fifth of the global communication platform-as-a-service (CPaaS) market share in 2021, and is projected to rule the roost by 2031. The SMEs segment, on the other hand, would display the fastest CAGR of 24.3% throughout the forecast period.
By industry vertical, the IT & Telecom segment accounted for the highest share in 2021, generating around one-fourth of the global communication platform-as-a-service (CPaaS)market revenue. The education segment, simultaneously, would portray the fastest CAGR of 27.1% during the forecast period. The acoustic fabric and tensile architecture segments are also analyzed through the report.
By region, North America held the major share in 2021, garnering more than one-third of the global communication platform-as-a-service (CPaaS) market revenue. The LAMEA region would showcase the fastest CAGR of 25.1% from 2022 to 2031. The other provinces assessed through the report include North America, Europe, and Asia-Pacific.
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The key market players analyzed in the global communication platform-as-a-service market report include Accenture, 8x8 Inc., ALE International, Avaya Inc., Bandwidth Inc., Infobip Ltd., IntelePeer Cloud Communications LLC, Plivo Inc., Sinch, Twilio Inc., and Vonage America, LLC. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
