Dublin, April 18, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, a global Information Technology & Telecommunication market research firm, has published competitive intelligence and market research report on “Communication Platform as a Service Market”. The Communication Platform as a Service Market size was valued at USD 12.4 Bn in 2022. The total Communication Platform as a Service Market revenue is expected to grow at a CAGR of 28.4 percent from 2022 to 2029, reaching USD 48.9 Bn during the forecast period.
| Market Size in 2022 | USD 12.4 Bn |
| Market Size in 2029 | USD 48.9 Bn |
| CAGR | 28.4 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 289 |
| No. of Tables | 124 |
| No. of Charts and Figures | 130 |
| Segment Covered | By Component, Industry, Deployment, and Enterprise size |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Communication Platform as a Service Market Scope and Research Methodology
The report is a detailed analysis of the Communication Platform as a Service Market covering all the major aspects such as segments, country-wise, and region-wise. For a better understanding of Communication Platform as a Service Industry penetration, competitive structure, pricing analysis, and demand analysis of the market are undertaken at the local, regional and global levels.
Major companies are mentioned by region, along with their revenue, portfolio, developments, mergers & acquisitions, and strategic alliances, for competitive analysis of the Communication Platform as a Service Market. Growth potential and business forecast for new market entrants are provided in the Communication Platform as a Service Market report.
Communication Platform as a Service Market is segmented based on Component, Industry, Deployment, and Enterprise size to understand the variables and impact on the market growth. Bottom-up approach was used to estimate the Communication Platform as a Service market size. The primary and secondary methods were used to collect data from the Communication Platform as a Service market. SWOT analysis was conducted to provide the strengths and weaknesses of the Communication Platform as a Service market.
Communication Platform as a Service Market Overview
Communication Platform as a Service is a cloud-based model used by organizations to add real-time communications capabilities by application program interfaces. The communication capabilities delivered by the applications include SMS, MMS, telephony, and video. Communication Platform as a Service is deployed by organizations in their business applications and in cloud service providers to add communication capabilities to applications and services.
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Increasing need for real-time communication to influence the market growth
Communication Platform as a Service provides solutions to the business with the tool needed for communication with customers regardless of their location. It provides typical solutions, which are delivered via cloud, which makes it more flexible and scalable. Communication Platform as a Service helps to reduce IT infrastructure costs and improve agility and is expected to fuel the Communication Platform as a Service market growth. CPaaS enables developers to integrate communication functionality. Need for CPaas makes market vendors to launch new solutions and services related to the Communication Platform as a Service market and is expected to influence the market growth. Demand for improved customer services and client engagement is significantly contributing for the growth of the market. Chatbots are used to fulfil the customers demand.
Security concern related to businesses is expected to restrain the Communication Platform as a Service market growth. Increase in number of cyber-attacks are more cautious about adopting cloud-based communication solutions. Lack the technical expertise in business is expected to hamper the market growth. High cost compared to traditional communication solutions due to upfront investment required is hindering the market growth.
Communication Platform as a Service Market Trends
- Demand for Omnichannel expansion
- Emergence of low-code and no-code solutions
- Increasing adoption of artificial intelligence (AI) and machine learning (ML)
- Increased focus on vertical-specific solutions
- Integration with collaboration tools
- Expansion of global reach
Communication Platform as a Service Market Opportunities
- Integration with other cloud services
- Expansion into new markets
- Customization
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Communication Platform as a Service Market Regional Insight
Asia Pacific region is expected to hold the largest Communication Platform as a Service Market share over the forecast period. Increased demand for real-time communication and collaboration tools in China, India, and Japan is expected to boost regional market growth. Adoption of cloud-based communication solutions and need to improve communication is expected to drive the Communication Platform as a Service Market growth.
North American region is expected to dominate the market over the forecast period due to increasing demand for real-time communication across various industries. Adoption of cloud-based communication solutions in the region is expected to boost the regional Communication Platform as a Service market growth.
Communication Platform as a Service Market Segmentation
By Component:
- Services
- Solution
Based on Components, Service segment is expected to hold the largest Communication Platform as a Service Market share and dominate the market over the forecast period. Growing consumer base across all communication channels with reduced cost is expected to fuel the service segment growth.
By Industry:
- Healthcare
- IT and Telecom
- BFSI
- Government and Public Sector
- Manufacturing
- Retail
- Education
Based on Industry, IT & Telecommunication segment is expected to dominate the Communication Platform as a Service Market over the forecast period. Adoption of CPaaS helps to improve real time communication and is expected to boost the market growth.
By Deployment:
- Cloud
- On- premise
By Enterprise size:
- Large
- Small
Communication Platform as a Service Key players include:
- Avaya
- TWILIO INC
- Vonage America
- MessageBird
- Infobip ltd.
- Plivo Inc.
- Telnyx LLC
- TEXTUS
- Voximplant
- Bandwidth Inc.
- Telesign corporation
- IntelePeer cloud communications llc
- Nylas
- Plivo
- Wazo communication inc
- Mitel networks corporation
- IMIMobile limited
- Mobtexting
- 8x8 inc
- Kaleyra
- Link Mobility
- Verint Systems
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Key questions answered in the Communication Platform as a Service Market are:
- What is Communication Platform as a Service?
- What was the Communication Platform as a Service market size in 2021?
- What is the expected Communication Platform as a Service market size by 2029?
- What is the growth rate of the Communication Platform as a Service Market?
- Which are the factors expected to drive the Communication Platform as a Service market growth?
- Which segment dominated the Communication Platform as a Service market growth?
- What is the demand pattern for the Communication Platform as a Service market?
- Which region held the largest share in the Communication Platform as a Service market?
- Who are the key players in the Communication Platform as a Service market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Component, Industry, Deployment, and Enterprise size
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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Defense Communication System Market: The total market size was valued around at USD 53.24 Bn in the year 2021, and is expected to reach USD 114.12 Bn by the year 2029, growing at a CAGR of almost 10 percent during the forecast period. Data privacy and security in military operations is expected to fuel the market growth.
B2B Telecommunication Market: The total market size was valued at USD 46.5 Bn in 2021 and the total revenue is expected to grow at a CAGR of 15 percent from 2021 to 2029, reaching USD 163.6 Bn. Adoption of the Internet of Things is expected to boost market growth.
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