Communication Platform as a Service (CPaaS), is a cloud-based platform that allows developers to focus on building their applications and helps them to add real-time communication channels. It offers a complete development framework, that includes, software tools, standards-based application programming interfaces (APIs), sample code, and pre-built applications. It essentially enables seamless integration of voice, messaging, video, etc. into one software, through APIs.
Growing trend of mobility and BYOD and demand for personalized and streamlined customer interaction to achieve high customer satisfaction is boosting the growth of the global communication platform as a service (CPaaS) market. In addition, Increasing in use of chat bot sales in CPaaS is positively impacts growth of the communication platform as a service (CPaaS) market. However, internet bandwidth and technical glitch issues and increasing security concern is hampering the communication platform as a service (CPaaS) market growth. On the contrary, increase in use of technological advancement is expected to offer remunerative opportunities for expansion of the communication platform as a service (CPaaS) market during the forecast period.
The communication platform as a service (CPaaS) market is segmented on the basis of by component, enterprise size, industry vertical, and region. On the basis of component, the market is categorized into solution and service. On the basis of enterprise size, the market is bifurcated into large enterprises and SMEs. By industry vertical, it is classified into BFSI, IT and telecom, government and public sector, manufacturing, retail and consumer goods, education, healthcare & life science, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the communication platform as a service (CPaaS) market are 8x8 Inc., ALE International, Avaya Inc., Bandwidth Inc., Infobip Ltd., IntelePeer Cloud Communications LLC, Plivo Inc., Sinch, Twilio Inc., Vonage America, LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Information about key drivers, restraints, and opportunities and their impact analysis on global communication platform as a service (CPaaS) market trend is provided in the report.
The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2022 to 2031 is provided to determine the market potential.
Growing trend of mobility and BYOD and demand for personalized and streamlined customer interaction to achieve high customer satisfaction is boosting the growth of the global communication platform as a service (CPaaS) market. In addition, Increasing in use of chat bot sales in CPaaS is positively impacts growth of the communication platform as a service (CPaaS) market. However, internet bandwidth and technical glitch issues and increasing security concern is hampering the communication platform as a service (CPaaS) market growth. On the contrary, increase in use of technological advancement is expected to offer remunerative opportunities for expansion of the communication platform as a service (CPaaS) market during the forecast period.
The communication platform as a service (CPaaS) market is segmented on the basis of by component, enterprise size, industry vertical, and region. On the basis of component, the market is categorized into solution and service. On the basis of enterprise size, the market is bifurcated into large enterprises and SMEs. By industry vertical, it is classified into BFSI, IT and telecom, government and public sector, manufacturing, retail and consumer goods, education, healthcare & life science, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the communication platform as a service (CPaaS) market are 8x8 Inc., ALE International, Avaya Inc., Bandwidth Inc., Infobip Ltd., IntelePeer Cloud Communications LLC, Plivo Inc., Sinch, Twilio Inc., Vonage America, LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the global communication platform as a service (CPaaS) market forecast along with the current and future trends to explain the imminent investment pockets.Information about key drivers, restraints, and opportunities and their impact analysis on global communication platform as a service (CPaaS) market trend is provided in the report.
The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Industry Vertical
- Healthcare
- Others
- IT and Telecom
- BFSI
- Government and Public Sector
- Manufacturing
- Retail
- Education
By Component
- Solution
- Service
By Enterprise Size
- Large Enterprise
- SMEs
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- ALE International
- Avaya Inc.
- Infobip Ltd.
- Plivo Inc.
- Sinch
- Vonage America, LLC
- 8x8, Inc.
- Bandwidth Inc.
- IntelePeer Cloud Communications LLC
- Twilio Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: COMMUNICATION PLATFORM-AS-A-SERVICE (CPAAS) MARKET, BY COMPONENT
CHAPTER 5: COMMUNICATION PLATFORM-AS-A-SERVICE (CPAAS) MARKET, BY ENTERPRISE SIZE
CHAPTER 6: COMMUNICATION PLATFORM-AS-A-SERVICE (CPAAS) MARKET, BY INDUSTRY VERTICAL
CHAPTER 7: COMMUNICATION PLATFORM-AS-A-SERVICE (CPAAS) MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Communication Platform-as-a-Service (CPaaS) Market," the communication platform-as-a-service (cpaas) market was valued at $10.2 billion in 2021, and is estimated to reach $80.2 billion by 2031, growing at a CAGR of 23.1% from 2022 to 2031.The CPaaS market is primarily benefiting from a surge in digital customer engagement, cloud encryption, and digital transformation. Communications platform as a service is a cloud-based delivery model that allows organizations to add real-time communication capabilities. Being a cloud communication technology, CPaaS is primarily used to enrich customer communications channels.
Key factors driving the growth of the communication platform-as-a-service (CPaaS) market include growing trend of mobility and BYOD as well as 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. Increasing use of chat bot sales in communication platform as a service that helps in converting to conduct an on-line chat conversation via text or text-to-speech in lieu of providing direct contact with a live human agent. It plays very important role in the industrial sector owing to growing need among the consulting providers for providing enhanced customer services and to improve the security of the customer. Furthermore, chat bot sales in communication platform as a service also helps to improve lead generation, qualification and nurturing, which propels the growth of the market. In addition, chat-bots are data driven and scalable in nature, they offer increased productivity and efficiency to end users. Deployment of chatbots in business applications facilitates brands to reach their customers via preferred channels with quick support. Rising demand for customized services and requirements of real-time support are fueling the market. Features such as simultaneous multiple conversations, cost efficiency, elimination of repetitive work, and personal assistants are also surging the demand for chatbots in the market, which in turn, drives the growth of the market.
The market also offers growth opportunities to the key players in the market. Technological advancements have boosted the benefits of communication platform as a service. AI, an innovation primed to revolutionize service- and communication-related technology, is a significant example. In addition, as machines grow smarter and closer to communicative parity with humans, cloud-based communications platforms are expected to take the idea of automated self-service, among other business functions, to new levels. AI in the call center is one such example of this. Technological innovations carry a value that works in multiple sectors. Furthermore, smart shopping assistants will soon be better at making purchase suggestions based on the user’s browsing history. The software will provide accurate, real-time translations, reducing the need for expensive multilingual customer support representatives. APIs would provide communication platform as a service video chat technology and AI capable of facial recognition to turn any phone or webcam into a biometric security checkpoint. Chatbots will also continue to grow in scope and capacity, allowing multiple businesses to deploy teams of automated service reps made entirely of bots. Such technological revolutions provide lucrative opportunities for market growth.
The Communication platform-as-a-service (CPaaS) market is segmented into component, enterprise size, industry vertical, and region. On the basis of the component, the market is categorized into solutions and service. By enterprise size, it is classified into large enterprises and SMEs. As per industry vertical, it is divided into BFSI, IT & telecom, government & public sector, manufacturing, retail & consumer goods, education, healthcare & life science, and others. Region wise, it is analyzed across North America (the U.S., Canada), Europe (the UK, Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The key players profiled in the study 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. The players in the market have been actively engaged in the adoption various strategies such as acquisition, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in January 2022, Bandwidth partnered with Genesys a global cloud company engaged in customer experience orchestration, for the development of an enterprise contact center. The company is further extended its portfolio of advanced DuetSM solution offering better flexibility to consumer.
Key Market Insights
- By component, the solution segment was the highest revenue contributor to the market, and is estimated to reach $46,765.16 million by 2031, with a CAGR of 22.2%. However, the service segment is estimated to be the fastest growing segment with the CAGR of 24.5% during the forecast period.
- By enterprise size, the large enterprise segment dominated the global market, and is estimated to reach $41,238.37 million by 2031, with a CAGR of 22.0%. However, the SMEs segment is expected to be the fastest growing segment with the CAGR 24.3% during the Communication platform-as-a-service (CPaaS) Market Forecast.
- Based on region, North America was the highest revenue contributor, accounting for $3,698.32 million in 2021, and is estimated to reach $25,850.61 million by 2031, with a CAGR of 21.7%.
Companies Mentioned
- ALE International
- Avaya Inc.
- Infobip Ltd.
- Plivo Inc.
- Sinch
- Vonage America, LLC
- 8x8, Inc.
- Bandwidth Inc.
- IntelePeer Cloud Communications LLC
- Twilio Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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