Global Communication Platform as a Service Market Report 2023: Increased Need for Client Communication Bolsters Growth
Global Communication Platform as a Service Market
Dublin, March 01, 2023 (GLOBE NEWSWIRE) -- The "Global Communication Platform as a Service Market Size, Share & Industry Trends Analysis Report By Component, By Solution Type, By Services Type, By Organization Size, By Vertical, By Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Communication Platform as a Service Market size is expected to reach $51.3 billion by 2028, rising at a market growth of 27.5% CAGR during the forecast period.
An application program interface (API) provides real-time communications features, such as audio, video, and messaging, to corporate applications using the cloud-based communications platform as a service (APIs). APIs provide phone, video, MMS (Multimedia Messaging Service), SMS (Short Message Service), and MMS (Multimedia Messaging Service) functionalities. In addition, business programs, like sales software, may include communication services to provide capabilities like alerts, click-to-call, and multifactor authentication (MFA).
Organizations that wish to integrate communications into their business systems, cloud service providers, and developers who want to provide their products and services more communications functionality use CPaaS.
The platforms provide extensive software development kits (SDKs), Java or .NET libraries, and standards-based APIs for developing applications across many platforms. Additionally, CPaaS providers may offer packages with ready-to-use communication capabilities that can be placed into apps.
CPaaS aims to enable developers to upgrade an organization's current business application with real-time communications capabilities. Instead of using programs designed exclusively for communications, like Microsoft Teams or Skype, CPaaS enables these functionalities (including live chat, SMS, audio or video conferencing, and group messaging) to be included in business programs with other main responsibilities.
Market Growth Factors
Standardized application management
As this method offers flexibility and efficiency, which are critical for fostering corporate development, it is becoming increasingly popular to employ communication platforms as services. Because cloud-based service providers manage server setup, maintenance, and updates, businesses don't need to. The IT governance issue is removed, and immediate access to internal infrastructure is made possible by the communication platform as a service model, which aids in managing all applications from a single location. The market is expanding due to the growing demand from SMEs for inexpensive communication solutions.
Increasing necessity for communication to improve customer experience.
Any relationship needs communication, and success depends on establishing a direct line of communication with your clients. Through several techniques, top CPaaS suppliers will assist businesses in raising customer loyalty, lifetime value, and satisfaction. Ensuring team members communicate correctly about the goods or services they provide is essential for boosting client satisfaction. Before a consumer buy anything from a company, they should be able to give clear information about anything from pricing strategies to product features and advantages.
Based on component, the Communication Platform as a Service Market is segmented into solutions and services. The services segment accounted for the significant revenue share in the market in 2021. For example, software engineering executives may programmatically link communications software with corporate processes using CPaaS' cloud-based middleware.
Organization Size Outlook
Based on organization size, the communication platform as a service market is divided into large enterprises and SMEs. With the largest revenue share in 2021, the large enterprises segment dominated the Communication Platform as a Service Market. Large enterprises should see an increase in demand for communication platform-as-a-service due to the fast-expanding digital client involvement. These businesses are boosting their IT spending to improve customer service on digital platforms, which is projected to increase the market share for communication platforms as a service.
Based on vertical, the Communication Platform as a Service Market is divided into BFSI, retail & e-commerce, IT & Telecom, government, healthcare, education, manufacturing, and others. The BFSI segment acquired the significant revenue share in the market in 2021. Banks can inexpensively add audio, video, and other communication channels to their applications due to the CPaaS. The platform provides a full structure, so creating banking applications is simple. Numerous CPaaS suppliers offer to complete the integration for a reasonable charge as part of the package. This industry is expected to expand due to the advantages of CPaaS adoption.
Based on region, the Communication Platform as a Service Market is categorized into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region is registering the rapid growth rate in the Communication Platform as a Service Market. The use of CPaaS solutions in the area is also being fueled by government measures to improve the digital infrastructure. Asia Pacific has become one of the fastest-growing markets internationally because of the significant growth in the usage of these solutions there. The main drivers of the development of the CPaaS market in this area are the rising need for converged communications and product differentiation among service providers.
Recent Strategies Deployed in Communication Platform as a Service Market
Partnerships, Collaborations and Agreements:
Jun-2022: Bandwidth Inc. partnered with Alianza Inc., a cloud communications platform for service providers to boost the process of cloud migration for communications service providers. Additionally, the company's network platform along with Alianza's CSP platform would allow CSPs to compete with other companies by providing cloud-based voice, videoconferencing services, and messaging services
May-2022: Infobip partnered with BT Group, a telecommunication holding company. Through this partnership, the company would provide an opportunity for the UK business clients to arrange, design, and scale the customized consumer experience across various platforms including Messenger, WhatsApp, and Rich Communications Services
Apr-2022: 8x8, Inc. came into collaboration with Genesys, a provider of customer experience orchestration. This collaboration would combine the products of the companies so that organizations can put together subject matter specialists and agents to bring better customer results
Mar-2022: RingCentral came into partnership with Frontier, an IT consulting and IT solutions providing company, to bring a single product solution to allow small enterprises to operate smoothly from anywhere. This would combine various features of the partnering companies to deliver small businesses access to a secure, simple, and reliable communication platform
Acquisitions and Mergers:
Jul-2022: Infobip acquired Peerless Network, a telecommunications company. This acquisition would boost the presence of the company in US markets and would allow the firm to offer voice services globally. Moreover, Infobip would provide Peerless Network's consumer data accessible to CPaaS which would increase the capabilities of their omnichannel
Jan-2022: 8x8, Inc. acquired Fuze Inc., a cloud communications and collaboration software platform. This acquisition would broaden company' s XCaaS portfolio to provide a unique experience for enterprise businesses.
Key Market Players
Avaya Inc. (Avaya Holdings Corp.)
Telesign (Proximus Group)
Vonage Holdings Corp. (Ericsson AB)
No. of Pages
2021 - 2028
Estimated Market Value (USD) in 2021
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
For more information about this report visit https://www.researchandmarkets.com/r/xwsx9
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