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).
New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "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" - https://www.reportlinker.com/p06422315/?utm_source=GNW
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.
COVID-19 Impact Analysis
The COVID-19 pandemic, which increased reliance on online shopping, digital financial services, and telehealth options, is proving to have a significant impact that must be managed. Communications applications made possible by the communications platform as a service (CPaaS) are crucial in this regard. Organizations worldwide were compelled to use remote mode, leading to team communication problems. CPaaS platforms helped businesses function more efficiently by closing communication gaps in this case. Furthermore, due to COVID-19’s debut, companies ranging from online stores to healthcare services have been inundated with calls, emails, and even SMS demands. Given all of this, it is expected that the market for communication platforms as services will grow in the area.
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 to use 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, the 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 buys anything from a company, they should be able to give clear information about anything from pricing strategies to product features and advantages.
Market Restraining Factors
Growing security worries might prevent growth
Many businesses are switching from on-premises communications to cloud platforms as CPaaS becomes more prevalent. Enhanced productivity and third-party app integration are two advantages of CPaaS platforms. These systems are vulnerable to data security issues, however. Applications from several clients are often executed on the same OS in a public cloud. Therefore, it is essential to plan a communication protection strategy and consider the risk-to-benefit ratio of CPaaS in advance of any possible security concerns. Such persistent security issues might limit the growth of the CPaaS industry.
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.
The major strategies followed by the market participants are Acquisition. Based on the Analysis presented in the Cardinal matrix; Vonage Holdings Corp. is the forerunners in the Communication Platform as a Service Market. Companies such as Twilio, Inc., Telesign, RingCentral, Inc. are some of the key innovators in Communication Platform as a Service Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include RingCentral, Inc, 8x8, Inc., Avaya Inc. (Avaya Holdings Corp.), Sinch AB, Twilio, Inc., Telesign (Proximus Group), Bandwidth, Inc, CM.com N.V., Vonage Holdings Corp. (Ericsson AB), and Infobip Ltd.
Recent Strategies Deployed in Communication Platform as a Service Market
Partnerships, Collaboration and Agreement:
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 telecommunications 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.
Aug-2021: Avaya came into collaboration with Microsoft, multinational technology corporation. This collaboration would make the availability of Avaya Contact Center a Service across the globe.
Product Launches and Product Expansions:
Oct-2021: RingCentral released RingCentral Rise, a secure and strategic Communications Platform built for Service Providers. This launch would deliver a unified cloud communications platform with video meetings, messaging, contact center solutions, and a cloud phone system to enterprises in a more scalable and flexible way.
May-2020: Infobip unveiled Conversations, a new contact center solution. This launch would allow enterprises to combine the world’s renowned communication channels. Additionally, this permits businesses to provide omnichannel assistance to users with a single interface.
Acquisition 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.
Jul-2021: Twilio took over Zipwhip, a company offering Toll-Free Messaging across the united states. This acquisition would strengthen Twilio’s messaging division by delivering other trusted, affordable channel options. Additionally, This move would enhance the company’s integrated messaging specialization in all channels to provide enterprises of all sizes.
May-2021: Infobip?Group acquired Anam, an SMS Firewall and A2P Monetisation service provider. This acquisition would offer support carriers to assure the security of messages, along with adding more significance to the end user and the operating sector.
Mar-2021: RingCentral, Inc. acquired Kindite, a cryptographic technology company. This acquisition would short and decrease the privacy and security risks to applications and information in the cloud platforms. Further, this move would enhance the ability of RingCentral to provide security features in global communications platforms by delivering end-to-end encryption facilities.
Dec-2020: RingCentral, Inc. took over DeepAffects, a conversational intelligence company that uses artificial intelligence to study business conversations and meaningful insights. This acquisition would provide a unique meeting experience to the customer by adding emotional sentiment recognition and conversational speech analysis to the platform.
Nov-2020: Twilio completed the acquisition of Segment, a customer data platform that collects, cleans, and activates customer data. Through this acquisition, the companies would allow the enterprises to know their customers and engage with them digitally.
Nov-2020: Bandwidth took over Voxbone, communication as a service company. This acquisition would provide bandwidth a network and a unified software platform for a hyper-scale and quick release of communications-based applications. Moreover, this would combine CCaaS and UCaaS to allow real-time porting of a number and quickly revert if needed.
May-2020: CM.com completed the acquisition of CX Company, a cloud-based digital conversation platform. This acquisition would accelerate the company’s growth strategy with the help of the multinational consumer base of CX Company which is present across numerous industry segments. This provides an opportunity to scale up by bringing more consumers on board.
Jun-2022: Infobip expanded its business in Indonesia with the launch of a data center named ID1. The newly opened data center would assist the abilities for digital innovation in APAC as well as local businesses. This improves the full-stack offerings of SaaS and CPaaS including voice, chat, Customer Data Platform, chats, etc.
Scope of the Study
Market Segments covered in the Report:
o Professional Services
o Managed Services
By Organization Size
• Large Enterprises
• Small & Medium Enterprises (SMEs)
• Telecom & IT
• Retail & E-commerce
• Healthcare & Life Sciences
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• RingCentral, Inc
• 8x8, Inc.
• Avaya Inc. (Avaya Holdings Corp.)
• Sinch AB
• Twilio, Inc.
• Telesign (Proximus Group)
• Bandwidth, Inc
• CM.com N.V.
• Vonage Holdings Corp. (Ericsson AB)
• Infobip Ltd.
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06422315/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001