The Communications Platform as a Service (CPaaS) market was valued at USD 4,958.2 million in 2020 and is expected to be valued at USD 23,183.4 million by 2028, growing at a 22.4% CAGR between 2021 and 2028.
A communications platform as a service is a cloud-based delivery model that allows businesses to incorporate real-time communications capabilities, such as audio, video, and message, into business applications via application programming interfaces (APIs).
Market Overview
A communications platform as a service (CPaaS) is a specialized cloud-based communication platform that enables organisations to use certain communicator features without creating their own back-end infrastructure. The frequency with which clients engage increases the platform significantly because it assists firms in bringing new features into their systems. The basic goal of the communications network as a service is to provide consumers with high-quality communication. APIs have enabled additional features such as messaging, speech recognition, and video playback, to name a few.
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Growth Factors:
One of the main forces influencing the global communications platform as a service (CPaaS) market is the rise in smartphone usage. Also, during the forecast period, social media platforms like WhatsApp, Facebook, and WeChat will continue to grow and be major drivers of the global communications platform as a service (CPaaS) market.
CPaaS benefits include enhanced interactions between customers and agents, quicker installation, lower costs, automated interactions, more scalability and flexibility, and a worldwide reach.
As a result of significant improvements in cloud communication, such as enhanced flexibility, greater choice, and low-cost video solutions, people all over the world are adopting cloud communication solutions.
Key Market Players Competitive Landscape
Some of the noteworthy players in the global communications platform as a service (CPaaS) market are IMI connect, Message Bird, Telnyx LLC, Tele Sign Corporation, Mitel Networks Corporation, Infobip ltd., Vonage, Twilio Inc., Bandwidth Inc., Avaya Inc.
The Communications Platform-as-a-Service (CPaaS) Market is extremely competitive, owing to the presence of many small and large vendors operating in both domestic and foreign markets.
The Communications Platform-as-a-Service (CPaaS) Market is segmented as follows:
By Industry
Retail CPG
Healthcare
Manufacturing
BFSI
IT Telecom
Others
By Enterprise Size
SMEs
Large Enterprise
By Type
Customized Service
Standardized Service
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East Africa
GCC
South Africa
Rest of the Middle East Africa
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