Communication Platform as a Service (CPaaS) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

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Communication Platform as a Service (CPaaS) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

Status : November, 2022 | Technology & Media

Report Digest

Communication Platform as a Service (CPaaS) Market: Overview

The communication platform as a service (CPaaS) market has been projected to grow at a rapid speed in the foreseeable years. These growth impetuses in the global market are attributed to the rising need for network systems that are easily maintained and can enable effective communications around numerous end-user industries, for example, manufacturing, retail, and healthcare. This factor further boosts demand opportunities in the global market in the following years. 

The rising adoption of the BYOD trend and some other mobility solutions is also estimated to drive the growth impetuses in the communication platform as a service (CPaaS) market in the near future.

Communication Platform as a Service (CPaaS) Market: Key Trends

A rapid change in consumer purchasing trends has led to a noticeable shift in the retail industry. This shift is from the single point of interaction to omnichannel interactions with the help of social media or the web. Further, the rising demand from the customers has also created an enhanced service and shopping experience around the channels that cater to the innovative tools of communication. These tools are helpful to automate retail business operations and customer service.

There has been a noticeable increase in the adoption of cloud-based solutions that come with cost-effectiveness. Further, there are a few United Communication services that are based on subscription. These services are helpful for the healthcare contact centers in order to establish their PBX system and to address numerous customer requests seamlessly. Thus, based on these factors, the communication platform as a service (CPaaS) market is estimated to grow at a significant speed in the coming years.

Communication Platform as a Service (CPaaS) Market: Competitive Dynamics and Key Developments

Some key players that are serving in the communication platform as a service (CPaaS) market have been putting collective efforts to develop novel growth opportunities in the foreseeable years. These players are focusing on technological advancements through different R & D activities. They are adopting numerous growth prospects for the development of new growth avenues in the following years. Portfolio diversion, mergers and acquisitions, development and launching of products, expanding the footprints of the various organization through subsidiaries and partnership, and expansion of various distribution networks are some of these market growth practices that are likely to fuel the expansion avenues in the near future.

For instance, Kaleyra Inc. is a cloud communications software provider. The company has announced that it has signed an agreement in order to acquire nGage in February 2021.

Vonage is also a provider of cloud communications services across the world. It helps businesses to accelerate their digital transformation. The company has announced its new visual engagement, omnichannel, and AI features for its solution named Vonage Contace Center in April 2021.

The key players in the communication platform as a service (CPaaS) market are:

  • Twilio Inc.
  • Snich AB
  • Vonage Holdings Corp
  • Plivo Inc.
  • MessageBird BV

Communication Platform as a Service (CPaaS) Market: Regional Assessment

The communication platform as a service (CPaaS) market has been segmented into Asia Pacific, Latin America, Europe, the Middle East & Africa, and North America. North America has been expected to hold a dominating position in the global market in the foreseeable years. The growth avenues in the regional market are possible with the recent increase in mobility. In addition to this, the significant growth in the penetration of smart mobile devices because of IT’s consumerization that has also been estimated to create expansion avenues in the global market during the forecast period. The rising requirement for user-friendly and cost-effective browser-based communication solutions is also fueling growth prospects in the regional market.

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5-Point Growth Formula

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The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.