by The Asia Pacific Communication Platform As A Service (CPaaS) market allows businesses to build, integrate, and manage communication-centric capabilities, features, and applications into existing customer service workflows. It helps in developing applications and services for communications across multiple channels like voice, video, SMS, email, and messaging apps. The CPaaS solution consists of APIs, software development kits (SDKs), and admin tools which allow developers to embed real-time communications into enterprise applications and services. It provides advantages such as improved customer experience, enhanced efficiency, lower infrastructure and operational costs, and acceleration of digital transformation.
The global Asia Pacific CPaaS Market is estimated to be valued at US$ 2136.93 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Asia Pacific CPaaS market is the increasing adoption of omnichannel communication. With the proliferation of communication channels in the market, consumers now expect seamless experiences across all channels. CPaaS helps businesses design omnichannel communication strategies by enabling them to integrate different channels like voice, video, SMS, and messaging apps through a single platform. This allows companies to reach their customers through their preferred mode of communication in a personalized and consistent manner leading to improved customer satisfaction and loyalty. The adoption of omnichannel communication strategies using CPaaS solutions is expected to grow significantly over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the communication platform as a service market is fragmented with presence of various regional and international players. However, setting up infrastructure and gaining customer traction require high investment which poses a barrier.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of numerous solution providers in the market. Buyers can easily switch to substitutes if vendors increase prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of alternative supply options. However, switching costs incurred act as a barrier.
Threat of new substitutes: The threat of substitutes is moderate as communication platforms offered by OTT players can be considered as substitutes.
Competitive rivalry: The competitive rivalry is high due to presence of numerous regional and international vendors offering similar solutions. Players often resort to pricing strategies to increase market share.
Key Takeaways
The Global Asia Pacific Communication Platform As A Service Market Size is expected to witness high growth during the forecast period owing to rapid digitalization and increase in number of SMEs adopting cloud-based solutions for improved communication.
Regional analysis:
China dominates the Asia Pacific market due to rapid adoption of cloud technologies by SMEs and large enterprises. Rapid economic growth and government initiatives to promote digitization are also contributing to the market growth. India is expected to witness fastest growth on back of expansion of IT sector and establishment of offshore development centers.
Key players:
Key players operating in the Asia Pacific communication platform as a service market are CMP Resolutions, The Resolution Group, ADR Solutions, Milestone Mediation Group LLC, Mediation Works Incorporated, Commonwealth Mediation Group, Parivartan Conflict Management Services, Korb Mediation LLC, A Better Way Mediation, New Mediation. Players are focusing on new product launches and partnerships with the cloud service providers to gain competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
