by The global Communication Platform-As-A-Service (CPaaS) Market is estimated to be valued at US$ 9841.3 Mn in 2023 and is expected to exhibit a CAGR of 28. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Communication Platform-As-A-Service (CPaaS) enables enterprises to integrate communication capabilities like voice, video, SMS, and messaging applications into their existing or new applications through a software based and cloud based platform. It reduces infrastructure and maintenance costs.
Market key trends:
One of the key trends in the Global Communication Platform-As-A-Service (Cpaas) Market Size is the increasing adoption of omnichannel communication and AI/ML powered technologies. CPaaS facilitates omnichannel communications through various mediums like voice, SMS, web, and mobile apps. Many vendors are integrating AI/ML to enable features like predictive analytics, sentiment analysis, and context-based conversations. Another trend is the rising demand for programmable communication platforms from enterprises as it provides versatility and flexibility. It helps businesses to integrate communication capabilities into their business workflows and applications.
Segment Analysis
The global CPaaS market is dominated by the messaging sub-segment. More than 60% of CPaaS service revenues come from messaging services like SMS and chat. With increasing customer demand for engaging over multiple mobile channels, messaging provides a seamless way for businesses to connect with customers, making it the largest sub-segment.
Key Takeaways
The global CPaaS market is expected to witness high growth, exhibiting a CAGR of 28% over the forecast period, due to increasing demand for building scalable communication applications and services to improve customer experience.
Regional analysis: North America currently accounts for more than 35% of the global CPaaS market revenues. However, Asia Pacific is expected to be the fastest growing region due to strong growth in mobile subscribers and increasing adoption of cloud-based communication services in countries like China and India.
Key players: Key players operating in the CPaaS market are EnableX.io (VCLOUDX PTE. LTD), Twilio Inc., Infobip Ltd., Vonage Holdings Corp, M800 Limited, MessageBird BV, Iotum Inc., Plivo Inc., Voxbone SA, Snich AB, Telestax, Voximplant (Zingaya Inc.), Mitel Networks Corporation, 8×8 Inc., AT&T Inc., Voxvalley Technologies, Avaya Inc., Bandwidth Inc. (Bandwidth.com), Wazo Communication Inc., and IntelePeer Cloud Communications. Twilio and Infobip have emerged as the largest players with their comprehensive messaging and voice offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
