July 20, 2024
Asia Pacific Communication Platform As A Service Market
Ict

The Growing Adoption Of Advanced Communication Features To Offer Seamless Digital Experiences Is Anticipated To Open Up The New Avenue For Asia Pacific Communication Platform As A Service Market

Market Overview:

Communication Platform as a Service enables enterprises to build and deploy scalable communication applications and services quickly and easily. It offers tools for building text messaging, voice and video calling, and other communication and collaboration capabilities. Businesses use CPaaS solutions to enhance customer engagement through omnichannel support and strengthen employee communication. Key features offered include real-time communication APIs, SMS and messaging capabilities, voice and video APIs, and analytics.

Market Dynamics:

The growing demand for omnichannel communication to provide personalized customer experience is a major driver for the Asia Pacific Communication Platform As A Service market. CPaaS solutions enable businesses to communicate with customers through their preferred channels. Another driver is the rising focus on improving employee collaboration and productivity. Enterprises use features such as team messaging, video conferencing, and collaboration tools through CPaaS platforms to allow remote work. The increasing penetration of mobile devices and adoption of cloud-based solutions in the region is also accelerating the market growth. However, cybersecurity concerns related to confidential data being shared on third-party platforms act as a challenge.

The global Asia Pacific Communication Platform As A Service Market is estimated to be valued at US$ 2136.93 Mn in 2023 and is expected to exhibit a CAGR of 45.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis

The Asia Pacific Communication Platform As A Service market can be segmented based on component, enterprise size, application, industry vertical and countries. Based on components, the market can be categorized into software and services. The services sub-segment is expected to dominate the market owing to the increasing demand for maintenance and integration services among end-users.

PEST Analysis

Political: Growing support from governments across Asia Pacific towards digital transformation of businesses is expected to boost the adoption of CPaaS solutions.

Economic: Improving economic conditions and rising disposable income in emerging countries like India and China will increase investments in communication platforms.

Social: Rising penetration of smartphones and adoption of cloud technologies by individuals is increasing the demand for advanced communication services.

Technological: Adoption of advanced technologies like AI, ML and IoT is prompting organizations to integrate digital communication channels for seamless customer engagement.

Key Takeaways

The Asia Pacific Communication Platform As A Service market is expected to witness high growth, exhibiting 45% CAGR over the forecast period, due to increasing adoption of cloud-based platforms among SMEs for superior customer management.

The market size for 2023 is estimated to be US$ 2136.93 Mn. China is expected to dominate the regional market owing to high smartphones and internet penetration and growing e-commerce industry in the country.

Key players in the region include Voxbone, GENBAND, RingCentral Connect Platform, Brightlink CPaaS Platform, MessageBird, Exotel, Karix Mobile Pvt. Ltd, CALLHIPPO, VCLOUDX PTE LTD, Plivo Inc., Xoxzo Inc., Nippon, BroadSoft Japan KK, NTT Communications Corporation, Telesmart, TWILIO INC., Infobip ltd, Alcatel-Lucent S.A, Amazon Connect, and Ribbon Communications Operating Company, Inc. Voxbone and GENBAND capture a major share due to their innovative product offerings and widespread customer base.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it