Communications Platform as a Service (CPaaS) Market Size, Share, Growth Report 2032

Market Overview

The Communications Platform as a Service (CPaaS) market accounted for USD 4,958.2 Million in 2020 and is expected to reach USD 23,183.4 Million by 2028, growing at a CAGR of 22.4% from 2021 to 2028.

Communications platform as a service (CPaaS) is a specialised cloud-based communication platform that allows businesses to use specific communicator features without having to construct their own back-end infrastructure. Since it assists companies in adding different features to their system, the platform is highly enhanced with the consistency of customer interaction. The key goal of the communications network as a service is to provide consumers with high-quality communication. SMS, speech, and video are only a few of the new features made possible by APIs.

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COVID-19 Impact Analysis

The global communications-platform-as-a-service (CPaaS) industry is expected to benefit from the COVID-19 pandemic. Due to enhanced adoption of BYOD for office work and remote working, communication was initially a main problem.

Due to a change in consumer preferences, the CPaaS market upsurged because of the pandemic. With the outbreak of COVID-19 and work from home (WFH) being the preferred mode of service, market vendors have been actively promoting WFH and expanding their operations.

Growth Factors

The rising number of smartphone users around the world’s one of the major factors driving the global communications platform as a service (CPaaS) industry. Furthermore, growing social media networks such as WhatsApp, Facebook, and WeChat would fuel the global communications platform as a service (CPaaS) market's growth during the forecast period.

People are adopting cloud communication solutions all over the world because of the growing advances in cloud communication, such as greater flexibility, greater choice, and low-cost video solutions.

Global Communications Platform as a Service (CPaaS) Market: Report Scope:

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Industry Segment Analysis

Retail & CPG, healthcare, manufacturing, BFSI, IT & telecom, and others are some of the industries that make up the sector. Because of the growing demand for real-time communication, online conferencing, voice and messaging unified solutions, employee engagement & optimisation, and team collaboration, the IT & telecom segment dominates the global communications platform as a service (CPaaS) market.

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Enterprise Size Segment Analysis

The market can be divided into two types of enterprises: small and medium businesses (SMEs) and large businesses. Because of the increasing number of small start-ups and tech businesses around the world, the small and medium enterprises (SMEs) segment carry the major share of the global communications platform as a service (CPaaS) market.

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Region Segment Analysis

The North America region is projected to grow at a CAGR of 8.4% over the forecast period. Because of the presence of major market players in the region, North America holds the largest share of the global communications platform as a service (CPaaS) market. Furthermore, the rising demand for CPaaS solutions across all sectors in the region is boosting the regional market forward.

Due to the region's increasing digitalization, Asia Pacific is expected to expand at a rapid pace during the forecast period. Furthermore, the government's increasing support for establishing start-ups is boosting the regional market forward. CPaaS solutions have seen a multi-fold increase in demand from their Asian counterparts. Increased accessibility and the use of mobile devices for communications and online purchases, to name a few, are major factors driving the market.

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., and 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 Middle East & Africa