Communication Platform as a Service (CPaaS) Market Dynamics and Emerging Trends: Beyond Voice and Text

The global communication platform as a service market size is anticipated to reach USD 100.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 31.1% from 2022 to 2030. The demand for communication platforms as a service (CPaaS) is expected to grow owing to the growing importance of CPaaS among enterprises for facilitating transactions, marketing, and customer support.

Communication Platform As A Service Market Report Highlights

• Based on components, the solutions segment accounted for the maximum revenue share of 87.5% in 2021. This can be attributed to the growing adoption of different API platforms such as messaging API, voice API, and video API. The services segment is likely to expand at the highest CAGR of 37.6% over the forecast period. This can be attributed to the increasing demand for CPaaS services such as consultation, deployment, as well as maintenance, and support
• Based on enterprise size, the large enterprise segment dominated the market with a share of 58.6% in 2021. This can be attributed to the increasing activity of communication infrastructure upgradation by large enterprises. The small & medium enterprises segment is likely to expand at the highest CAGR of 34.5% during the forecast period owing to the increasing adoption of various CPaaS channels for marketing, customer service, virtual meetings, and contactless payments
• Based on end-use, the IT and Telecom segment dominated the market with a share of 19.2% in 2021. This can be attributed to growing digital transformation across organizations. The healthcare segment is expected to grow at the highest CAGR of 35.5% over the forecast period. Increased adoption of video consultation, telehealth, appointment booking, and automated reminders through SMS and voice biometrics to authenticate customers is contributing to the growth of this segment
• North America held the largest share of 30.1% in 2021 and is expected to retain its position during the forecast period. This can be attributed to the presence of prominent market players in the region. Moreover, the highly developed telecom services market is aiding the market growth of the region. The Asia Pacific region is anticipated to expand at the highest CAGR of 34.1% during the forecast period owing to developing technology infrastructure, growth of end-use industries, and favorable government policies
• In March 2022, Vonage America, LLC announced new video capabilities for the Vonage Communications Platform (VCP). This new capability is expected to improve users’ collaboration with customers, colleagues, and prospects, facilitating them to communicate visually for better connections, communication, and engagement

For More Details or Sample Copy please visit link @: Communication Platform As A Service Market Report

The COVID-19 pandemic had a positive impact on the communication platform as a service (CPaaS) market. The use of CPaaS in the healthcare and retail & e-commerce industry increased significantly during the pandemic. CPaaS assists healthcare organizations in the gathering of patient data and the delivery of community-related information, whereas two-factor authentication (2FA) with a one-time password validates patient and caregiver identities during online interactions such as video communications and telehealth. These systems can be immediately deployed in time-critical scenarios in which clinics, doctors, and other caregivers need to reach patients or potential patients remotely and securely.

Web Real-Time Communication (WebRTC) enables CPaaS providers to diversify their product portfolios in their primary markets. Starting with video conferencing templates that allow for an unlimited number of users to join at once, regardless of their location. These video conferencing templates can also enable interactive video communications for events like massive company meetings that involve thousands of remote employees, executive sessions with investors, spontaneous collaborations, and the press and the public at large.

Component Segment Analysis

The growth of the solution segment can be attributed to the improved programmable video capabilities enabling better humanized digital interactions. Moreover, built in-app video with APIs for integrated workflow is expected to improve the overall value proposition of CPaaS businesses. The growing integration of Artificial Intelligence (AI) and Machine Learning (ML) for agent augmentation, speech recognition, automation, emotion analysis, and call analytics is driving the professional and managed services demand in the market.

End-use Segment Analysis

Telecom companies adopting CPaaS solution to integrate SMS, video, location through APIs to solve customer problem fasters. The healthcare segment fastest growth can be attributed to the growing adoption of CPaaS by the healthcare industry for different use cases such as remote diagnostic, scheduling, virtual patient-doctor visits, and appointment reminders, among others.

Gain deeper insights on the market and receive your free copy with TOC now @: Communication Platform As A Service Market

Regional Analysis

North America dominated the market, the region has a developed technological infrastructure, aiding market growth. Factors such as high research & development (R&D) expenditure, established telecom service market, and the presence of numerous CPaaS companies are driving the growth. Asia Pacific is expected to expand at the highest pace. The market growth across the region can be attributed to growth of end-use industries such as retail and e-commerce, IT & telecom, BFSI, healthcare, transportation & logistic, and education, among others.

Major Companies in the Communication Platform As A Service Market

• TWILIO INC.
• Avaya Inc.
• Vonage America, LLC
• MessageBird
• Infobip ltd.
• Plivo Inc.
• Telnyx LLC
• TEXTUS
• Voximplant
• Bandwidth Inc.

For Customized reports or Special Pricing please visit @: https://www.grandviewresearch.com/checkout/select-license/communication-platform-as-a-service-market-report

Segmented the communication platform as a service market based on component, enterprise size, end-use, and region:

Table of Contents

TABLE 1 Communication platform as a service API platform market, 2017 - 2030 (USD Million)

TABLE 2 Communication platform as a service messaging API market, 2017 - 2030 (USD Million)

TABLE 3 Communication platform as a service messaging API market, by region, 2017 - 2030 (USD Million)

TABLE 4 Communication platform as a service voice API market, 2017 - 2030 (USD Million)

TABLE 5 Communication platform as a service voice API market, by region, 2017 - 2030 (USD Million)

TABLE 6 Communication platform as a service video API market, 2017 - 2030 (USD Million)

TABLE 7 Communication platform as a service video API market, by region, 2017 - 2030 (USD Million)

TABLE 8 Communication platform as a service others market, 2017 - 2030 (USD Million)

TABLE 9 Communication platform as a service others market, by region, 2017 - 2030 (USD Million)

TABLE 10 Communication platform as a service SDK platform market, 2017 - 2030 (USD Million)

TABLE 11 Communication platform as a service SDK platform market, by region, 2017- 2030 (USD Million)

TABLE 12 Communication platform as a service managed services market, 2017 - 2030 (USD Million)

TABLE 13 Communication platform as a service managed services market, by region, 2017- 2030 (USD Million)

TABLE 14 Communication platform as a service professional services market, 2017 - 2030 (USD Million)

TABLE 15 Communication platform as a service professional services market, by region, 2017- 2030 (USD Million)

TABLE 16 Communication platform as a service large enterprises market, 2017 - 2030 (USD Million)

TABLE 17 Communication platform as a service large enterprises market, by region, 2017- 2030 (USD Million)

TABLE 18 Communication platform as a service small & medium enterprises (SMEs) market, 2017 - 2030 (USD Million)

TABLE 19 Communication platform as a service small & medium enterprises (SMEs) market, by region, 2017- 2030 (USD Million)

TABLE 20 Communication platform as a service BFSI market, 2017 - 2030 (USD Million)

TABLE 21 Communication platform as a service BFSI market, by region, 2017- 2030 (USD Million)

TABLE 22 Communication platform as a service IT & telecom market, 2017 - 2030 (USD Million)

TABLE 23 Communication platform as a service IT & telecom market, by region, 2017- 2030 (USD Million)

TABLE 24 Communication platform as a service retail & e-commerce market, 2017 - 2030 (USD Million)

TABLE 25 Communication platform as a service retail & e-commerce market, by region, 2017- 2030 (USD Million)

TABLE 26 Communication platform as a service healthcare market, 2017 - 2030 (USD Million)

TABLE 27 Communication platform as a service healthcare market, by region, 2017- 2030 (USD Million)

TABLE 28 Communication platform as a service transportation & logistic market, 2017 - 2030 (USD Million)

TABLE 29 Communication platform as a service transportation & logistic market, by region, 2017- 2030 (USD Million)

TABLE 30 Communication platform as a service travel & hospitality market, 2017 - 2030 (USD Million)

TABLE 31 Communication platform as a service travel & hospitality market, by region, 2017- 2030 (USD Million)

TABLE 32 Communication platform as a service others market, 2017 - 2030 (USD Million)

TABLE 33 Communication platform as a service others market, by region, 2017- 2030 (USD Million)