Communication Platform as a Service (CPaaS) is also known as cloud communication services or just as PaaS (platform as a service) for communication. It enables developers to build custom communications like voice, video, SMS and chat into web and mobile applications without worrying about infrastructure setup and management. With the growing trend of digitalization across industries, there is increasing need for such cloud communication platforms to integrate real-time communication capabilities into applications.
The global Asia Pacific Communication Platform As A Service Market is estimated to be valued at US$ 34.6 billion 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:
The rising adoption of cloud services across industries in Asia Pacific region has been a major driver accelerating the growth of CPaaS market. Cloud services helps businesses leverage latest communication technologies to engage with customers without making huge upfront investments. Additionally, CPaaS solutions enables organizations to deploy and manage communication features simply as code integrated into their existing applications. This has significantly increased the popularity of CPaaS among small and medium enterprises to enhance customer experience through seamless communication. Further, growing trends like digital transformation and mobilization of workforce is also positively impacting the demand for CPaaS platforms in Asia Pacific region.
Segment Analysis
The Asia Pacific Communication Platform As A Service Market Analysis is dominated by the large enterprise segment. The large enterprises sub-segment accounts for over 60% of the market share owing to higher spending on advanced communication solutions by large corporates across verticals such as BFSI, healthcare, IT & telecom, retail and manufacturing industry. The spending on modern team collaboration and communication tools equipped with features such as video conferencing, messaging, and screen/file sharing have increased among large enterprises in recent years to enhance productivity and workforce efficiency.
Key Takeaways
The global Asia Pacific communication platform as a service market is expected to witness high growth. The global Asia Pacific Communication Platform As A Service Market is estimated to be valued at US$ 34.6 billion in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.
The region is home to some of the fastest developing economies such as China, India, South Korea, Singapore and Australia. Countries such as China and India are witnessing rapid digitalization across sectors which has propelled the demand for efficient communication platforms. The Asia Pacific region currently dominates the market with over 50% share owing to the increasing demand from countries like China, India and Australia. China occupies more than 30% of the regional market share due to active government support for technological advancements and presence of major key players in the country. The growing adoption of work from home and hybrid work culture post pandemic has further augmented the demand for CPaaS solutions in the region.
Key players:
Key players operating in the Asia Pacific communication platform as a service market are Twilio, Vonage, MessageBird, Zipwhip, MiCloud, Telnyx and Bandwidth. Twilio dominates the regional market with over 15% share owing to wide geographical reach and strong product portfolio catering to diverse communication needs of enterprises. Vonage and MessageBird have also strengthened their presence in high growth Asian countries and gained significant revenue share in recent years.
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