Communication Platform As A Service Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions (Voice, Message, and video) and Services (Professional and Managed)); By Organization Size; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 119
- Format: pdf
- Report ID: PM3048
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global communication platform as a service market was valued at USD 15.24 billion in 2023 and is expected to grow at a CAGR of 31.0% during the forecast period. Increasing demand for network systems that are simple to maintain and enable effective communication across a wide range of end-user industries, including manufacturing, healthcare, and retail drives the market. In addition, businesses are increasingly utilizing omnichannel communication models, which presents significant growth opportunities.
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With the growing competition among the industry players driving the research and development activities and funding in the organizations with the intention to provide greater Service to the people. OpenAI introduced ChatGpt, in November 2022. It is a chatbot which is trained to answer questions from the user in a conversational manner. The online chatbot can conduct a human-like conversation, answering questions, admitting mistakes, and rejecting any inappropriate inquiries since it has been trained on a wealth of facts and data from the internet.
According to professionals, it can be used to create articles, stories, poems, and even work out computer coding. This invention of ChatGpt provided a new platform for the learning of the people. This is giving more opportunities to the development of CPaaS technologies in the market.
Using communication tools like social networking, video chatting, and cloud-based systems makes it much simpler to cooperate and rapidly get in touch with individuals at work. Technology has enhanced productivity and workplace efficiency in addition to communication. Not only enterprises are benefiting from this technological upgrade, consumers are also benefiting with the communication platforms.
Most businesses nowadays focus on the needs of the consumer and seek out solutions that will enhance customer service. Traditional systems shortcomings have been eliminated by the development of CPaaS solutions and services. Many businesses use CPaaS to deliver client messages, such as order tracking, appointment confirmations and reminders, and purchase confirmations. Customer demands can be fulfilled with CPaaS Solutions like chatbots.
Additionally, businesses require simple access to omnichannel service providers via a single integrated API. In order to provide better customer service, businesses are implementing CPaaS solutions.
Rich Communication Services (RCS), social media messaging, and other newly developed channels offer a plethora of new alternatives for digital communication. Standard SMS is limited to 160 characters in black and white. As a result, CPaaS solutions are being used more frequently to handle the complexity and enable the benefits that these new technologies provide. Conversational AI is enhanced by CPaaS technology by incorporating chatbot interactions into the omnichannel experience. By allowing customers to communicate with any company on their preferred channel whenever they choose, it improves customer communications.
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Industry Dynamics
Growth Drivers
Growing usage of chatbots in the food sector, by government initiatives, traveling platforms like abhi bus, educational platforms like Duolingo will fuel the growth of the communication platform as a service market. Language selection, product and price information, table reservations, booking changes, cancellations, corporate banking, and inquiries are a few of the functions of the enterprises. The market for CPaaS is expanding as a result of the growing use of digital communications such as cloud-based video conferencing and contact center systems.
As the need for real-time communication grows, vendors in the market are now able to provide Web RTC services to have group chats & video streaming on the client devices easier. Businesses focus on providing communication services that enable them to enhance the user experience for both sedentary and mobile customers. This is encouraging many companies that serve customers to embrace chatbots in a way that will fuel the growth of the CPaaS market.
Enterprise groups and businesses are constantly looking for adaptable ways to advance their tech stack as legacy communication technologies approach the end of their useful lives. On the other hand, CPaaS suggests a suitable and affordable solution for organizations to modernize their technology and utilize the benefits of the cloud. This will propel the growth of the CPaaS industry in the coming years.
Report Segmentation
The market is primarily segmented based on component, services, organization size and region.
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By Component |
By Organization Size |
By Vertical |
By Region |
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Services Segment is Expected to Witness Fastest Growth in 2022
The CPaaS industry is being driven by an increase in the demand for services like customized services and a need for real-time assistance. Chatbots are increasingly in demand due to features like the ability to have numerous discussions at once, cost effectiveness, the removal of repetitive tasks, and personal assistants. Many enterprises in the service industry are changing their business models due to technological interventions in the consumer interaction and communication services like chatbots which is attributable to the growth of the Services segment in upcoming years.
Moreover, professional services is expected to propel in coming years due to evolving enterprises in the education services and traveling services. The market is expanding as a result of the high need for digitalization and consumer interaction. Organizations around East Asia are observing a rise in customer interactions as a result of greater investments in digital customer engagement which is influencing the growth of professional services market share.
Small Enterprises Segment is Projected to Witness Significant Growth
The Small Enterprises segment is expected to have higher growth due to increasing technological consciousness among the entrepreneurs. Affordability of cloud communication services is also making the enterprises to start investment as most of their funding is limited. Along with conventional phone calling, messaging, video collaboration, automated chatbots, and Instant Voice Recognition (IVR), customers also seek an economical, simple-to-deploy system. This will fuel the growth of the market throughout the forecast period.
Retail and E-Commerce Segment is Projected to Witness Significant Growth
Retail and e-commerce segment is expected to experience growth due to firms implementing technical services to increase consumer interactions. Retailers can also enable chatbots to carry out tasks like answering queries, accepting orders, recommending other products, and even completing purchases by combining CPaaS with e-commerce solutions. Customized updates can be delivered to the appropriate channel for the customer using CPaaS. Furthermore, if the e-commerce site anticipates shipment delays due to bad weather in some areas, it can alert haughty customers in advance. As a result, CPaaS makes practical support automated and smooth, which stimulates segment growth.
The Demand in Asia Pacific is Expected to Witness Significant Growth
Asia Pacific is expanding due to the growing popularity of cloud computing and mobile technology in nations like China, India, and Japan. The use of CPaaS solutions in the area is also being fueled by government measures to improve the digital infrastructure. Asia Pacific has become one of the fastest-growing markets internationally because of the significant increase in the adoption of these solutions there. The main driving factors for the growth of the communications platform as a service market in this region are the rising demand for converged communications and product differentiation among service providers.
Due to infrastructure upgrades, other business strategy decisions and the diverse competition the service providers are trying to expand their base of services to most of the countries. Asia Pacific industries expect the CPaaS solutions and services to meet their high standards for quality, service, uptime, and security.
Competitive Insight
Some of the major players operating in the global market include Twilio, Sinch, Avaya, Vonage, Bandwidth, RingCentral, TeleSign, Infobip, CM.com, and 8x8.
Recent Developments
- In December 2022, Twilio announced flex conversations as an open platform to everyone. The new async channel platform from Flex Conversations makes it simple to create SMS/MMS, WhatsApp, and chat channels. The new async channel platform Flex Conversations has a component called Flex UI 2.0 that adds new features like support for Conversations API, Interactions API, and new channels like WhatsApp and Email.
- In November 2022, Acrobits, a Sinch firm, selected the Amazon Chime SDK as the basis of LinkUp to enhance its selection of potent white label unified communication solutions for iOS, Android, MacOS, and Windows. LinkUp's major goal is to provide users with a dependable, scalable experience with a simple, understandable user interface.
Communication Platform as a Service Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 19.93 billion |
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Revenue forecast in 2032 |
USD 172.91 billion |
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CAGR |
31.0% from 2024 - 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 - 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Component, By Organization Size, By Vertical, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Twilio, Sinch, Avaya, Vonage, Bandwidth, RingCentral, TeleSign, Infobip, CM.com, and 8x8. |
FAQ's
Key companies in communication platform as a service market are Twilio, Sinch, Avaya, Vonage, Bandwidth, RingCentral, TeleSign, Infobip, CM.com, and 8x8.
The global communication platform as a service market expected to grow at a CAGR of 31.0% during the forecast period.
The communication platform as a service market report covering key segments are component, services, organization size and region.
Key driving factors in communication platform as a service market are growing adoption omnichannel communication models and growing use of digital communications
The Global Communication Platform as a Service Market size is expected to reach USD 172.91 billion by 2032.
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