The Communication Platform-as-a-Service (CPaaS) market facilitates the integration of communication interfaces such as Voice, SMS, Video, and Messaging into the web and mobile applications. The CPaaS solutions enable effective and personalized omnichannel communication experiences for businesses and end-users by providing advanced conversation capabilities.
The global Communication Platform-as-a-Service (CPaaS) Market is estimated to be valued at US$ 9841.3 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of omnichannel communication strategies by businesses is the major trend fueling the growth of the CPaaS market. Omnichannel communication enables conversational experiences across various digital touchpoints including web, smartphones, smart devices, among others. The CPaaS solutions provide Application Programming Interfaces (APIs) and SDK toolkits that allow the integration of multiple communication channels into any digital experience. With more businesses implementing omnichannel strategies to deliver consistent and engaging experiences to customers, the demand for CPaaS and its omnichannel capabilities is experiencing significant growth. The CPaaS providers are also introducing new features in their platforms and solutions to further enhance omnichannel communication experiences for driving customer retention and revenue for businesses.
Segment Analysis
The global Communication Platform-As-A-Service (CPaaS) market is dominated by the messaging sub segment. It accounted for over 45% share of the overall market in 2023. This is because messaging functionalities like SMS, WhatsApp, email etc are among the most sought after and commonly used CPaaS offerings across industries. The voice/video calling segment is the second largest sub segment due to increasing adoption of CPaaS enabled calling solutions for customer support services.
Key Takeaways
The global Communication Platform-As-A-Service (CPaaS) market scope is expected to witness high growth over the forecast period. The global Communication Platform-as-a-Service (CPaaS) Market is estimated to be valued at US$ 9841.3 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.
Regional analysis
North America dominated the global CPaaS market in 2023 with over 35% share. This was attributed to rapid adoption of cloud-based communication solutions among enterprises across industries in the US and Canada. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to expanding CPaaS adoption in countries like China, India and Japan for customer engagement and collaboration applications.
Key players
Key players operating in the Communication Platform-As-A-Service (CPaaS) market are EnableX.io (VCLOUDX PTE. LTD), Twilio Inc., Infobip Ltd., Vonage Holdings Corp, M800 Limited, MessageBird BV, Iotum Inc., Plivo Inc., Voxbone SA, Snich AB, Telestax, Voximplant (Zingaya Inc.), Mitel Networks Corporation, 8x8 Inc., AT&T Inc., Voxvalley Technologies, Avaya Inc., Bandwidth Inc. (Bandwidth.com), Wazo Communication Inc., and IntelePeer Cloud Communications. Twilio is currently the global leader in terms of market share due to its broad range of CPaaS capabilities.
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