Communications Platform as a Service (CPaaS) Market

Global Communications Platform as a Service (CPaaS) Market is valued at USD 5.2 Billion in 2021 and is expected to reach USD 34.3 Billion by 2028 with a CAGR of 31.0% over the forecast period.

Global Communications Platform as a Service (CPaaS) Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2021-2028: Growing demand for omnichannel marketing and rising focus on reducing TCO for efficient communications from SMEs are major factors driving the growth of the Global Communications Platform as a Service (CPaaS) Market.

Scope of Global Communications Platform as a Service (CPaaS) Market

A communication platform-as-a-service provides real-time communication through voice, SMS, text, video, and other channels. Businesses' increasing emphasis on consumer engagement is predicted to propel the communication platform-as-a-service market. Similarly, advances in cloud services are expected to increase CPaaS implementation. Furthermore, as industries undergo digital transformation, businesses are eager to invest in a variety of communication systems to connect with customers in digital form. As adoption grows, various key players are expanding their communication platform product portfolio.

Businesses are now pursuing strategic acquisitions and mergers in order to gain a competitive advantage in their target market. Value First, one of India's CPaaS providers, was procured by Twilio in March 2021. The deal brings together the cloud communication and CPaaS platform. Twilio's decision is consistent with the country's rapid developments in conversational AI, messaging, and marketing technology.

Furthermore, in February 2022, Bosch Group, a significant worldwide provider of services and technology, selected Kaleyra Inc., a leading cloud software provider in the CPaaS industry, as their trustable seller to power the Bosch Mobility Solutions cloud communications in India.

In response to the COVID-19 pandemic, businesses in the Forbes Global 2000 have been forced to accelerate their digital transformation. In March 2022, Syniverse and Kore.ai agreed to a partnership to support its CPaaS strategy by providing conversational artificial intelligence (AI) and technical support to Forbes Global 2000 companies. Through a professional services department staffed by Syniverse and Kore.ai, Syniverse expands its CPaaS portfolio and offers end-to-end capabilities to businesses, including internet bot build and design, campaign management and deliverability, omnichannel selection, and analytics.

The global communications platform-as-a-service (CPaaS) market was positively impacted by the COVID-19 pandemic. Due to remote working and the enhanced use of BYOD for office work, the interaction was originally a major issue. Low-cost CPaaS was accepted by SMEs and large enterprises focused on cost reduction, resulting in positive demand during the COVID period.

The global Communications Platform as a Service (CPaaS) market is segmented based on the component, enterprise size, end-use industry, and region & country level. Based on components, the global Communications Platform as a Service (CPaaS) market is segmented into services and software. By enterprise size, the market is segmented into small & medium enterprises and large enterprises. By end-use industry, the global Communications Platform as a Service (CPaaS) market is segmented into BFSI, IT & Telecom, logistics & transportation, healthcare, hospitality, and others.

The regions covered in the global Communications Platform as a Service (CPaaS) market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Communications Platform as a Service (CPaaS) is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Global Communications Platform as a Service (CPaaS) Segmentation

By Components

• Services
  • Professional
  • Managed
• Software
  • Cloud
  • On-premise

By Enterprise Size:

• Small & Medium Enterprises
• Large Enterprises

By End-use Industry:

• BFSI
• IT & Telecom
• Logistics & Transportation
• Healthcare
• Hospitality
• Others

Key Players of Global Communications Platform as a Service (CPaaS) Market

Some major key players for the global communications platform as a service market report cover prominent players like

• Vonage Holdings Corp
• Twilio Inc
• Plivo Inc
• MessageBird B.V.
• Voximplant (Zingaya Inc.)
• Snich AB
• Bandwidth Inc. (Bandwidth.com)
• Voxvalley Technologies
• Wazo Communication Inc
• IntelePeer Cloud Communications
• AT&T Inc
• Avaya Inc
• Infobip Ltd
• Telestax
• Mitel Networks Corporation
• Iotum Inc
• Voxbone SA
• EnableX.io (VCLOUDX PTE. LTD)

News-

Mitel launched subscription-based solutions

On March 9^th, 2022; Mitel announced the availability of subscription-based solutions over its flagship platforms, including the MiVoice Business, MiVoice 5000, MiVoice Office 400, and MiVoice MX-ONE. These membership models are expected to give customers the flexibility to access the most recent cloud-based innovations while also responding quickly to the ever-changing market demands and needs.

Route Mobile's wholly owned subsidiary, Routesms Solutions FZE, has signed definitive agreements to acquire M. R. Messaging FZC.

On February 4^th, 2022; M. R. Messaging FZC, a supplier of cloud communications services to aggregators and businesses in South Africa and Europe, has agreed to be acquired by Route Mobile's wholly-owned subsidiary, Routesms Solutions FZE. The acquisition broadens Route Mobile's international footprint in CPaaS and aligns with the company's global expansion strategy.

Radisys Launches Engage Digital Platform for Providers to Newly Monetize 5G, 4G, and Fixed Network Investments

On February 22^nd, 2022; The Radisys Engage Digital Platform was made available by Radisys Corporation, a leading supplier of open telecom solutions (EDP). It is a cloud infrastructure communication platform that ushers in a totally new generation of programmable communications that include hyper-personalized social engagements, video-based customer care, conversational AI applications, and Industry 5.0 applications that enable human-machine cooperation. The platform enables service providers to profitably and quickly customize solutions to meet the requirements and needs of various enterprises and consumer segments.

Growing demand for omnichannel marketing, rising focus on reducing TCO for efficient communications from SMEs, and growing shift of companies from adjacent and traditional models are some of the major factors driving the growth of the Global Communications Platform as a Service (CPaaS) Market

The retail industry has undergone significant change, owing primarily to rapidly changing consumer purchasing habits, as it has transitioned from a single point of contact to omnichannel interactions through social media or the web. Due to rising customer demands, better service and shopping experience have been well-established across all channels. As a result, modern communication solutions that mainly automate customer support and retail chain processes are catering to it.

According to an Accenture survey, over 73% of clients expected customer service to be easier, faster, and more comfortable than it is now. Furthermore, a wide range of critical retail businesses sees omnichannel as a golden opportunity to gain a competitive advantage. Since most large companies now continue operating across multiple channels, customer support has emerged as the primary criterion in selecting one provider or store over another (online and mobile).

Communication is a critical component of the enterprise work process. Rising telecommunication investment is introducing various innovations in communication-specific technologies. With increased investment in communication technology to improve workflow, demand from small and medium-sized businesses has also increased. Integrating communication platforms into existing workflows is less expensive than maintaining and developing a communications stack. The growing demand from SMEs for low-cost communication models is propelling the market forward.

Furthermore, several well-known organizations are already utilizing CPaaS to improve their customer journey through new communication functionality. Booking.com, one of the world's largest travel e-commerce businesses, uses CPaaS to help integrate voice chat into the booking and customer care processes of its mobile apps. Booking.com has 198 locations in 70 countries worldwide.

North America is Expected to Capture a Major Share in the Global Communications Platform as a Service (CPaaS) Market

The sharp surge in mobility and the huge growth in the penetration of smart mobile devices is expected cause North America to dominate the CPaaS market. Furthermore, in response to the increasing demand for cost-effective and user-friendly browser-based communication solutions, notable market participants are preparing to launch unified and integrated CPaaS solutions in the region, which is expected to accelerate market growth.

Furthermore, the United States is among the top innovators and investors in the 5G market due to its high spending and investment for 5G deployment. The telecom sector in the region drives a major fraction of the world's 5G technology usage. In terms of adoption, investment, and applications, the United States also holds the majority of the regional 5G market. Furthermore, telecom providers such as AT&T, Verizon, and T-Mobile have agreed to sign billion-dollar agreements with network equipment manufacturers such as Ericsson, Samsung, Huawei, Nokia, and ZTE to develop their 5G infrastructure in the U.S.

By Regional & Country Level

North America

• U.S
• Canada

Europe

• U.K
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

Latin America

• Brazil
• Mexico

Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2021 - 2028
Market Size in 2021:	USD 5.2 Billion in 2021
Base year considered	2021
Forecast Period CAGR %:	31.0%
Market Size Expected in 2028:	USD 34.3 Billion by 2028
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	Vonage Holdings Corp, Twilio Inc., Plivo Inc., MessageBird B.V., Voximplant (Zingaya Inc.), Snich AB, Bandwidth Inc. (Bandwidth.com), Voxvalley Technologies, Wazo Communication Inc., IntelePeer Cloud Communications, AT&T Inc., Avaya Inc., Infobip Ltd, Telestax, Mitel Networks Corporation, Iotum Inc, Voxbone SA, and EnableX.io (VCLOUDX PTE. LTD)
Segments Covered	By Platform, By Enterprise Size, By End-User.
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa