Global Communication Platform-as-a-Service (CPaaS) Market 2023-2030

Title: Global Communication Platform as a Service Market Size, Share & Trends Analysis Report by Components (Solution and Service), by Verticals (BFSI, Healthcare, IT and Technology, Government, and others (Manufacturing, Education, and retail)),Forecast Period (2023-2030).

The global communication platform as a service market is anticipated to grow at an exponential CAGR of 30.5% during the forecast period. Communications-platforms-as-a-service (CPaaS) are cloud-based solutions that allow organizations to add real-time voice, messaging, and video into existing enterprise applications via APIs. These communication APIs have WebRTC, which includes similar capabilities to browsers and mobile apps and services. The growth of the market is attributed to factors such as increasing importance and demand for cloud-based solutions and services. The emerging trend of working at remote location has dramatically increased and highlighted the need for dynamic and efficient cloud-based communication solutions; which in turn is driving the market growth.

Additionally, the Communication Platform as a services provide the enterprises with technical support, customer support, and backup support to ensure uninterrupted operational activities. With the higher adoption of CPaaS solutions across the industry verticals, the demand for supporting services is anticipated to grow during the forecast period.

Segmental Outlook

The global Communication Platform as a Service market is segmented based on the components, and by verticals. Based on the components, the market is sub-segmented into solution and service. Based on verticals, the market is sub-segmented into BFSI, Healthcare, IT and technology, government, and others (manufacturing, education, and retail). Among the verticals, BFSI sub-segment is anticipated to hold a considerable share of the market, owing to the increasing need for better customer support services in this sector. Banks and other financial institutions use conversational AI platforms in combination with APIs to automate customer service interactions and to improve customer experience.

Service Sub-Segment is Anticipated to Hold a Prominent Share in the Global Communication Platform as a Service Market

Among the component, service sub-segment is anticipated to hold a considerable share of the market, owing to 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. For instance, banks and other financial institutions use conversational AI platforms in combination with APIs to automate customer service interactions and to improve customer experience. Demand for customized and real-time assistance, with chatbots gaining popularity for their cost-effectiveness and ability to handle multiple conversations. Technological interventions like chatbots are changing business models, leading to growth in the Services segment.

Regional Outlook

The global Communication Platform as a Service market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).Among these, the Asia-Pacific Communication Platform as a Service market is expected to grow considerably over the forecast period, owing to the growing adoption of cloud-based solutions and services in SMEs and large enterprises in the region. For instance, in January 2022, to implement banking services through WhatsApp using communication platform as a service tool, Route Mobile worked with the State Bank of India and the Bank of Maharashtra.

Europe is Expected to Hold a Prominent Share in the Global Communication Platform as a Service Market

Among all regions, Europe is expected to hold a prominent share of the global Communication Platform as a Service market. Major economies such as UK, Germany, France, Italy, Spain has the huge potential for adopting Cloud based solutions and CPaaS. One of the major drivers propels the demand for Communication Platform as a Service in Europe include rising adoption and investment by the European government and initiatives. For instance, in March 2022, US and European Commission announce New Trans-Atlantic Data Privacy framework to put in place new safeguards to ensure that signals surveillance activities are necessary and proportionate in the pursuit of defined national security objectives. Furthermore, the GDPR Act imposed by the European Government mitigates the risk of cyber security and any potential data breaches.

Market Players Outlook

The major companies serving the global Communication Platform as a Service market include IntelePeer Cloud Communications LLC, Plivo Inc., 8x8, Inc., ALE International, Twilio Inc., Avaya Inc., Bandwidth Inc., Vonage America, LLC, Infobip Ltd., Sinch and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.

For instance,

• In February 2022, Airtel Africa signed a memorandum of understanding (MoU) with Avaya to deliver effortless customer experiences across the continent. As per the agreement, Airtel Africa would bundle Airtel Africa voice services with the Avaya OneCloud platform, which includes Avaya OneCloud CCaaS, OneCloud UCaaS and OneCloud CPaaS.
• In August 2021, Microsoft Cropland Avaya, Inc. collaborated to integrate Microsoft Azure Communication solutions into Avaya OneCloud communication platform as a service. Through this partnership, Microsoft's communication solutions were to be improved by the addition of SMS, video, voice, and chat capabilities.
• In January 2021, Tanla Platforms Limited and Microsoft today announced the launch of Wisely, a blockchain-enabled communications platform-as-a-service (CPaaS) offering built on Microsoft Azure. A unique marketplace for enterprises and suppliers, wisely offers a global edge-to-edge network that delivers private, secure, and trusted communication experiences. Microsoft is the development partner who architected and built this platform for Tanla.
• In February 2020, Huawei launched its Mate X2 latest communication platform as a service in China. Like Samsung Galaxy Fold, the company ditched the outward folding design and moved to an inward folding design.

The Report Covers:

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global communication platform as a service market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where' in the market.