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Communication Platform-as-a-Service Market Size to Surpass USD 62.54 Billion by 2029, exhibiting a CAGR of 28.1%

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As per the report by Fortune Business Insights, the global communication platform-as-a-service market size is projected to reach USD 62.54 billion by 2029, at a CAGR of 28.1% during the forecast period

Pune, India, Aug. 22, 2023 (GLOBE NEWSWIRE) — Global communication platform-as-a-service market size was valued at USD 8.73 billion in 2021 and is projected to reach USD 62.54 billion by 2029, exhibiting a CAGR of 28.1% during the forecast period. The adoption of chatbot across various customer-facing businesses. Fortune Business Insights present this in its report, Communication Platform-as-a-Service Market Forecast, 2022-2029.

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Key Industry Development

Avaya, Inc. partnered with Microsoft Corporation to incorporate Microsoft Azure Communication solutions in Avaya OneCloud CPaaS. This collaboration aimed to improve communication solutions for Microsoft by adding SMS, video, voice, and chat abilities.

Key Takeaways

  • Rise in Remote Working Amid Pandemic is likely to Fuel Market Growth
  • Customer Engagement Across Multiple Communication Channels to Boost Market Growth
  • By Enterprise Size Analysis: Focus on Customer Engagement to Surge SME’s Growth Rate
  • Growing Emphasis on Global Expansion to Strengthen Market Positions
  • Communication Platform-as-a-Service Market Size in North America was USD 2.51 Billion in 2021


Discover the Leading Players Featured in the Report:

“Companies leading the Communication Platform-as-a-Service Market are Twilio Inc. (U.S.), Sinch AB (Sweden), 8×8 Inc. (U.S.), Bandwidth Inc. (U.S.), Avaya Inc. (U.S.), Vonage Holdings Corp. (U.S.), Alcatel-Lucent Enterprise (France), Plivo Inc. (U.S.), IntelePeer (U.S.), Infobip Ltd. (U.K.)

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 28.1%
2029 Value Projection USD 62.54 Billion
Base Year 2021
Communication Platform-as-a-Service Market Size in 2021 USD 8.73 Billion
Historical Data for 2018 to 2020
No. of Pages 150
Segments covered Deployment, Enterprise Size, Industry and Geography




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Driving Factors

Introduction of Chat-Bots to Upsurge CPaaS Market Sales

Vendors are now able to offer Web RTC solutions to make group chats and video streaming on client devices easier due to the growing demand for real-time communication. Businesses concentrate on communication services that help them improve the experience of both desk-bound and remote consumers. This is encouraging chatbot adoption among numerous customer-facing firms.

Segments

By Deployment

  • Cloud
  • On-premise

By Enterprise Size

  • Large Enterprises
  • SMEs

By Industry

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

By Region

  • North America
  • Europe
  • Middle East & Africa
  • Asia Pacific


Regional Insights

North America to Lead Backed by Increased Need for Advanced Communication Platform Systems

During the forecast period, North America is anticipated to dominate the communication platform-as-a-service market share. It is anticipated that the presence of significant participants from a variety of industries would increase demand for sophisticated communication platform technologies.

Due to increasing government investments in digital transformation, the Asia Pacific area is expected to experience significant growth during the projection period. China will increase its market share during the projection period.

Europe is anticipated to exhibit moderate development. Businesses in the area are making investments in customer-based services to increase their clientele and drive revenue development. The popularity of communication platform-as-a-services is projected to increase as a result.

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Competitive Landscape

Innovative Product Launch Announcement by Key Players to Bolster Market Growth

The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.

FAQ’s

How big is the Communication Platform-as-a-Service Market?

Communication Platform-as-a-Service Market size was USD 8.73 billion in 2021.

How fast is the Communication Platform-as-a-Service Market growing?

The Communication Platform-as-a-Service Market will exhibit a CAGR of 28.1% during the forecast period, 2022-2029.

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About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

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