Communication Platform-as-a-Service Market Size to Surpass USD 62.54 Billion by 2029, exhibiting a CAGR of 28.1%
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 |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/communication-platform-as-a-service-cpaas-market-106471
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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