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| Global Communication Platform-As-A-Service (Cpaas) Market Size |
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 28.
% over the forecast period 2023 to 2030, as highlighted in a new report
published by Coherent Market Insights.
Market Overview:
Communication Platform-As-A-Service (CPaaS) is a cloud-based communications
infrastructure that enables developers to build their own communications
capabilities and services for their apps and systems. CPaaS can be used to add
communications capabilities like voice, messaging, and videos to applications
and systems. CPaaS integrates critical communication services such as
messaging, email, social media, and voice into applications through
user-friendly APIs. By utilizing CPaaS, developers can build engaging and
interactive customer experiences and workflows directly into their applications
without worrying about provisioning or maintaining the underlying
infrastructure.
Market key trends:
One of the key trends in the CPaaS market is the rising adoption across various
end use industries such as healthcare, education, logistics, transportation and
many more. Enterprises across industries are focusing on integrating
communication features and services to enhance customer experience and
operational efficiency. Another major trend is the wide availability of APIs
which enables developers to integrate communication capabilities like voice,
video, and text into their applications with minimal development efforts. The
increasing popularity of over-the-top communication apps among consumers worldwide
is also driving the demand for CPaaS.
Porter’s Analysis
Threat of new entrants: The CPaaS market requires high initial investments and
has strong network effects which creates barriers for new entrants. However,
the market is growing at a fast pace attracting new players.
Bargaining power of buyers: Buyers have high bargaining power due to
availability of various CPaaS vendors in the market providing similar services.
Buyers can switch between vendors easily based on price and functionality.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to
less differentiation between CPaaS vendors. However, switching costs for
services keeps their power in check.
Threat of new substitutes: There exist few substitutes to CPaaS services
currently. Other cloud communication services and desktop applications pose
minimal threat.
Competitive rivalry: The market comprises several global and local players.
Intense competition exists among vendors to gain market share through product
innovations, mergers and partnerships.
Key Takeaways
The Global
Communication Platform-As-A-Service (Cpaas) Market Size is expected to
witness high growth, exhibiting 28% CAGR over the forecast period 2023 to 2030,
due to increasing need for omnichannel communication and personalized customer
engagement among enterprises. The market size for 2023 is estimated to reach US$ 9841.3 Mn.
Regional analysis: North America dominated the global CPaaS market in 2022
owing to strong adoption across various industries including BFSI, IT,
healthcare and hospitality. Asia Pacific is expected to witness fastest growth
during the forecast period supported by increasing digitalization initiatives
and emergence of startups in China, India and other developing countries.
Key players: Key players operating in the 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. These players are
focusing on new product launches and partnerships to expand their presence and
gain competitive advantage.
Read More: https://www.trendingwebwire.com/communication-platform-as-a-service-cpaas-market/