The Global Communication Platform-as-a-Service Market size was estimated at USD 13.42 billion in 2022 and expected to reach USD 17.23 billion in 2023, projecting growth at a CAGR of 34.39% to reach USD 142.87 billion by 2030.
The report provides market sizing and forecasts across 7 major currencies - USD, EUR, JPY, GBP, AUD, CAD, and CHF; multiple currency support helps organization leaders to make better decisions. In this report, the years 2018 to 2021 are considered as historical years, 2022 as the base year, 2023 as the estimated year, and years from 2024 to 2030 are considered as the forecast period.
Cumulative Impact of COVID-19:
The COVID-19 pandemic has been one of the biggest disruptors of 2020. As businesses and consumers grapple with the economic consequences of COVID, many organizations have turned to CPaaS solutions as an efficient and cost-effective way to enable remote workforces and stay connected with customers. This initiative has increased demand for CPaaS solutions that allow organizations to add real-time communications capabilities, such as voice, video, and messaging.
Cumulative Impact of Russia-Ukraine Conflict:
The conflict between Russia and Ukraine has had long-lasting implications for communication providers operating in both countries. Communication providers in both countries were forced to adhere to certain restrictions set forth by their respective governments. Providers in Ukraine are mandated by law to store customer data within the country’s borders, making it difficult for foreign companies looking to enter either market due to compliance issues related to data privacy laws. The resulting decrease in competition has enabled existing CPaaS providers in both countries to continue benefiting from strong growth opportunities despite external pressures from government regulations.
Cumulative Impact of High Inflation:
High inflation rates stifle economic growth, which affects businesses across all industries. In recent years, many countries have experienced high inflation levels due to rising costs associated with commodities such as oil or food products. As a result, companies must adjust their pricing models accordingly or risk losing customers due to affordability issues caused by higher prices associated with goods and services. Many CPaaS providers can offset some of these costs by taking advantage of cloud computing technologies that offer cost savings over traditional IT infrastructures, allowing them to maintain competitive pricing strategies and profitability even during high inflation.
The market dynamics represent the ever-shifting landscape of the Global Communication Platform-as-a-Service Market by providing actionable insights into supply and demand levels. Taking such factors into account helps inform strategies, investments, and future developments to capitalize on opportunities or avoid potential pitfalls related to political, geographical, technical, social, and economic conditions. Such market observations also highlight consumer behaviors while influencing both manufacturing costs as well as consumer purchasing decisions.
- Growing Demand for Improved Customer Service and Engagement to Enrich Customer Communications Channels
- Increasing adoption of cloud-based video conferencing and contact center platforms
- Significant penetration of CPaaS in education and BFSI sector
- Latency issue pertaining to the addition of multiple APIs
- Integration of advanced technologies to enhance customer communication channels
- Emergence of new communication channels for higher quality metrics and analytics data
- Absence of robust security procedures and increased susceptibility of organizations to fraud attacks
Market Segmentation & Coverage:
- Based on Component, the market is studied across Service and Solution. The Service is further studied across Managed Services and Professional Service. The Professional Service is further studied across Implementation & Integration, Support & Maintenance, and Training & Consulting. The Solution is further studied across Application Programming Interface (API) Platform and Software Development Kit (SDK) Platform. The Application Programming Interface (API) Platform is further studied across Messaging API, Video API, and Voice API. The Messaging API is further studied across Multimedia Messaging Service (MMS), Rich Communication Services (RCS), and Short Message Service (SMS). The Video API is further studied across Video Calling & Conference and WebRTC- based Video. The Voice API is further studied across Interactive Voice Response Calls, Outbound & Inbound Voice Calls, SIP Trunking Services, Voice Over Internet Protocol (VoIP), and WebRTC- based Calling.
- Based on Organization Size, the market is studied across Large Enterprises and Small & Medium Enterprises (SMEs).
- Based on End-User, the market is studied across Banking, Financial Service and Insurance, Education, Healthcare, Information Technology & Telecommunication, Media & Entertainment, Retail & e-Commerce, Transportation & Logistic, and Travel & Hospitality.
- Based on Region, the market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.
This research report categorizes the Global Communication Platform-as-a-Service Market in order to forecast the revenues and analyze the trends in each of the following sub-markets:
Company Usability Profiles:
The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the Global Communication Platform-as-a-Service Market, including 8x8 Inc., ALE International, Avaya Inc., Bandwidth Inc., CM.com Netherlands B.V., Dolby.io by Dolby Laboratories, Inc., IMImobile Limited, Infobip Limited, IntelePeer Cloud Communications LLC, Kaleyra Inc., MessageBird B.V., Mitel Networks Corporation, MOBtexting, Plivo Inc., PT. Telekomunikasi Indonesia International (Telin), RingCentral, Inc., Sinch AB, Telesign Corporation, Telnyx LLC, Text Us Services, Inc., Twilio Inc., Vonage Holdings Corp. by Ericsson AB, Voximplant Inc., Voxvalley Technologies Pvt. Ltd., and Yellow.ai.
The report provides insights on the following pointers:
- Market Penetration: Provides comprehensive information on the market offered by the key players
- Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
- What is the market size and forecast of the Global Communication Platform-as-a-Service Market?
- What are the inhibiting factors and impact of COVID-19 shaping the Global Communication Platform-as-a-Service Market during the forecast period?
- Which are the products/segments/applications/areas to invest in over the forecast period in the Global Communication Platform-as-a-Service Market?
- What is the competitive strategic window for opportunities in the Global Communication Platform-as-a-Service Market?
- What are the technology trends and regulatory frameworks in the Global Communication Platform-as-a-Service Market?
- What is the market share of the leading vendors in the Global Communication Platform-as-a-Service Market?
- What modes and strategic moves are considered suitable for entering the Global Communication Platform-as-a-Service Market?