The global CPaaS market size is estimated to be valued at USD 12.5 billion in 2022 and is projected to reach USD 45.3 billion by 2027 during the forecast period, growing at a CAGR of 29.4%. The demand for improved customer service and client engagement is one of the key factors driving the market growth.
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By component, the solutions segment to account for a larger market share during the forecast period
The solutions segment is expected to account for a larger market share during the forecast period. CPaaS solutions allow organizations to add voice, video, and messaging features to their existing business software using APIs. This allows them to cherry-pick real-time communications features and embed them into their apps and services. This feature is attractive to growing companies who already use a cloud-based technology stack and want to customize their communications infrastructure.
By services, the managed services subsegment is expected to grow for a higher growth during the forecast period
The managed services subsegment is expected to account for the highest growth rate during the forecast period. The managed service providers support and manage third-party infrastructure that help organizations to manage their products or services. The need for comprehensive managed services has increased as it has alleviated the workload placed on IT, all while ensuring business continuity and customer communications.
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Unique Features in the Communication Platform as a Service Market
CPaaS solutions provide developers with a uniform set of APIs (Application Programming Interfaces) that let them include chat, video, social media, SMS, email, and voice into their apps, resulting in smooth omnichannel user experiences.
The communication features and workflows may be easily integrated, branded, and customised with CPaaS platforms, which offer scalable communication solutions catered to the unique requirements of enterprises.
For mission-critical communication applications, CPaaS systems offer scalable and dependable communication infrastructure that can manage variations in traffic and user demand, guaranteeing high availability, performance, and quality of service.
Through APIs and SDKs, CPaaS platforms easily interface with current business systems, applications, and workflows. This allows companies to increase productivity and efficiency by immediately integrating communication functions into their CRM, ERP, and other business applications.
With the use of conversational interfaces and automation features like chatbots and interactive voice response (IVR) systems, CPaaS platforms enable businesses to automate repetitive activities, customer care requests, and engagement workflows.
Major Highlights of the Communication Platform as a Service Market
Because omnichannel communication solutions allow businesses to interact with users and consumers across numerous channels like chat, email, SMS, and video, the CPaaS industry is expanding quickly.
In order to modernise communication infrastructure, boost customer engagement, and increase operational efficiency through the seamless integration of communication channels into corporate workflows and applications, businesses are implementing CPaaS solutions as part of their digital transformation activities.
By providing global connectivity and coverage for voice, SMS, and data services, CPaaS platforms allow businesses to access consumers and clients anywhere in the globe and increase their market share without requiring complicated infrastructure setup or international carrier agreements.
Communication features and workflows can be easily integrated, branded, and customised to fit specific business requirements thanks to CPaaS platforms, which offer scalable communication solutions that can be adjusted to the needs of enterprises.
Through APIs and SDKs, CPaaS platforms easily interface with current business systems, applications, and workflows. This allows companies to increase productivity and efficiency by immediately integrating communication functions into their CRM, ERP, and other business applications.
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Top Key Companies in the Communication Platform as a Service Market
The key market players dominating the CPaaS market include Twilio (US), Sinch (Sweden), Avaya (US), Vonage (US), Bandwidth (US), RingCentral (US), TeleSign (US), Infobip (UK), CM.com (Netherlands), and 8×8 (US). These players have adopted various strategies, such as new product launches and enhancements, partnerships, collaborations, and acquisitions, to grow in the market.
Twilio is a leading provider of programmable communication tools for making and receiving phone calls, sending and receiving text messages, and performing other communication functions using its web service APIs. The company offers a customer engagement platform used by hundreds of thousands of businesses and more than ten million developers worldwide to build unique, personalized experiences for their customers. Twilio’s programmable messaging allows businesses to send and receive messages with cloud-scale messaging APIs for SMS, MMS, and WhatsApp. In July 2021, Twilio acquired Zipwhip, a US-based provider of toll-free messaging. The acquisition strengthened Twilio’s messaging business by offering another affordable, trusted channel option.
Sinch is a global leader in cloud communication and mobile customer engagement. The company offers solutions for businesses, communication service providers, and operators. Its leading cloud communication platform enables businesses to quickly reach customers worldwide through mobile messaging, voice, and video. Their Conversation API supports many channels to reach customers on their preferred channel. Its multiple channel line-up includes SMS, RCS, and social messaging channels, such as WhatsApp, Facebook Messenger, Viber, Apple Messenger for Business, WeChat, Telegram, and Line. In December 2021, Sinch acquired Inteliquent, a network-based voice and messaging service provider to communication service providers. The acquisition strengthens Sinch’s position as the largest provider of voice services to both enterprises and telecom carriers in the US.
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