Communication Platform As A Service Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions (Voice, Message, and video) and Services (Professional and Managed)); By Organization Size; By Region; Segment Forecast, 2023 - 2032

Communication Platform As A Service Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions (Voice, Message, and video) and Services (Professional and Managed)); By Organization Size; By Region; Segment Forecast, 2023 - 2032

The global Communication Platform As A Service Market size is expected treach USD 172.91 billion by 2032, according ta new study by Polaris Market Research. The report “Communication Platform as a Service Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions (Voice, Message and video) and Services (Professional and Managed)); By Organization Size; By Vertical; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight intcurrent market dynamics and provides analysis on future market growth.

CPaaS market is primarily gaining from a rise in cloud encryption, digital transformation, and digital customer engagement. Businesses can add real-time communication capabilities by using the cloud-based delivery model known as communications platform as a service. Chatbots are increasingly common these days in industries like e-commerce, travel and tourism, institutions, personal assistants, etc.

Chatbots are growing in popularity as they provide prompt, accurate responses around-the-clock. In fact, 69% of users say they prefer them tother forms of communication. Using a chatbot can help draw in a younger audience because many millennials prefer using the internet tengage with businesses rather than calling them.

A growing number of end-user industries, including healthcare, retail, and manufacturing, need network systems that are simple tmanage and enable effective communications. The popularity of affordable cloud-based solutions has alsincreased among healthcare providers, whare typically criticized for having small IT budgets.

The United Communication Services, a subscription-based company, has made it possible for healthcare contact centers tset up their Private Branch Exchange systems and handle many customer requests from different sites without any issues. One of the key elements fostering market expansion is the affordability of CPaaS solutions. Additionally, the market entry of huge corporations is propelling the adoption of CPaaS solutions.

Most businesses nowadays focus on the needs of the consumer and seek out solutions that will enhance customer service. Traditional systems' shortcomings have been eliminated by the development of CPaaS solutions and services. Many businesses use CPaaS tdeliver client messages, such as order tracking, appointment confirmations and reminders, and purchase confirmations. Customer demands can be fulfilled with CPaaS Solutions like chatbots. Additionally, businesses require simple access tomnichannel service providers via a single integrated API. In order tprovide better customer service, businesses are implementing CPaaS solutions.

Communication Platform as a Service Market Report Highlights

The market for service segment is expected texpand at a largest CAGR over the forecast period. By services, the professional services subsegment is expected thave a larger market share.

Small Enterprises is expected texpand with a higher rate of growth owing tthe increased awareness of cloud communication Platform among the industrials

Retail and e-commerce are likely twitness significant growth due tavailability of technical communication services in the market.

Asian Pacific is projected texperience the highest CAGR which is attributable tthe measures taken by the government timprove digital infrastructure.

The global players include Twilio, Sinch, Avaya, Vonage, Bandwidth, RingCentral, TeleSign, Infobip, CM.com, and 8x8.

Polaris Market Research has segmented the communication platform as a Service Market report based on component, organization size and region:

Communication Platform as a Service, Component Outlook (Revenue - USD Billion, 2019 - 2032)

Solutions

Message

Short Message Services (SMS)

Multimedia Message Services (MMS)

Social Channels (WhatsApp, Facebook Messenger, WeChat, and others)

Rich Communication Services (RCS)

Email

Voice

Outbound & Inbound Voice Calls

Interactive Voice Response (IVR) Calls

Voice Over Internet Protocol (VoIP)

SIP Trunking Services

WebRTC-based Calling

Video

VideCalling

VideConferencing

WebRTC-based Video

Other Solutions

Security

Reporting & Analytics

Services

Professional

Managed

Implementation & Integration

Training & Consulting

Support & Maintenance

Communication Platform as a Service, Organization Size Outlook (Revenue - USD Billion, 2019 - 2032)

Large Enterprises

Small Enterprises (SMEs)

Communication Platform as a Service, Vertical Outlook (Revenue - USD Billion, 2019 - 2032)

Banking, Financial Services, and Insurance (BFSI)

Retail & eCommerce

IT & Telecom

Government

Healthcare

Education

Manufacturing

Other Verticals

Communication Platform as a Service, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa