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.
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