Communications Platform as a Service (CPaaS) Market to reach US$ 46,465.0 Mn by 2031 from US$ 5,283.5 Mn in 2021
The increasing demand for contextual communications that can improve the overall customer experience is expected to propel growth of communications platform as a service (CPaaS) market between 2021 and 2031. The market is projected to witness significant growth during the forecast period, due to several factors such as growing need for reliable and cost-effective communication services, easy migration to hybrid model, highly available, and improved quality of service offered through CPaaS.
CPaaS is a cloud-based delivery platform which enables businesses to add real-time communication channels including SMS, voice, Email, chat apps and more to their Industries with the use of APIs. It also offers different features such as cost savings, improved employee efficiency, access to the latest technology, increase sales, and better customer service.
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Key Takeaways of CPaaS Market Study
CPaaS market is set to exhibit nearly 18.1% Y-o-Y growth in 2021. The rising demand from diverse industries guarantees exponential growth of the market in the coming years The U.S. will remain a highly lucrative market for CPaaS, accounting for nearly 86% of the market in North America Growth in U.K. will happen at an impressive pace. In 2021, the market is expected to register 15.7% Y-o-Y growth in the U.K. Germany and France will also exhibit considerably high demand for CPaaS Japan and South Korea will emerge as attractive markets for CPaaS services and solutions in East Asia
“Key players are focusing on continuous developments and implementation of new solutions such as cloud communication technology and Next-Gen CPaaS solution for improving workflows & business applications, and real-time communications features. This is creating growth opportunities for the CPaaS market”. Says the FMI analyst.
Demand for CPaaS Rose Considerably Amid COVID-19
The COVID-19 pandemic outbreak has disrupted many industries, including the communications platform as a service (CPaaS) software market. Many private, as well as government organizations, have transitioned to remote working, due to which there is a sudden surge in demand for communications platform as a service (CPaaS) solutions. The demand for collaborations tools, communications platform as a service (CPaaS) software, conferencing software, UCaaS, remote desktop software and remotely managed IT services is increasing during the lockdown resulted by COVID-19 outbreak. This is driving an increase in the demand for communications platform as a service (CPaaS) solutions.
CPaaS market is estimated to grow by 1.4X from 2019-2020 and would see a surge in demand amid the COVID-19 outbreak, as remote working becomes the new norm. The worldwide spread of COVID-19 pandemic in Q1, 2020 has impacted the lockdown across the globe, nearly 80% of the IT workforce were moved to home offices and continue to work from home. This paradigm shift to remote working has created a huge demand for online platform, cloud services and remote access to important projects. Increasing adoption of cloud-based CPaaS such as communications platform as a service (CPaaS) software, web conferencing, cloud storage, unified messaging and others, due to global lockdowns, would further drive the CPaaS solution demand.
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CPaaS Uptake to Increase across Diverse Industries
CPaaS can be utilized for streamlining transactional messaging that include reminders and notifications. For instance, hospitals and clinics can send automated appointment reminders to patients and reduce the cases of missed appointments. In turn, it can help them run a more efficient practice.
Hospitals across the globe are using remote diagnostics, virtual patient-doctor visits, appointment reminders or rescheduling, and provides updates of waiting times in busy clinics such as outpatient departments. Several schools and educational institutions in regions such as North America, Europe and Asia Pacific are using embedded video, voice, and messaging for real-time online tutoring and allowing students to collaborate (among themselves and with teachers) remotely.
Who is Winning?
Cloud deliveries offered by some of the leading organizations operating in the market are transforming the way enterprises are managing their communication networks. Market players are offering various innovative solutions to cater to the dynamic consumer requirements. For instance, Voximplant launched a one-click integration with Google Dialogflow in July 2020.
Some of the leading companies operating in the market are:
Avaya Inc. Bandwidth Inc. Twilio Inc. Vonage Infobip ltd. Mitel Networks Corporation TeleSign Corporation Telnyx LLC MessageBird IMIconnect
More Valuable Insights on CPaaS Market
A new market research report published by Future Market Insights (FMI) on the global CPaaS market includes global industry analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides valuable insights on the basis of solution ((software), and services (professional services (integration & implementation, consulting, and support & maintenance) and managed services)), enterprise size (small & medium enterprises (SMEs) and large enterprises), industry (IT & telecom, BFSI, manufacturing, healthcare, retail & CPG, others), across six major regions.
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