The global communications platform as a service (CPaaS) market is poised for extraordinary growth, with forecasts projecting a remarkable compound annual growth rate (CAGR) of 25.6% from 2024 to 2034. The market, currently valued at USD 12.345 billion in 2024, is anticipated to soar to USD 120.996 billion by 2034.
CPaaS solutions enable businesses to integrate communication services such as voice, video, and messaging directly into their applications and workflows using APIs and tools provided by CPaaS providers. This capability empowers organizations to enhance customer engagement, optimize internal communication, and innovate their digital strategies effectively.
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Communications platform as a service brings together several types of communications, including calls, emails, and SMS for enhanced customer engagement. Emergence of omni channel methods for customer management is set to increase the demand for CPaaS solutions in the banking and financial sector. Insurance firms, banks, and payment providers require a secure platform for providing rapid and dependable services to customers while preventing fraud. CPaaS solutions have proved to be a secure real-time communication platform across the BFSI industry.
CPaaS solutions are becoming more popular, especially in the banking sector as these provide personalized offerings. CPaaS services, on the other hand, deliver onboarding features and text reminders to customers, thereby reducing delinquency risk with compliance and security.
Furthermore, implementation of CPaaS solutions results in the early fraud detection with outbound IVR facility. These facilities come along with additional options for immediate transfer to agents offering secure environments to customers for financial transactions. Such wide adoption is opening new opportunities for key players in the CPaaS market.
Key Takeaways: Communications Platform as a Service Market
- By solution, the CPaaS software segment is predicted to lead the global communications platform as a service market with a CAGR of 2% during the forecast period.
- By enterprise size, the large enterprises segment is set to dominate with a CAGR of nearly 23% between 2022 and 2032.
- By industry, the healthcare segment is anticipated to exhibit an astonishing CAGR of 31% in the forthcoming years.
- By geography, North America had the largest market share of about 2% in the CPaaS industry in 2021.
- The South Asia & Pacific region is expected to witness the highest growth rate of around 7% throughout the forecast period of 2022-2032.
“Growing demand for customer communication and customer engagement across the BFSI and retail industries is expected to drive the global communications platform as a service market growth,” says a FMI analyst.
Increasing Demand for CPaaS in Retail Industry to Drive the Market
Retail firms are utilizing CPaaS solutions to adapt to the hybrid environment of modern day purchase requirements. Large-scale retail and consumer enterprises with multiple locations add cloud-based call routing solutions to ensure accurate routing of calls and SMS depending on location, time, and need.
Several brick and mortar, as well as online merchants utilize CPaaS solutions as the preferred business software. Such software solutions can circulate customized information, initiate in-store event registrations, offer segmented discount codes, and send sales alerts. Also, the addition of SMS with voice to the communication strategy is ensuring increased footprint of products onto consumers.
Up-to-date and flexible real-time integrated communication services enable small- and large-scale retail business to embrace the rapidly evolving cloud communications market. Thus, increasing adoption in retail industry is fueling the market growth and is anticipated to continue its supremacy in the near future.
Communications Platform as a Service Outlook by Category
By Solution:
- Communications Platform as a Service (CPaaS) Software
- Services
- Professional Services
- Integration & Implementation
- Consulting
- Support & Maintenance
- Managed Services
- Professional Services
By Enterprise Size:
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Industry:
- IT & Telecom
- BFSI
- Manufacturing
- Healthcare
- Retail & CPG
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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