Communication Platform As a Service Market Size Worth $172.91 Billion By 2032 | CAGR: 31.0%

The Global Communication Platform As A Service Market size is expected to reach USD 172.91 billion by 2032, according to a 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, 2024 - 2032” gives a detailed insight into current 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 to other forms of communication. Using a chatbot can help draw in a younger audience because many millennials prefer using the internet to engage with businesses rather than calling them.

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

The United Communication Services, a subscription-based company, has made it possible for healthcare contact centers to set 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.

Have Questions? Request a sample or make an Inquiry before buying this report by clicking the link below: https://www.polarismarketresearch.com/industry-analysis/communication-platform-as-a-service-market/request-for-sample

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 to deliver 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 to omnichannel service providers via a single integrated API. In order to provide better customer service, businesses are implementing CPaaS solutions.

Communication Platform as a Service Market Report Highlights

• The market for service segment is expected to expand at a largest CAGR over the forecast period. By services, the professional services subsegment is expected to have a larger market share.
• Small Enterprises is expected to expand with a higher rate of growth owing to the increased awareness of cloud communication Platform among the industrials
• Retail and e-commerce are likely to witness significant growth due to availability of technical communication services in the market.
• Asian Pacific is projected to experience the highest CAGR which is attributable to the measures taken by the government to improve 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
    • Video Calling
    • Video Conferencing
    • 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