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, 2023 - 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.
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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
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)
Communication Platform as a Service, Organization Size Outlook (Revenue - USD Billion, 2019 - 2032)
Communication Platform as a Service, Vertical Outlook (Revenue - USD Billion, 2019 - 2032)
Communication Platform as a Service, Regional Outlook (Revenue - USD Billion, 2019 - 2032)