Revolutionizing business communication with Communication platform as a service

Communication platform as a service is a cloud-based delivery model that permits firms to add real-time communication proficiencies such as voice, video, and messaging to business applications in administering application program interfaces (APIs). The communication proficiencies distributed by APIs involve SMS, MMS, telephony, and video. In communication platforms as a service market, communication services can be incorporated into business deployments, such as sales software, to append elements such as notifications, click-to-call and multifactor authentication. Communication platform as a service is arranged by firms that want to incorporate communication in their business applications and cloud service providers and developers seeking to add communication proficiencies to their applications and services.

According to Polaris Market Research & Consulting, Inc. , the global communication platform as a service market was valued at USD 11.66 billion in 2022 and is expected to reach USD 172.91 Billion By 2032, growing at a CAGR of 31.0% during the forecast period.

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Market trends

The endorsement of CPaaS solutions is anticipated to be supplementarily expedited by swiftly escalating assimilation by the BYOD trend and other mobility solutions. In the contemporary age of adjustability and network availability for employees worldwide for several firms, Bring Your Own Device (BYOD) advanced as a notable trend escalating office productivity.

In the communication platform as a service market, harnessing the growing requirement for CPaaS , market vendors are augmenting contemporary solutions and services in the market context. For instance, Syniverse initiated a cloud-native, hyper-scale digital engagement platform to improvise the firm's experiences with customers and enhance its digital transformation in February 2022.

Businesses are now focusing on planned mergers and acquisitions to avail a competitive edge in the target market. One of the CPaaS providers in India, Value First, was procured by Twilio in March 2021. The procurement amalgamates the CPaaS and cloud communication. The commitment by Twilio is in consonance with the country's speedy progression in messaging, idiomatic AI, and mar-tech.

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Expansion of the market in Asia Pacific

Asia Pacific is proliferating because of the increasing popularity of cloud computing and mobile technologies in countries such as China, India, and Japan. The usage of CPaaS solutions in the region is also being fuelled by government proceedings to enhance digital infrastructure. Asia Pacific has emerged as one of the speedily growing markets globally due to its notable market growth due to the increase in the acquisition of these solutions there. In the communication platform as a service market, the prominent factors for the development of the market in this region are the growing demand for connected communication and product differentiation among service providers.

Frequently asked questions

Who are the key companies in the market?

• Key companies in the communication platform as a service market are Twilio, Sinch, Avaya, Vonage, Bandwidth, RingCentral, TeleSign, Infobip, CM.com, and 8x8.

What is the CAGR estimated to be calculated for the market?

• The market is anticipated to grow at a CAGR of 31.0% during the forecast period

What are the key segments covered?

• The market report covering key segments are components, service, organization size, and region

What are the key driving factors in the market?

• Key driving factors in the market are the growing adoption of Omni channel communication models and the growing usage of digital communication

What will be the market value estimated by the end of 2032?

• The market size is anticipated to reach USD 172.91 billion by 2032