Communication Platform As A Service (CPaas) Market Worth $100.9 Billion By 2030: Grand View Research, Inc.
SAN FRANCISCO, Jan. 25, 2023 /PRNewswire/ -- The global communication platform as a service market size is anticipated to reach USD 100.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 31.1% from 2022 to 2030. The demand for communication platforms as a service (CPaaS) is expected to grow owing to the growing importance of CPaaS among enterprises for facilitating transactions, marketing, and customer support.
Key Industry Insights & Findings from the report:
- Based on components, the solutions segment accounted for the maximum revenue share of 87.5% in 2021. This can be attributed to the growing adoption of different API platforms such as messaging API, voice API, and video API. The services segment is likely to expand at the highest CAGR of 37.6% over the forecast period. This can be attributed to the increasing demand for CPaaS services such as consultation, deployment, as well as maintenance, and support.
- Based on enterprise size, the large enterprise segment dominated the market with a share of 58.6% in 2021. This can be attributed to the increasing activity of communication infrastructure upgradation by large enterprises. The small & medium enterprises segment is likely to expand at the highest CAGR of 34.5% during the forecast period owing to the increasing adoption of various CPaaS channels for marketing, customer service, virtual meetings, and contactless payments.
- Based on end-use, the IT and Telecom segment dominated the market with a share of 19.2% in 2021. This can be attributed to growing digital transformation across organizations. The healthcare segment is expected to grow at the highest CAGR of 35.5% over the forecast period. Increased adoption of video consultation, telehealth, appointment booking, and automated reminders through SMS and voice biometrics to authenticate customers is contributing to the growth of this segment.
- North America held the largest share of 30.1% in 2021 and is expected to retain its position during the forecast period. This can be attributed to the presence of prominent market players in the region. Moreover, the highly developed telecom services market is aiding the market growth of the region. The Asia Pacific region is anticipated to expand at the highest CAGR of 34.1% during the forecast period owing to developing technology infrastructure, growth of end-use industries, and favorable government policies.
- In March 2022, Vonage America, LLC announced new video capabilities for the Vonage Communications Platform (VCP). This new capability is expected to improve users' collaboration with customers, colleagues, and prospects, facilitating them to communicate visually for better connections, communication, and engagement.
Read 100 page market research report, "Communication Platform As A Service Market Size, Share & Trends Analysis Report By Component, By Enterprise Size (Large Enterprise, SMEs), By End-use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Communication Platform As A Service Market Growth & Trends
The COVID-19 pandemic had a positive impact on the communication platform as a service (CPaaS) market. The use of CPaaS in the healthcare and retail & e-commerce industry increased significantly during the pandemic. CPaaS assists healthcare organizations in the gathering of patient data and the deliver of community-related information, whereas two-factor authentication (2FA) with a one-time password validates patient and caregiver identities during online interactions such as video communications and telehealth. These systems can be immediately deployed in time-critical scenarios in which clinics, doctors, and other caregivers need to reach patients or potential patients remotely and securely.
Web Real-Time Communication (WebRTC) enables CPaaS providers to diversify their product portfolios in their primary markets. Starting with video conferencing templates that allow for an unlimited number of users to join at once, regardless of their location. These video conferencing templates can also enable interactive video communications for events like massive company meetings that involve thousands of remote employees, executive sessions with investors, spontaneous collaborations, and the press and the public at large.
Communication Platform As A Service Market Segmentation
Grand View Research has segmented the communication platform as a service market based on component, enterprise size, end-use, and region:
Communication Platform As A Service Market - Component Outlook (Revenue, USD Million, 2017 - 2030)
- API Platform
- Messaging API
- Voice API
- Video API
- SDK Platform
- Managed Services
- Professional Services
Communication Platform As A Service Market - Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)
- Large Enterprises
- Small and Medium Enterprises (SMEs)
Communication Platform As A Service Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)
- IT & Telecom
- Retail & E-commerce
- Transportation & Logistic
- Travel & Hospitality
Communication Platform As A Service Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players of the Communication Platform As A Service Market
- TWILIO INC.
- Avaya Inc.
- Vonage America, LLC
- Infobip ltd.
- Plivo Inc.
- Telnyx LLC
- Bandwidth Inc.
Check out more related studies published by Grand View Research:
- Web Real-Time Communication Market - The global web real-time communication market size is estimated to reach USD 40.6 billion by 2027 growing at a CAGR of 43.4% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Web real-time communication (WebRTC) enables real-time communication capabilities over browsers without having the need to install additional plugins. It supports browser-to-browser applications for video chat, voice calling, messaging, and file sharing. Amid the spread of COVID-19, several organizations have adopted work-from-home policies. There is a need to maintain operational efficiency while working from home, and online communication has become an essential tool for all organizations. The increasing demand for online communication is expected to drive the market in the near future.
- Rich Communication Services Market - The global rich communication services market size is estimated to reach USD 35.7 billion by 2027, expanding at a CAGR of 35.4% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. Rich communication services (RCS) platforms overcome the limitations of SMS and provide additional services such as high-quality image sharing, chat rooms, and read receipt. Adoption of such mobile services by various businesses to enhance customer experience is anticipated to drive the market for rich communication services during the forecast period.
- Unified Communications Market - The global unified communications market size is expected to reach USD 417.86 billion by 2030, registering an estimated CAGR of 17.4% from 2023 to 2030, as per a new report by Grand View Research, Inc. The proliferation of smartphones and the rollout of services such as 5G are the significant drivers of market growth in developing and developed economies.
Browse through Grand View Research's Communication Services Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
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