Global Communication Platform as a Service Market Report 2022: Cost-Effectiveness of CPaaS Solutions Bolsters Demand
DUBLIN, Jan. 23, 2023 /PRNewswire/ -- The "Global Communication Platform as a Service Market by Component (Solutions (Message, Voice, Video) and Services (Professional and Managed)), Organization Size (SMEs and Large Enterprises), Vertical and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global CPaaS market is projected to grow from USD 12.5 billion in 2022 to USD 45.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 29.4% during the forecast period. CPaaS providers offer a number of communication services that are available to their clients out of the box or can be implemented with customization. CPaaS offers a high level of customization to meet specific needs of customers without having to subscribe to a bunch of extra services.
In addition to being customizable, CPaaS systems are also fully scalable. By using APIs, software developers can reuse existing technical solutions and focus exclusively on new functionality that solves a specific problem. In so doing, they share resources with others, which reduces the need to independently scale up their infrastructure to handle unforeseen spikes in traffic volume and usage.
By solutions, the video segment is expected to grow at a higher CAGR during the forecast period
The video segment is expected to grow at a higher growth rate during the forecast period. Video solutions help to build a custom video experience within any mobile, web, or desktop application using Video APIs. Video solutions include video calling, video conferencing, and WebRTC-based video. CPaaS providers are seeing growing demand for video APIs that integrate with industry specific applications such as electronic health records virtual learning platforms.
By organization size, the large enterprises segment is expected to account for the largest market share
The large enterprises segment is expected to account for the largest market size. Large enterprises are defined as a business entity with an employee count of more than 1,000. Large enterprises have the ability to invest in latest technologies to run their businesses effectively. These enterprises o not face any budget issues and are always ready to update the technologies to perform better and monitor the customers in real-time.
By vertical, the retail & eCommerce segment is expected to grow at the highest CAGR during the forecast period
The retail & e-commerce segment is expected to grow at the highest CAGR during the forecast period. The vertical is focusing on offering an interactive experience to consumers through web and mobile-based retail solutions. Online video advertising and online video campaigns enable retailers to strengthen their brand image in the market. CPaaS solutions facilitate real-time communication between customers and stakeholders, leading to enhanced brand loyalty and increased revenue through effective digital marketing.
The following key CPaaS vendors are profiled in the report:
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Communication Platform as a Service Market, by Component
7 Communication Platform as a Service Market, by Organization Size
8 Communication Platform as a Service Market, by Vertical
9 Communication Platform as a Service Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Adjacent Markets
For more information about this report visit https://www.researchandmarkets.com/r/xw1qi8
Research and Markets
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SOURCE Research and Markets