Communication Platform as a Service Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2027

January 11 02:14 2023
Communication Platform as a Service Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2027
Twilio (US), Sinch (Sweden), Avaya (US), Vonage (US), Bandwidth (US), RingCentral (US), TeleSign (US), Infobip (UK), CM.com (Netherlands), and 8×8 (US).
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 – Global Forecast to 2027

The global Communication Platform as a Service Market size is estimated to be valued at USD 12.5 billion in 2022 and is projected to reach USD 45.3 billion by 2027 during the forecast period, growing at a CAGR of 29.4%. The demand for improved customer service and client engagement is one of the key factors driving the market growth.

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By component, the solutions segment to account for a larger market share during the forecast period

The solutions segment is expected to account for a larger market share during the forecast period. CPaaS solutions allow organizations to add voice, video, and messaging features to their existing business software using APIs. This allows them to cherry-pick real-time communications features and embed them into their apps and services. This feature is attractive to growing companies who already use a cloud-based technology stack and want to customize their communications infrastructure.

By services, the managed services subsegment is expected to grow for a higher growth during the forecast period

The managed services subsegment is expected to account for the highest growth rate during the forecast period. The managed service providers support and manage third-party infrastructure that help organizations to manage their products or services. The need for comprehensive managed services has increased as it has alleviated the workload placed on IT, all while ensuring business continuity and customer communications.

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The key market players dominating the CPaaS market include Twilio (US), Sinch (Sweden), Avaya (US), Vonage (US), Bandwidth (US), RingCentral (US), TeleSign (US), Infobip (UK), CM.com (Netherlands), and 8×8 (US). These players have adopted various strategies, such as new product launches and enhancements, partnerships, collaborations, and acquisitions, to grow in the market.

Twilio is a leading provider of programmable communication tools for making and receiving phone calls, sending and receiving text messages, and performing other communication functions using its web service APIs. The company offers a customer engagement platform used by hundreds of thousands of businesses and more than ten million developers worldwide to build unique, personalized experiences for their customers. Twilio’s programmable messaging allows businesses to send and receive messages with cloud-scale messaging APIs for SMS, MMS, and WhatsApp. In July 2021, Twilio acquired Zipwhip, a US-based provider of toll-free messaging. The acquisition strengthened Twilio’s messaging business by offering another affordable, trusted channel option.

Sinch is a global leader in cloud communication and mobile customer engagement. The company offers solutions for businesses, communication service providers, and operators. Its leading cloud communication platform enables businesses to quickly reach customers worldwide through mobile messaging, voice, and video. Their Conversation API supports many channels to reach customers on their preferred channel. Its multiple channel line-up includes SMS, RCS, and social messaging channels, such as WhatsApp, Facebook Messenger, Viber, Apple Messenger for Business, WeChat, Telegram, and Line. In December 2021, Sinch acquired Inteliquent, a network-based voice and messaging service provider to communication service providers. The acquisition strengthens Sinch’s position as the largest provider of voice services to both enterprises and telecom carriers in the US.

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