November 23, 2021
According to the research report titled ‘Global Communication Platform as a Service Market size study by End-user Vertical (IT and Telecom, BFSI, Retail and E-commerce, Healthcare), Regional Forecasts 2021-2027’, available with MarketStudyReport, global communication platform as a service market was valued at USD 4.54 billion in 2020, is anticipated to grow to USD 35.8 billion by the end of the forecast period 2021-2027, registering a strong CAGR of 34.3% throughout.
As per the findings of the report, surging demand for omnichannel marketing and increasing shift from adjacent and traditional business structures will primarily drive the growth of global communication platform as a service market.
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Furthermore, increase in BYOD (bring your own device) policies in several enterprises is expected to enhance the market outlook in the upcoming years. In fact, Cisco Systems Inc. claimed that companies using BYOD strategy saved an average of USD 350 per employee each year. In addition, proactive initiatives are likely to boost annual savings to USD 1,300 per employee.
On contrary, concerns regarding privacy and transparency may hinder the market expansion throughout the projection period.
For the uninitiated, communications-platform-as-a-service (CPaaS) enables phone, video, and messaging to be incorporated into apps eliminating requirement for real-time communications stack. It also aids developers to incorporate real-time communication features in standalone apps without the need to build backend infrastructure or user interfaces which reduces the total cost of constructing and management.
From a regional perspective, key geographies considered for assessing worldwide communication platform as a service market and scope are North America (U.S., Canada), Europe (U.K., Germany, Spain, France, Italy, Poland, Russia), Asia Pacific (Japan, China, India, South Korea, Australia,) and Latin America (Mexico, Argentina, Brazil).
Among these, North America currently captures a substantial market share due to strong adoption of cloud-based technology by SMEs. Additionally, higher demand for cost-effective & user-friendly browser-based communication solutions and launch of integrated & unified CPaaS solutions by leading market players are anticipated to fuel the regional market growth.
Considering the competitive landscape, 8x8 Inc., Bandwidth Inc., Vonage Holdings Corp., MessageBird B.V., Twilio Inc., Plivo Inc., IntelePeer Cloud Communications LLC, Sinch AB, Voxvalley Technologies Pvt. Ltd., and Voximplant Inc. are the major companies influencing global communication platform as a service market trends.