Communication Platform-as-a-Service (CPaaS) Market
According to the report published by Allied Market Research, the global communication platform-as-a-service market was estimated at $10.2 billion in 2021 and is expected to hit $80.2 billion by 2031, registering a CAGR of 23.1% from 2022 to 2031.
The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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CPaaS Industry is a cybersecurity defense practice that aims to deceive attackers by distributing a collection of traps and decoys across a system’s infrastructure to imitate genuine assets. The aim of communication platform as a service is to prevent a cybercriminal that has managed to infiltrate a network from doing any significant damage.
Furthermore, growing trend of mobility and BYOD as well as demand for personalized and streamlined customer interaction to achieve high customer satisfaction is boosting the growth of the global CPaaS market. In addition, increase in use of chat bot sales in communication platform as a service positively impacts the growth of the communication platform-as-a-service market. However, internet bandwidth & technical glitch issues and increasing security concerns are hampering the communication platform-as-a-service market growth. On the contrary, increase in use of technological advancement is expected to offer remunerative opportunities for expansion during the communication platform-as-a-service market forecast.
Depending on enterprise size, the large enterprise segment holds the largest communication platform-as-a-service market share as large enterprises are adopting communication platform as a service to protect all their infrastructures. However, the SMEs segment is expected to grow at the highest rate during the forecast period, owing to increase adoption of cloud computing in the past few years.
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Region-wise, the communication platform-as-a-service market size was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to, increase demand for sophisticated communication platform technologies. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to increasing government investments in digital transformation.
The CPaaS market size has witnessed stable growth during the COVID-19 pandemic, owing to rise in demand for digital support, fraud detection solutions, and various other solutions during the pandemic situation. In addition, the COVID-19 pandemic has resulted in changes in model performance, as more continuous monitoring and validation is required to mitigate various types of risks, compared to static validation and testing methods, which, in turn, drive the development of advanced machine learning models.
In addition, with rapid digital transformation, various governments have introduced stringent regulations to protect end users data such as General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). However, COVID-19 pandemic is making it even harder for larger companies to keep pace, and even more difficult for midsize and smaller companies to adopt AI and cloud technologies, owing to long development timelines and high investment requirements. In addition, with the pandemic eventually receding, sales and service organizations will have to continue accommodating new attitudes and behaviors and take immediate action to meet customer expectations in the post-crisis era.
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Furthermore, the telecom sector, in particular, is playing a vital role across the globe to support the digital infrastructure of countries amid the COVID-19 pandemic. For instance, according to Fujitsu’s Global Digital Transformation Survey in 2021, offline organizations were damaged more, while online organizations witnessed growth in online demand and an increase in revenue. 69% of business leaders from online organizations have indicated that they witnessed an increase in their business revenue in 2020. In contrast, 53% of offline organizations saw a drop in revenues. Furthermore, technologies such as IoT, chatbots, and other voice assistants collate massive volume of data to generate significant insights, which can provide cost-saving opportunities, thus propelling the market’s growth.
Moreover, investments in deep learning is becoming popular day-by-day, owing to increase in attention toward data to help organizations to find out the future performance of the firm to take corrective measures at an early stage in case of any probable crisis in future, which, in turn, is contributing toward the growth of the market. Furthermore, algorithms used for getting meaningful insights from real-time and historical data are helping enterprises in handling various critical issues related to customer insights during the COVID-19 pandemic, which is driving the growth of the market.
With the rapid spread of COVID-19, majority of people faced sudden surges in demand for financial resources, owing to sudden increase in panic among public, which, in turn, increased the number of transactions performed at a time. This, in turn, augmented the demand for AI and advanced technology in customer engagement solution to smoothly regulate the delay. Thus, these are the factors driving the market’s growth during the COVID-19 pandemic.
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KEY FINDINGS OF THE STUDY
1. By enterprise size, the large enterprise segment accounted for the largest communication platform as a service market share in 2021.
2. Region-wise, North America generated highest revenue in 2021.
3. Depending on the component, the solution segment generated the highest revenue in 2021.
The key players profiled in the communication platform-as-a-service market analysis are are 8×8 Inc., ALE International, Avaya Inc., Bandwidth Inc., Infobip Ltd., IntelePeer Cloud Communications LLC, Plivo Inc., Sinch, Twilio Inc., and Vonage America, LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the communication platform-as-a-service industry.
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