USD 9.7 billion
Global CPAAS Market Size, Share, Growth Analysis, By Component(Software and Services.), By Enterprise Size(Small and Medium-Size Enterprises and Large Enterprises), By Industry(BFSI, Government) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2047 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
90 |
Figures:
76
Global CPAAS Market Insights
CPAAS Market size was valued at USD 9.7 billion in 2021 and is poised to grow from USD 12.5 billion in 2022 to USD 97.51 billion by 2030, growing at a CAGR of 29.4% in the forecast period (2023-2030).
A growing number of end-user industries, including healthcare, retail, and manufacturing, demand network systems that are simple to maintain and allow efficient communication. Additionally, healthcare providers, who are frequently considered to have small IT budgets, expanded their adoption of affordable cloud-based solutions. Due to the subscription-based United Communication Services, healthcare contact centers may now quickly set up their PBX (Private Branch Exchange) systems and handle many customer requests from different sites.
The rapidly growing popularity of the BYOD trend and other mobility solutions is expected to increase the adoption of CPaaS solutions much more. Bring Your Own Device (BYOD) developed as a significant trend, increasing office productivity, in this new era of flexibility and network accessibility for employees globally for various firms.
Real-time communications are offered as communication platform-as-a-service via SMS, voice, video, text, and additional channels. The communication platform-as-a-service market is anticipated to be driven by businesses' growing focus on customer engagement. The adoption of CPaas is anticipated to increase as a result of advances in cloud technologies. Furthermore, industries are eager to invest in a variety of communication channels as industries face a digital transformation that will provide for digital customer interactions. Due to the increasing adoption, various key companies are increasing the range of communication platform products they provide.
US CPAAS Market is poised to grow at a sustainable CAGR for the next forcast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Large
Fastest Growth
Small and Medium
Growth Rate
29.4% CAGR
Global CPAAS Market, 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global CPAAS Market Size By Enterprise Size, 2022-2030 ($ Bn)
Global CPAAS Market Size By Enterprise Size, 2022-2030 (%)
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Global CPAAS Market Segmental Analysis
Global CPAAS market is segmented on the basis of component, enterprise size, industry, and region. By component, the market is segmented into software and services. by enterprise size, the market is segmented into small and medium-size enterprises and large enterprise. by industry, the market is segmented into BFSI, government, IT and telecom, healthcare and life sciences, retail and e-commerce, education, and others. The market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Enterprise Size
SME (Small and Medium Enterprises) and Large Enterprise are two market segments based on application. The highest market share in 2022 belongs to Large Enterprise, and over the forecast period it is expected to expand at a CAGR of 35.12%. The second-largest market in 2022 is small and medium-sized businesses. The greater emphasis on customer relationship management offered by CPAAS services used by small businesses paves the basis for ongoing process improvement. Customers from large enterprises are often spread across several regions rather than concentrated in a specific area, resulting in larger market shares, more advanced technical expertise, and profitable business strategies.
Analysis by Industry
The retail and e-commerce segment had the largest market share and is anticipated to expand at a CAGR of 35.2% by the end of the projected period. Customer relationship management software, marketing automation tools, and other customer databases can all be used in conjunction with CPaaS. Then, the gadget shapes messages and recommendations that are later delivered by live agents or chatbots, and it affects the consumer search results generated by algorithms. Retailers can also enable chatbots to carry out tasks like answering queries, accepting orders, recommending other products, and even completing purchases by combining CPaaS with e-commerce solutions.
Customized updates can be delivered to a customer's right channel using CPaaS. Hence, the e-commerce site can proactively alert prospective customers if it anticipates shipping delays due to bad weather in some areas. Practical support is therefore automated and seamless with CPaaS, spurring market expansion.
The second-largest sector is IT and telecommunications. The use of voice and SMS services, which are part of traditional telephony, has greatly decreased. New avenues for real-time communication have been discovered, such as OTT platforms, and this is the main cause. In order to supply solutions on their own networks and change their current infrastructures and data centers even while launching new revenue streams, organizations are now being pushed to their limits by the focused demand. This data obtained the market growth outlook.
Global CPAAS Market By Enterprise Size, 2022 (%), 2023 (%)
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Global CPAAS Market Regional Insights
The largest market share currently belongs to North America, which is anticipated to grow at a CAGR of 37.1% over the duration of the forecast. Because of the current spike in mobility and the enormous advancement in the saturation of smart mobile devices brought on by the consumerization of IT, North America dominates the CPaaS industry. Additionally, significant market players are planning to become acquainted with integrated and unified CPaaS solutions in this region as a result of the rising demand for cost-effective and user-friendly browser-based communication solutions, which will further drive market expansion.
Due to a high investment rate for 5G deployment, the United States is one of the leading innovators and investors in the 5G market. The adoption of secure methods has been implemented in order to boost demand for CPAAS in the region and maintain local laws because the growth of CPaaS adoption could potentially result in fraudulent and illegal actions.
In September 2020, the Federal Trade Commission (FTC) and the State of Ohio joined forces to support service providers who intentionally or unintentionally assist in the origination of illegal call traffic across communications platforms. Numeracle, Inc., a provider of Verified Identity for communications, and Fonative, the Compliant Communications Company, started working together on this effort.
Due to its large customer base and positively developing smartphone market, Asia-Pacific is the third-largest region. Additionally, the area is gradually making investments in 5G services. The domestic 5G market is being developed by nations like China, India, Japan, Australia, Singapore, and South Korea, which is driving market expansion in the area. More growth potential is anticipated in the market under study as a result of the Chinese government's increasing efforts, as well as those of telecom operators and vendors. Some of the biggest telecom 5G infrastructure providers, like Huawei, are based in the region.
Global CPAAS Market By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
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Global CPAAS Market Dynamics
Drivers
Growing Demand for Omni channel Marketing
- The requirement for the CPaaS market is raised by the rising demand for omni channel marketing among businesses to maintain and attract new clients. Customers must contact companies through a variety of various techniques in many various industries.
- While some individuals prefer to practice text messaging, others favor live web chat and other popular audio services. All well-known communication platforms can be accessible simultaneously by using CPaaS. This business aims in direct contact with the consumers these platforms want to use.
- Increased Regulation of Personal Data across End-user Industries
One of the causes for steady growth of the global CPaaS market is the regulatory and security issues surrounding user data. Due to the expanding stringent government restrictions around data usage and privacy-related issues, the widespread deployment of these communication systems has created substantial challenges for many sectors.
Restraints
Public Cloud Security Concerns
Data Leakage is one of the serious concerns in the CPAAS market
- The public cloud has many advantages, but organizations should consider deeply before adopting it because of a number of safety problems. A multi-tenant environment defines the public cloud. As a consequence, security risks are constant. Multitenancy could allow a hacker to read the information or employ the disguise of another client to access the data.
- The compliance standards that must be followed are also well recognized to organizations. As a consequence, considering that the vast majority of CPaaS solutions are deployed on the public cloud, security problems pertaining to the public cloud are expected to act as a restraint in the communication platform as a service (CPS) market.
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Global CPAAS Market Competitive Landscape
The nature of this market is highly competitive. The existence of many small and large vendors working both in domestic and foreign markets has led to intense competition in the Communications Platform-as-a-Service (CPaaS) market. The market appears to be fragmented, with major methods including mergers and acquisitions and product innovation adopted by leading manufacturers to expand the functionality of their total product lines and maintain their competitiveness.
Top Player’s Company Profiles
- Twilio Inc.
- Vonage Holdings Corp.
- Plivo Inc.
- Nexmo, The Vonage API Platform
- MessageBird B.V.
- Infobip Ltd.
- Sinch AB
- Bandwidth Inc.
- Voxbone SA
- MessageMedia Group Pty Ltd.
- Karix Mobile Pvt. Ltd.
- CLX Communications AB
- Tata Communications Ltd.
- IntelePeer Cloud Communications LLC
- IMImobile PLC
- Globalgig Pty Ltd.
- Mitto AG
- Route Mobile Limited
- tyntec GmbH
- Zipwhip Inc.
Recent Developments
-
In February 2022, A definitive agreement was signed for Route Mobile's fully-owned subsidiary, Routesms Solutions FZE, to purchase M. R. Messaging FZC, a provider of cloud communications services to companies and aggregators in Europe and South Africa. The acquisition complements Route Mobile's goal of global expansion and increases its presence in the CPaaS market.
-
In January 2022, Bandwidth Inc., a large global corporate cloud communications firm, unveiled a significant development in the future of the enterprise contact center with Genesys, a global cloud service provider in customer experience orchestration. By integrating its DuetSM solutions into the Genesys Cloud CX platform, Bandwidth is extending its portfolio of DuetSM solutions into the contact center market, allowing companies to divorce complex telephony from their communications infrastructure.
Global CPAAS Key Market Trends
- Widespread Adoption: A positive outlook for the market is being created by the solution's widespread acceptance in the retail and e-commerce industries all over the globe. To increase the customer involvement, CPaaS enables merchants to include audio, video, and SMS communication into their websites, mobile applications, and social media platforms.
- Use of Chatbots: Another element driving growth is the increasing desire for individualized recommendations that enhance the shopping and service experience across all channels. Additionally, the increasing use of chatbots, virtual assistants, and voice assistants to promote productivity and efficiency is substantially boosting market growth. In addition, the market growth has been driven by the integration of artificial intelligence (AI) and machine learning (ML) for voice recognition, automation, agent augmentation, emotion analysis, and call analytics.
Global CPAAS Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
The global internet services and infrastructure market includes the international communication platform-as-a-service (CPaaS) market. The levels of growth of the communication platform-as-a-service (CPaaS) market over the forecast period will be decided by external factors influencing the parent market growth potential in the ensuing years, which have been extensively covered in our research report.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 9.7 billion |
| Market size value in 2031 | USD 97.51 billion |
| Growth Rate | 29.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global CPAAS Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global CPAAS Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global CPAAS Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global CPAAS Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global CPAAS Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global CPAAS Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global CPAAS Market Report Snapshots
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