According to Future Market Insights (FMI), demand registered in the market will increase at a CAGR of around 25.0% from 2022-2032. Sales in the communication platform as a service (CPaaS) market is anticipated to reach ~US$ 59,362.1 Million by 2032.
The report states that the market is expected to reach a valuation of ~US$ 6,384.4 Million by the end of 2022. As per Future Market Insights, growing demand for flexible communication platforms is expected to boost sales of CPaaS solutions.
Communications platform as a service or CPaaS solutions are referred to as cloud solutions which enable organizations to add real-time communication features onto business applications. These solutions are adaptable, scalable, and unite latest integrated communication services into a single offering.
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Communications platform as a service brings together several types of communications, including calls, emails, and SMS for enhanced customer engagement. Emergence of omni channel methods for customer management is set to increase the demand for CPaaS solutions in the banking and financial sector. Insurance firms, banks, and payment providers require a secure platform for providing rapid and dependable services to customers while preventing fraud. CPaaS solutions have proved to be a secure real-time communication platform across the BFSI industry.
CPaaS solutions are becoming more popular, especially in the banking sector as these provide personalized offerings. CPaaS services, on the other hand, deliver onboarding features and text reminders to customers, thereby reducing delinquency risk with compliance and security.
Furthermore, implementation of CPaaS solutions results in the early fraud detection with outbound IVR facility. These facilities come along with additional options for immediate transfer to agents offering secure environments to customers for financial transactions. Such wide adoption is opening new opportunities for key players in the CPaaS market.
Key Takeaways: Communications Platform as a Service Market
- By solution, the CPaaS software segment is predicted to lead the global communications platform as a service market with a CAGR of 2% during the forecast period.
- By enterprise size, the large enterprises segment is set to dominate with a CAGR of nearly 23% between 2022 and 2032.
- By industry, the healthcare segment is anticipated to exhibit an astonishing CAGR of 31% in the forthcoming years.
- By geography, North America had the largest market share of about 2% in the CPaaS industry in 2021.
- The South Asia & Pacific region is expected to witness the highest growth rate of around 7% throughout the forecast period of 2022-2032.
“Growing demand for customer communication and customer engagement across the BFSI and retail industries is expected to drive the global communications platform as a service market growth,” says a FMI analyst.
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Increasing Demand for CPaaS in Retail Industry to Drive the Market
Retail firms are utilizing CPaaS solutions to adapt to the hybrid environment of modern day purchase requirements. Large-scale retail and consumer enterprises with multiple locations add cloud-based call routing solutions to ensure accurate routing of calls and SMS depending on location, time, and need.
Several brick and mortar, as well as online merchants utilize CPaaS solutions as the preferred business software. Such software solutions can circulate customized information, initiate in-store event registrations, offer segmented discount codes, and send sales alerts. Also, the addition of SMS with voice to the communication strategy is ensuring increased footprint of products onto consumers.
Up-to-date and flexible real-time integrated communication services enable small- and large-scale retail business to embrace the rapidly evolving cloud communications market. Thus, increasing adoption in retail industry is fueling the market growth and is anticipated to continue its supremacy in the near future.
Rising Adoption of Chatbots to Enhance Customer Engagement Will Aid Growth
To enhance the process of interaction on real-time basis, businesses are deploying chatbots and chat applications which interact with customers in an imaginative way. Chatbots and WhatsApp business APIs are two of the most popular use cases for CPaaS solutions. These chatbots are strategically designed to produce desired results with statistical information from the preceding information. The applicability of chatbots is becoming widespread with increased adoption among businesses for meaningful customer engagement.
Various organizations have integrated self-service chatbots for answering simple questions via conversational interfaces. One of the CNBC report estimates that 75-90% of the questions will be handled by bots by the end of 2024. The growing adoption and application of chatbots would surge the demand for communications platform as a service solution.
More Valuable Insights on Communications Platform as a Service Market
Future Market Insight’s report on the communications platform as a service industry research is segmented into four major sections – solution (communications platform as a service software, and services – professional services { integration & implementation, consulting, and support & maintenance }and managed services; enterprise size (SMEs and large enterprises), industry (IT & telecom, BFSI, manufacturing, healthcare, retail & CPG, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the communications platform as a service solution demand outlook.
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Communications Platform as a Service Outlook by Category
By Solution:
- Communications Platform as a Service (CPaaS) Software
- Services
- Professional Services
- Integration & Implementation
- Consulting
- Support & Maintenance
- Managed Services
- Professional Services
By Enterprise Size:
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Industry:
- IT & Telecom
- BFSI
- Manufacturing
- Healthcare
- Retail & CPG
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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