The total revenue generated by the global communications platform as a service (CPaaS) market in 2021 was $5,296.6 Mn. The market for communications platform as a service (CPaaS) is anticipated to develop at a CAGR of 25.0% from 2022 to 2032, reaching around US$ 59,362.1 Mn.
By the end of 2022, the market is predicted to be valued at US$6,384.4 Mn, according to the analysis. Sales of CPaaS solutions are anticipated to increase due to the rising demand for flexible communication platforms, according to Future Market Insights.
Cloud-based solutions known as communications platform as a service, or CPaaS, allow businesses to integrate real-time communication capabilities into business processes. These solutions combine the most recent integrated communication services into a single offering and are customizable and scalable.
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Calls, emails, and SMS are all combined into a single communications platform as a service to improve client engagement. The development of omni-channel customer management techniques is expected to boost demand for CPaaS solutions in the banking and finance industries. Insurance companies, banks, and payment processors need a secure platform to offer consumers quick, trustworthy services while avoiding fraud. In the BFSI sector, CPaaS solutions have established themselves as safe real-time communication platform.
Since they provide customized offers, CPaaS solutions are becoming more and more popular, especially in the banking sector. As an alternative, CPaaS services provide customers with text-based reminders and onboarding tools that reduce the likelihood of delinquency while upholding compliance and security.
The use of CPaaS solutions also produces an outbound IVR facility for early fraud detection. These facilities also provide customers the option to transfer right away to agents that provide secure spaces for financial operations. Key participants in the CPaaS market are seeing new opportunities as a result of this widespread usage.
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 enterprise’s 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 an 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 a voice to the communication strategy is ensuring an increased footprint of products onto consumers.
Up-to-date and flexible real-time integrated communication services enable small- and large-scale retail businesses to embrace the rapidly evolving cloud communications market. Thus, increasing adoption in the 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.
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
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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