Due to several factors, such as the need for efficient and cost-effective connectivity services, quick migration to the hybrid model, high availability, and increased quality of service delivered by CPaaS, the market is expected to see substantial growth during the forecast period.
FMI states in its recent study on the communications platform as a service cpaas market that the market will record an impressive CAGR of 24.3% through 2031. Demand for CPaaS is anticipated to continue surging as Companies are involved in numerous organizations with creative digital technologies to allow customer interaction.
“A CPaaS software is a cloud-based platform that enables developers to add real-time communications features to their applications without needing to build backend infrastructure and interfaces. Due to this factor, many countries around the globe are moving forward towards the development of CPaaS software and thus, creating opportunities for the CPaaS market .” says the FMI analyst.
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COVID-19 Impact on CPaaS Market
The CPaaS market growth is anticipated to be boosted owing to the pandemic due to a shift in consumer preference. With the outbreak of COVID-19 and work at home (WAH) being the favored mode of service, market vendors have been involved in promoting WAH and expanding their business.
The growth of digital connections has pushed businesses of all sizes and nearly every geographical area to rapidly intensify the digitalization of their business processes and activities. All these factors fueled the CPaaS market growth during the pandemic.
Key Takeaways of CPaaS Market Study
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CPaaS Market – Important Highlights
CPaaS Market – Drivers
CPaaS Market – Restraints
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The CPaaS market players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge. For example, in May 2019, Mitel unveiled a Google cloud-based wholesale corporate communications and collaboration solution. For mid-market and corporate companies, MI Cloud Flex on Google Cloud provides optimum performance and offers additional revenue streams for the channel network. Some of the key companies are Avaya Inc., Bandwidth Inc., Twilio Inc., Vonage, Infobip ltd., Mitel Networks Corporation, TeleSign Corporation
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