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In 2022, communication platforms as a service (CPAAS) were evaluated to be a USD 12.8 billion market. Communication Platform as a Service (CPAAS) Market is expected to grow at the rate of 30.50% CAGR from USD 16.7 billion in 2023 to reach around USD 140.50 billion by 2032 and are finding increasing application in various industries like healthcare, retail, manufacturing etc., which demand manageable network systems for efficient communications. Healthcare providers are expected to drive the market for communication platform as a service (CPAAS) owing to their reliance on affordable cloud-based solutions due to budgetary constraints.
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Through pandemic, video calling and messaging apps have become important tools for work, communication and business purposes. For conducting and managing exams, admissions, assessments and tuition fees, education industry had adopted video communication channels. According to World Economic Forum(WFE), after the government asked educational institutions to start offering online courses in February 2020, approximately 730,000 K–12 students in Wuhan province participated in online learning. At present time wholesale suppliers who sell services and solutions directly through system integrators (SIs) or indirectly through independent software vendors (ISVs) are the main source of revenue for this sector known as Communication Platform as a Service (CPaaS). Enterprise industry currently takes up voice and SMS API technologies.
Key Players Communication Platform as a Service (CPAAS) Market –
Major players in the Communication Platform as a Service (CPAAS) Market including:
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However most of the CPaaS providers still not prepared enough for delivering services ready for consumption by B2B customers through self-sign-up or portal sales channels.
Due to BYOD trend with other mobility solutions becoming rapidly adopted throughout the forecast period it implies that demand for Communication Platform as a Service (CPAAS) Market will increase significantly during that period of time hence raising revenue of Communication Platform as a Service(CPAAS) market.
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Division
Communication Platform as a Service (CPAAS) market segmentation based on Components include Solutions and Services. The services category is the market leader with 58% of total revenue.
Based on enterprise size, SMEs and large enterprises are segmented under Communication Platform as a Service (CPAAS) market. The large enterprise sector tops the list of market leaders in terms of market share at 58%.
Market vertical segmentation for Communication Platform as a Service (CPAAS) includes Manufacturing, Retail, Education, Healthcare, BFSI, Government and Public Sector, IT and Telecom and Others. Market leader in this case is healthcare industry which accounts for 60% of the entire market revenue.
The report provides region wise split of North America, Europe, Asia-Pacific and Rest of the World. Several reasons are likely to support growth of CPaaS market in North America include; concerns over frauds or illegal activities accompanying increasing adoption of CPaaS necessitating development of secure techniques that can meet demand while adhering to local laws.
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In September 2020, Fonative, the Compliant Communications Company, and Numeracle, Inc., a company that specializes in Verified Identity for communications, teamed up to support Federal Trade Commission (FTC) and State of Ohio enforcement actions against service providers who enable illegal call traffic. By incorporating Numeracle’s Verified Identity solution into its RegReady CPaaS platform, Fonative further solidified its commitment to regulatory compliance and risk management for call centers.
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