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
- CPaaS market is set to exhibit nearly 18.1% Y-o-Y growth in 2021. The rising demand from diverse industries guarantees exponential growth of the market in the coming years
- The U.S. will remain a highly lucrative market for CPaaS, accounting for nearly 86% of the market in North America
- Growth in U.K. will happen at an impressive pace. In 2021, the market is expected to register 15.7% Y-o-Y growth in the U.K.
- Germany and France will also exhibit considerably high demand for CPaaS
- Japan and South Korea will emerge as attractive markets for CPaaS services and solutions in East Asia
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CPaaS Market – Important Highlights
- CPaaS technologies that are anticipated to be highly sought-after by organizations around the world during the projected timeframe are cloud networking technology, AI, and cloud-based solutions.
- Although CPaaS software currently retains supremacy, tables are predicted to turn in favor of the services sector by the end of the forecast era, catapulting it to the forefront.
- In terms of industry, the IT & Telecom industry is anticipated to dominate the global CPaaS market.
- North America is anticipated to be the largest CPaaS market Due to the strong presence of CPaaS technologies and service providers, especially in the United States.
CPaaS Market – Drivers
- The demand for the construction and operation of new ideas, such as communication tools, interactive technologies, and cloud-based technology, is fueling the growth of the industry.
- The key factors fostering advances among CPaaS software service providers include benefits such as improved market efficiency, greater flexibility, and reduced costs.
- digitization of healthcare, public transport, and other industries is anticipated to create opportunities for market growth
- The development would be powered by supportive government policies relating to spectrum redistribution, debris mitigation standards for the international market.
CPaaS Market – Restraints
- IT teams face diverse obstacles due to the future scale of new, automated, and cost-effective connectivity systems for organizations while ensuring a productive user experience. This is anticipated to continue to be a key restraint for market growth
- high enterprise size and maintenance is limiting the adoption of CPaaS solution across the world.
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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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