The Global CPaaS market size was estimated at USD 5.52 Billion in 2020 and it is anticipated to reach USD 14.12 Billion by 2027, growing at a CAGR of 18.41% over the forecast period over the forecast period as per the new research report published by Confianza Market Research & Consultancy.
The growing demand for a contextual communication platform for any enterprise to improve customer service is the main driver behind the growth of this market. As most of the businesses were dependent on real-time communication technologies which require time, energy, and manpower for its development and usage. On the contrary, CPaaS provides readymade Software Development Kits (SDKs) which have a complete development framework of developing and deploying the communication software on any application.
For any business, convenience to offer products or services and streamlined process of customer engagement is always the priority and CPaaS manages the customer engagement in the best possible way. For example, online food provider Zomato has adopted the CPaaS platform to have better customer engagement and most of the customer queries, suggestions, feedback can be recorded in CPaaS.
The North American (NA) market is accounted for more than 30% market share for the CPaaS market in 2019 as per a recent study. The NA region has the most number of CPaaS providers and is also one of the largest consumers of CPaaS globally. The region is followed by Asia-Pacific which has good potential due to the flourishing IT sector and India being a hub for IT outsourcing and customer support. Hence, the Indian CPaaS market is expected to rise in the upcoming period.
Artificial intelligence (AI) is expected to play a vital role in the development of the CPaaS market, AI assists in offering a unified customer experience platform and provides business with real-time analytics which can be used to enhance customer engagement. AI-based chatbots are widely developed by various industry verticals such as the Banking and FinServ to have better engagement having automated chatting with customers and resolving generic queries. Global companies such as IntelePeer, Plum Voice, Alcatel Lucent Enterprise (ALE), and Ytel are key CPaaS enterprise solution providers.
Read detailed analysis and download a FREE sample report here: CPaaS Market Size, Share & Trends Analysis Report 2020-2027 (PDF)
- CPaaS Type Insights
- CPaaS End-User Insights
- Large Organization
- CPaaS Regional Insights
- North America
- The U.S.
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- North America