Communication Platform as a Service Industry size is expected to register 25% CAGR between 2023 and 2032 propelled by the increasing adoption of Artificial Intelligence (AI) and Machine Learning (ML)
Selbyville, Delaware, Feb. 19, 2024 (GLOBE NEWSWIRE) — Communication platform as a service market size is predicted to cross USD 95 million by 2032, as per a recent study by Global Market Insights Inc.
The industry growth is attributed to the increasing demand for real-time and omnichannel communication solutions. As businesses strive to enhance customer engagement and communication experiences, CPaaS offers a versatile platform that integrates voice, messaging, and video capabilities. This flexibility enables organizations to connect with customers seamlessly across various channels, fostering better communication and relationship-building.
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The shift towards cloud-based communication solutions allows businesses to scale their operations efficiently, reduce infrastructure costs, and enhance overall agility. In March 2023, Vonage, the cloud communications firm, launched AI-powered features for its Video API, addressing audio, media processing, and end-to-end encryption security. CPaaS leverages cloud infrastructure to provide a scalable and accessible platform, making it an attractive choice for organizations seeking to modernize their communication strategies without the burden of extensive hardware investments.
Services for customizable & specialized communication solutions
The communication platform as a service market share from service segment is slated to record high demand through 2032, as they help in delivering customizable and specialized communication solutions. Businesses are increasingly recognizing the need for tailored services that align with their unique requirements. The service range of offerings include APIs, messaging services, voice solutions, and more, allowing organizations to cherry-pick and integrate specific functionalities seamlessly. Moreover, the modular nature of service empowers companies to build and scale communication infrastructure according to their evolving needs, without committing to a comprehensive platform.
CPaaS usage in transportation & logistics for real-time connectivity
Global communication platform as a service market from transportation & Logistics segment is poised to grow at substantial rate during 2023-2032, due to the demands for real-time connectivity and streamlined communication. In this fast-paced industry, where efficiency and responsiveness are important, CPaaS solutions offer a transformative edge. The seamless integration of communication APIs and services allows companies to enhance their operational agility, optimize supply chain management, and provide instant updates to stakeholders.
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Stringent data protection regulations push Europe market growth
Europe communication platform as a service market share will register a strong CAGR through 2032, driven by the increasing adoption of advanced communication technologies. Organizations are swiftly embracing CPaaS solutions to facilitate seamless communication and collaboration, particularly in a landscape where remote work and virtual interactions have become the standard. The stringent data protection regulations, such as the General Data Protection Regulation (GDPR), have spurred the demand for secure and compliant communication solutions. CPaaS providers offering robust data security measures find increased traction as businesses prioritize compliance in their communication strategies.
Some of the leading players in the global communication platform as a service market are Twilio, Google Cloud, Vonage, Microsoft Azure, Sinch, AWS, and Bandwidth.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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