Product Code: 70225
The Communications Platform-as-a-Service (CPaaS) Market is expected to register a CAGR of 21% during the forecast period (2020 - 2025). The ongoing digital transformation among multiple organizations is expected to be one of the key drivers for the increasing demand for CPaaS solutions in order to leverage the benefits of deploying these customized communication-based solutions without huge initial investments.
- The CPaaS solution provides in the market are leveraging the use of cloud technology primarily to provide the enterprises irrespective of their size, an easy to develop solution and embed communications features. The development teams that are using this solution can save amounts on human resources, infrastructure, and time to market.
- Moreover, the growth of the market is also aligned with the emerging trends in customer-facing communications. The increasing need for contextual communications has been one of the key drivers in the market as organizations are seeking to enhance their overall customer experience. Application of these solutions include, appointment reminders, video-enabled help desks, and authentication services.
- The emergence of CPaaS solutions in the market has motivated organizations from multiple backgrounds to enter into the market landscape, which includes companies from traditional vendors to IT and mobile companies. Moreover, the rapid adoption of cloud communication technologies has empowered multiple companies in driving real-time conversations with their users irrespective of their device and location.
- The pandemic Covid-19 has created a huge disruption across the business operations and functions on a global level. The governments have been pushing for the lockdown to keep the spread contained. Owing to which there has been a sudden increase in the demand for cloud-based services, majorly form the IT services-based industry.
Key Market Trends
Retail & E-commerce is Expected to Witness Significant Growth
- With the rapidly changing customer purchasing trends, it has resulted in a dynamic shift in the retail industry from the earlier single point of interaction to omnichannel interactions through the web or social media. The growing demand from consumers has created the need for an enhanced shopping and service experience across all the channels.
- Retailers across the globe have now understood the importance of omnichannel communication, and multiple brands today already post their content via social media, mobile apps, company websites, and other digital channels. Some retailers also offer two-way communication that lets their customers contact them using multiple channels.
- CPaaS solutions primarily provides a cloud-based development framework for real-time communication. Retailers don't need to build their back-end infrastructures, the usage of developer-friendly APIs is done in order to add communication features to their websites, social media, and mobile apps, and it also combines all the customer data from multiple channels into one place.
- The increasing retail sales across multiple regions is prompting retailers across the globe to use these real-time communication platforms in order to serve their customer better and increase their customer base.
Europe is Expected to Witness Significant Growth
- The e-commerce industry is growing rapidly across the European region by nearly 7% annually, and the UK holds third place worldwide for most parcels delivered each year at 1.9 billion packages. While the COVID-19 pandemic is unlikely to put a halt to this in the long run, there may be some short term impact on the speed of change.
- Moreover, in Apr 2020, Soprano Design, a provider of cloud-based communications platform-as-a-service (CPaaS) solutions, launched an updated version of its omnichannel messaging platform, Soprano Connect, into the European and UK markets. Soprano Connect, now comes with RCS support, offering a mobile channel for improved engagement and more meaningful mobile interactions between enterprise and government organizations and their customers.
- Germany, the most populated European country, is a rather largely developed, and very solvable market for e-commerce shopping. Dominated by major American e-commerce companies, Germany still has room for several competitors, as it is a growing market for both the established stores and pure e-commerce market players to grow which is expected to drive the demand for CPaaS solutions in the region.
- The German online and e-commerce market landscape can be compared to the United States, even though it only has around 79 million internet users, which is a portion of the US digital population. However, the wealth of the Germans, and their increasing habit of using e-commerce make it one of the world's most sophisticated market.
The Communications Platform-as-a-Service (CPaaS) Market is highly competitive primarily owing to the presence of multiple small and large vendors in the market conducting business in domestic and international markets. The market appears to be fragmented with key vendors adopting major strategies like product innovation, mergers and acquisitions in order to widen their product functionality and stay competitive in the market.
- May 2020 - Twilio, a prominent cloud communications platform provider, announced that Twilio programmable video will be powering Zocdoc's new free, HIPAA-compliant telehealth video solution. Any provider can sign up to use Zocdoc's video service, which is powered by Twilio, to facilitate all of their virtual appointments.
- May 2020 - Vonage integrated its contact center and unified communications solutions for a single source of customer support. The communications suite primarily includes the company's contact center (VCC) and business communications (VBC). It will help the businesses in optimizing their customer communication, improve internal collaboration, customize their experience and maximize productivity.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
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Table of Contents
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Exponential Increase in Uptake of Cpaas-based Solutions Over Other Adjacent Models Such as Ucaas
- 4.2.2 High Levels of Flexibility and Ease of Implementation has Driven Adoption Among SMEs
- 4.3 Market Restraints
- 4.3.1 Integration of Legacy and Existing System to cloud
- 4.4 Industry Ecosystem Analysis
- 4.4.1 Pure-play CPaaS
- 4.4.2 Enterprise-grade CPaaS
- 4.4.3 Telco-driven CPaaS
- 4.4.4 Service Provider-based CPaaS (enablement partners)
- 4.4.5 Hybrid CPaaS Offerings
- 4.5 Comparative Analysis of Adjacent Markets such as UCaaS & Traditional Deployments
- 4.6 Pricing strategies and Business Model Analysis
5 KEY TRENDS IN CPAAS INDUSTRY
- 5.1 Serverless Deployments
- 5.2 Advent of Machine Learning & AI
- 5.3 Omnichannel Communication Through Bots
- 5.4 Security & Privacy paradigm
6 MARKET SEGMENTATION
- 6.1 By End-user
- 6.1.1 IT & Telecom
- 6.1.2 BFSI
- 6.1.3 Retail & E-commerce
- 6.1.4 Healthcare
- 6.1.5 Other End-user Verticals
- 6.2 Geography
- 6.2.1 North America
- 6.2.2 Europe
- 6.2.3 Asia-Pacific
- 6.2.4 Rest of the World
7 COMPETITIVE LANDSCAPE
- 7.1 Vendor Positioning Analysis
- 7.2 Company Profiles
- 7.2.1 Twilio
- 7.2.2 Vonage
- 7.2.3 Sinch
- 7.2.4 Avaya Cloud
- 7.2.5 8X8 (Wavecell)
- 7.2.6 Bandwidth Inc.
- 7.2.7 Voxbone
- 7.2.8 thinQ
- 7.2.9 Plivo
- 7.2.10 Telestax
- 7.2.11 IntelePeer
- 7.2.12 Alcatel-Lucent Enterprise
- 7.2.13 Mitel Networks Corporation
- 7.2.14 RingCentral, Inc.
- 7.2.15 Iotum Inc.
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS