According to Future Market Insights (FMI), demand registered in the market will increase at a CAGR of around 25.0% from 2022-2032. Sales in the communication platform as a service (CPaaS) market is anticipated to reach ~US$ 59,362.1 Million by 2032.
The report states that the market is expected to reach a valuation of ~US$ 6,384.4 Million by the end of 2022. As per Future Market Insights, growing demand for flexible communication platforms is expected to boost sales of CPaaS solutions.
Communications platform as a service or CPaaS solutions are referred to as cloud solutions which enable organizations to add real-time communication features onto business applications. These solutions are adaptable, scalable, and unite latest integrated communication services into a single offering.
Request a Sample of this Report @
https://www.futuremarketinsights.com/reports/sample/rep-gb-12953
Communications platform as a service brings together several types of communications, including calls, emails, and SMS for enhanced customer engagement. Emergence of omni channel methods for customer management is set to increase the demand for CPaaS solutions in the banking and financial sector. Insurance firms, banks, and payment providers require a secure platform for providing rapid and dependable services to customers while preventing fraud. CPaaS solutions have proved to be a secure real-time communication platform across the BFSI industry.
Key Takeaways: Communications Platform as a Service Market
- By solution, the CPaaS software segment is predicted to lead the global communications platform as a service market with a CAGR of 2% during the forecast period.
- By enterprise size, the large enterprises segment is set to dominate with a CAGR of nearly 23% between 2022 and 2032.
- By industry, the healthcare segment is anticipated to exhibit an astonishing CAGR of 31% in the forthcoming years.
- By geography, North America had the largest market share of about 2% in the CPaaS industry in 2021.
- The South Asia & Pacific region is expected to witness the highest growth rate of around 7% throughout the forecast period of 2022-2032.
“Growing demand for customer communication and customer engagement across the BFSI and retail industries is expected to drive the global communications platform as a service market growth,” says a FMI analyst.
Ask An Analyst @
https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-12953
Increasing Demand for CPaaS in Retail Industry to Drive the Market
Retail firms are utilizing CPaaS solutions to adapt to the hybrid environment of modern day purchase requirements. Large-scale retail and consumer enterprises with multiple locations add cloud-based call routing solutions to ensure accurate routing of calls and SMS depending on location, time, and need.
Several brick and mortar, as well as online merchants utilize CPaaS solutions as the preferred business software. Such software solutions can circulate customized information, initiate in-store event registrations, offer segmented discount codes, and send sales alerts. Also, the addition of SMS with voice to the communication strategy is ensuring increased footprint of products onto consumers.
Rising Adoption of Chatbots to Enhance Customer Engagement Will Aid Growth
To enhance the process of interaction on real-time basis, businesses are deploying chatbots and chat applications which interact with customers in an imaginative way. Chatbots and WhatsApp business APIs are two of the most popular use cases for CPaaS solutions. These chatbots are strategically designed to produce desired results with statistical information from the preceding information. The applicability of chatbots is becoming widespread with increased adoption among businesses for meaningful customer engagement.
More Valuable Insights on Communications Platform as a Service Market
Future Market Insight’s report on the communications platform as a service industry research is segmented into four major sections – solution (communications platform as a service software, and services – professional services { integration & implementation, consulting, and support & maintenance }and managed services; enterprise size (SMEs and large enterprises), industry (IT & telecom, BFSI, manufacturing, healthcare, retail & CPG, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the communications platform as a service solution demand outlook.
Request for Customization @
https://www.futuremarketinsights.com/customization-available/rep-gb-12953
Communications Platform as a Service Outlook by Category
By Solution:
- Communications Platform as a Service (CPaaS) Software
- Services
By Enterprise Size:
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Industry:
- IT & Telecom
- BFSI
- Manufacturing
- Healthcare
- Retail & CPG
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Future Market Insights,
Unit No: 1602-006,
Jumeirah Bay 2,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers,
Dubai,
United Arab Emirates
For Sales Enquiries: [email protected]
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs