Frequently Asked Questions
The global Communications Platform as a Service CPaaS Market was valued at USD 12.1 Billion in 2022.
The Communications Platform as a Service CPaaS Market is expected to grow at a CAGR of 29.70% between 2023 and 2030, reaching USD 74.7 Billion in 2030.
In 2022, the IT and telecom segment leads the market share over 19.2%.
The service segment governs the demand for Communications Platform as a Service CPaaSs in the world.
In 2022, the large enterprises segment had the highest revenue share of 58.6%
North America dominated the market with a 30.1% share in 2022 and is expected to grow at a CAGR of more than 30.0% over the forecast period.
The top players include Infobip Ltd., Sinch, Bandwidth Inc. and IntelePeer Cloud Communications LLC. Other major players include Twilio Inc., 8×8, Inc., Vonage America, LLC, Avaya Inc., ALE International.
The Use of Chat-Bots to Increase Sales in the CPaaS Market and the Growing Demand for Real-Time Communication Applications are the major market drivers.
Increased security concerns, as well as a lack of awareness and technical expertise are the major market restraints.
Growing Interest in Omnichannel Communication and Increased Adoption of Cloud-Based Services are the major opportunities in the Communications Platform as a Service CPaaS industry.