Introduction
Communications Platform as a Service (CPaaS) is a cloud-based delivery model that enables organizations to add real-time communications capabilities like voice, video and messaging directly into their business applications without needing to build and manage their own infrastructure. Providers offer APIs which make this easy.
According to market.us Communication Platform as a Service Market size is expected to be worth around USD 121 Billion by 2032 from USD 10.9 Billion in 2022, growing at a CAGR of 28% during the forecast period from 2023 to 2032.
Top 5 industries are driving the growth of Communication Platform as a Service Market
- Twilio Inc.
Twilio is a cloud communications platform that empowers developers to build, scale and operate real-time communication within their software applications. It offers a diverse set of APIs for voice, video, messaging and email that enable users to customize communication experiences for their users. Businesses of all sizes use Twilio for customer support applications as well as marketing/sales applications - from startups to Fortune 500 firms!
Twilio was founded in 2008, and since then has grown rapidly into one of the leading cloud communications players. In 2022 alone, Twilio generated $2.8 billion in revenues, an increase of 61% year over year. Twilio is publicly traded on the New York Stock Exchange under symbol "TWLO."
- Avaya Inc.
Avaya is a global leader in digital communications software, services, and devices. Offering solutions tailored for businesses of all sizes - contact centers, unified communications platforms and cloud communications are just some of the options Avaya offers its clients, who include Amazon, Boeing and Delta Air Lines among many more recognizable names - it serves some of the world's biggest companies with great success such as these.
Since 2000, Avaya has been at the forefront of digital communications innovation. One of the first companies to offer cloud-based contact center solutions and continuing its work on unified communications innovations, Avaya can be found publicly traded on New York Stock Exchange under symbol "AVYA."
- Vonage America LLC
Vonage is a leading provider of cloud-based business phone and communications services. Offering features like Voice over IP (VoIP) calling, Unified Communications, and Video Conferencing; Vonage offers solutions tailored to help businesses of all sizes enhance their communications and collaboration capabilities.
Vonage was one of the early pioneers in the VoIP market and is now a premier provider of cloud-based communications services for businesses. Trading publicly on Nasdaq under symbol "VG," Vonage provides VoIP phone systems and VoIP voicemail service worldwide.
- MessageBird:
MessageBird is a cloud communications platform that empowers businesses to connect with their customers via messaging, voice calls and video - offering APIs for SMS, WhatsApp, Facebook Messenger and other messaging channels such as Snapchat and Telegram. Businesses of all sizes - from startups to Fortune 500 firms - utilize MessageBird in reaching their global customer bases.
Since 2011, MessageBird has become one of the leading players in cloud communications market. In 2022 alone, its revenues surpassed EUR300 Million, increasing 60% year-on-year. MessageBird remains privately held but boasts backing from investors such as Accel, Sequoia Capital and Felicis Ventures.
- Infobip Ltd.
Infobip is a global cloud communications platform that empowers businesses to stay in touch with their customers across all channels. Offering SMS, WhatsApp and Facebook Messenger APIs along with voice and video APIs - Infobip helps businesses of all sizes, from startups to Fortune 500 firms connect with their target markets worldwide.
Infobip was established in 2006 and has rapidly expanded since then to become one of the leaders in cloud communications market. By 2022, they had generated over EUR1.5 billion in revenues; an increase of 50% year over year. Infobip is privately held with backing from investors like Advent International and Carlyle Group.
Suggest reading:
Global Communication Platform as a Service Market By Component (Solution, and Service), By Organization Size (Large Enterprises and SMEs), By End-User (BFSI, IT & Telecom, Retail & E-commerce, Transportation & Logistics, Travel & Hospitality, and Other End-User), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032.
Recent Development:
Launches and Acquisitions:
CPaaS vendors are constantly innovating and offering new services and products to meet the evolving demands of their customers. In 2023, Twilio launched a product known as Twilio Engage which offered tools for building and managing customer engagement programs. Vonage acquired Nexmo, another leading CPaaS provider.
Growing Adoption in Vertical Markets:
Cloud Platform as a Service (CPaaS) has seen rapid adoption by multiple vertical markets, such as healthcare, retail, financial services and education. Healthcare organizations utilize it for appointment reminders and patient notifications while retailers utilize it for customer support communications via WhatsApp and other messaging channels.
Approving new communication channels:
With WhatsApp, Facebook Messenger, and Rich Communication Services (RCS) becoming more widely adopted among customers, more communication platform-as-a-service (CPaaS) vendors are offering support for these channels - enabling businesses to communicate with customers on channels they prefer.
