TECH SUPPLIER Sep 2021 - Market Analysis Perspective - Doc # US48245721
Market Analysis Perspective: Worldwide Communications Platform as a Service, 2021
The worldwide communications platform-as-a-service (CPaaS) market will grow from $5.9 billion in 2020 to $21.7 billionin 2025. The CPaaS market continues to grow with strong momentum after emerging from 2020, benefiting from a surge in digital transformation (DX) and digital customer engagement.
Growth this year will be down slightly from 2020, as the world continues to struggle with the receding impact of the COVID-19 pandemic and slowly pivots to innovative digital modes. However, the CPaaS market has been revitalized, as companies aggressively invest in leveraging mergers and acquisitions (M&A) to expand their portfolios and geographic presence.
Communications application programing interfaces (APIs) are increasingly necessary for business applications to enhance customer engagement, notifications, service management, marketing automation, and business intelligence applications. CPaaS facilitates rapid development of real-time communications solutions that are easy to create and are scalable. These platforms simplify the process of embedding programmable voice and messaging applications that enable personalized and cost-effective agile enterprise cloud applications. The result is that businesses have a better opportunity to reach stakeholders through multiple channels, leveraging both web and mobile formats.