Communication Platform As A Service Is The Fastest Growing Segment Fueling The Growth Of Asia Pacific Communication Platform As A Service Market
Asia Pacific Communication Platform As A Service Market |
Market Overview:
Communication Platform as a Service (CPaaS) provides essential communication
services and APIs that power contextual and personalized digital experiences at
scale. CPaaS allows developers to embed voice, messaging, video, and mobile
engagement capabilities like authentication into applications without requiring
them to stand up and manage their own infrastructure.
Market key trends:
One of the key trends in the Asia Pacific Communication Platform As A Service
Market is the increase in adoption of omnichannel communication. Businesses are
adopting unified communication platforms to provide seamless customer
experience across various touchpoints. Omnichannel communication allows
businesses to engage with customers in a personalized way through different
channels like voice calls, video calls, SMS, messaging apps and social media channels.
This helps businesses to increase customer retention and loyalty. Other driving
factors include increasing mobile workforce, need for flexible communication
platforms and growing BYOD trend among businesses.
The global Asia
Pacific Communication Platform As A Service Market is estimated to be
valued at US$ 2136.93 Mn in 2023 and
is expected to exhibit a CAGR of 45.%
over the forecast period 2023 to 2030, as highlighted in a new report published
by Coherent Market Insights.
Segment Analysis
The Asia Pacific communication platform as a service (CPaaS) market is
dominated by the messaging sub segment which holds a market share of over 35%.
This sub segment is dominating due to high adoption of chatbots, SMS
notifications and transactional messaging for various purposes across
industries such as BFSI, IT & telecom, retail and e-commerce, travel and
hospitality, healthcare etc.
Key Takeaways
The global Asia Pacific communication platform as a service (CPaaS) market is
expected to witness high growth, exhibiting a CAGR of 45% over the forecast
period, due to increasing demand for omnichannel customer engagement solutions.
Regional analysis
India is projected to grow at the fastest rate in the Asia Pacific CPaaS market
due to rising trend of digitalization across sectors and growing penetration of
smartphones. China currently dominates the regional market owing to increasing
investments by technology companies and deployment of advanced communication
technologies.
Key players
Key players operating in the Asia Pacific communication platform as a service
(CPaaS) market are Voxbone, GENBAND, RingCentral Connect Platform, Brightlink
CPaaS Platform, MessageBird, Exotel, Karix Mobile Pvt. Ltd, CALLHIPPO, VCLOUDX
PTE LTD, Plivo Inc., Xoxzo Inc., Nippon, BroadSoft Japan KK, NTT Communications
Corporation, Telesmart, TWILIO INC., Infobip ltd, Alcatel-Lucent S.A, Amazon
Connect, and Ribbon Communications Operating Company, Inc.
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