According to a new report, published by KBV research, The Global Communication Platform as a Service Market size is expected to reach $51.3 billion by 2028, rising at a market growth of 27.5% CAGR during the forecast period.
The Solution segment acquired maximum revenue share in the Global Communication Platform as a Service Market by Component in 2021 thereby, achieving a market value of $38.3 billion by 2028. This is because network solutions providing seamless communications across various end-user sectors are in more demand. Furthermore, healthcare providers are embracing affordable cloud-based solutions. Therefore, during the anticipated period, the expansion of the communication platform-as-a-service market will be driven by these elements of the solutions segment.
The Small & Medium Enterprises (SMEs) segment is showcasing a CAGR of 28.9% during (2022 - 2028). Due to rising government funding and other private investments, small and medium-sized businesses will see a high CAGR. In addition, these SMEs are focused on providing real-time client involvement for company growth. Thus, SMEs are integrating communication platform-as-a-service throughout their businesses to enhance customer connection and pleasure.
The Telecom & IT segment is generating highest revenue share in the Global Communication Platform as a Service Market by Vertical in 2021 thereby, achieving a market value of $10.8 billion by 2028. Businesses may use CPaaS to automate their customer interactions via chatbots, automated journeys, and end-to-end automation. The experiences of both customers and agents are improved through automated interactions. The market in this area is expanding due to the IT & Telecom industry's increasing use of technologies like AI, ML, and big data.
The North America market dominated the Global Communication Platform as a Service Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $17.3 billion by 2028.The Europe market is exhibiting a CAGR of 27.2% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 28.1% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/communication-platform-as-a-service-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of RingCentral, Inc, 8x8, Inc., Avaya Inc. (Avaya Holdings Corp.), Sinch AB, Twilio, Inc., Telesign (Proximus Group), Bandwidth, Inc, CM.com N.V., Vonage Holdings Corp. (Ericsson AB), and Infobip Ltd.
By Component
By Organization Size
By Vertical
By Geography
Companies Profiled
Unique Offerings 
