Originally published on Technavio:Communication Platform-as-a-Service (CPaaS) Market by Component and Geography - Forecast and Analysis 2022-2026

Methodology
Communication Platform-as-a-Service (CPaaS) Market by Component, and Geography - Forecast 2022-2026
The communication platform-as-a-service (CPaaS) market size is forecast to increase by USD 10.19 billion between 2021 and 2026, accelerating at a CAGR of 17.85%. The report offers extensive research analysis on the Communication Platform-as-a-Service (CPaaS) Market, with a categorization based on Component, including Solutions and Services. Additionally, the report provides geographical segmentation, covering North America, Europe, APAC, South America, and the Middle East and Africa.

Communication Platform-as-a-Service (CPaaS) Market Analysis
The streamlined application management is a key factor driving market growth. The use of CPaaS is increasing as the CPaaS approach brings flexibility and efficiency, essential for driving business growth. CPaaS enables businesses to build applications fast and efficiently, unachievable with in-house or on-premises development. Also, this model provides software development tools, application programming interfaces (APIs), and code to help streamline application development. Furthermore, it supports the complete application lifecycle that includes real-time voice, video, and text communication.

Enterprises don't have to worry about setting up and maintaining servers and upgrades, as these are handled by cloud-based service vendors. CPaaS simplifies the tasks of application developers by eliminating the need for time-consuming configuration tasks through a user-friendly plug-and-play interface. Thus, the adoption of CPaaS is expected to increase during the forecast period.

Solutions is the Leading Segment to Dominate the Market
The communication platform-as-a-service market share growth by the solutions segment will be significant during the forecast period. The solution is a dominating segment of the green technology and sustainability market, expected to grow significantly during the forecast period. This is due to the rising demand for network systems enabling smooth communications across multiple end-user industries, including healthcare, retail, and manufacturing. This is evident compared to the old/obsolete contact centers. Furthermore, the introduction of low-cost cloud-based solutions resulted in greater acceptance among healthcare providers with limited IT budgets. These factors in the solutions segment will drive the communication platform-as-a-service market growth during the forecast period.

North America Holds a Prominent Position in the Communication Platform-as-a-Service (CPaaS) Market
North America is estimated to contribute 64% to the growth of the global market during the forecast period. The North American CPaaS market is set for steady growth, primarily driven by demand from key industries like BFSI, Retail E-commerce, Healthcare, IT, and Telecom in the US, Canada, and Mexico. The surge in mobile device adoption, coupled with the need for cost-effective browser-based communication solutions, is prompting major market players to introduce comprehensive CPaaS solutions in the region, fueling market growth.

The CPaaS market is also benefiting from the 5G market, as US telecom operators like T-Mobile, AT&T, and Verizon are investing heavily in expanding their 5G infrastructure through partnerships with network equipment vendors like Nokia, ZTE, Ericsson, Samsung, and Huawei. Moreover, the increasing use of IoT technology in the US telecom sector presents opportunities for the regional CPaaS market. Companies like Infobip are strategically investing in software solutions to enhance customer experiences, leveraging IoT technology to streamline operations and increase efficiency.

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The Communication Platform-as-a-Service (CPaaS) Market is fragmented in nature. Some significant players include 8x8 Inc., Alvaria Inc., Avaya Holdings Corp., Bandwidth Inc., Communication Wazo Inc., Infobip Ltd., IntelePeer.

The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including.

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