Communication Platform-as-a-Service (CPaaS) Market To Grow By USD 10.19 Billion Between 2021 - 2026 | North America Will Be The Leading Region With 64% Of The market's Growth - Technavio
By PR Newswire
NEW YORK, Nov. 13, 2023 /PRNewswire/ -- The Communication Platform-as-a-Service (CPaaS) Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the communication platform-as-a-service (CPaaS) market between 2021 and 2026 is USD 10.19 billion. North America will be the leading region with 64% of the market's growth during the forecast period. The US is the key country for the communication platform-as-a-service (cPaaS) market in North America. View the Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
- Market Driver - Streamlined application management is driving market growth. The use of CPaaS is increasing, as this approach brings flexibility and efficiency, which are essential for driving business growth. Enterprises do not have to set up and maintain servers and upgrades, as they are handled by cloud-based service vendors. The CPaaS model helps manage all the applications from a central place by eliminating the concern of IT governance and enabling instant access to internal infrastructure. It simplifies the tasks of application developers by eliminating the need for time-consuming configuration tasks by offering a user-friendly plug-and-play interface. Such conveniences will drive the communication platform-as-a-service (CPaaS) market growth during the forecast period.
- Market Challenge - Security concerns related to the public cloud are challenging market growth. In a public cloud, applications from multiple customers are typically run on the same OS. Applications may be isolated from each other using containers or language-specific sandbox mechanisms. As a result, customers face vulnerabilities such as lax default application configurations and holes in the Secure Sockets Layer (SSL) protocols. Regulations such as the General Data Protection Regulation (GDPR) impose certain restrictions on where the data can be stored. Data security is extremely critical for the financial services and healthcare industries. Thus, security issues related to the public cloud and storage can lower the acceptance of the CPaaS model, which, in turn, will hamper the growth of the communication platform-as-a-service (CPaaS) market during the forecast period. Learn about additional key drivers, trends, and challenges available with Technavio. Read Free Sample PDF Report Now
The communication platform-as-a-service (CPaaS) market is segmented by Component (Solutions and Services) and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The solutions segment will be a significant contributor to market growth during the forecast period. This is due to the increasing demand for network systems that can enable smooth communications across multiple end-user industries. Moreover, low-cost cloud-based solutions are being adopted by healthcare providers. These factors of the solutions segment will drive the communication platform-as-a-service market growth during the forecast period.
Key Companies in the communication platform-as-a-service (CPaaS) market:
8x8 Inc., Alvaria Inc., Avaya Holdings Corp., Bandwidth Inc., Communication Wazo Inc., Infobip Ltd., IntelePeer, Iotum Inc., M800 Ltd., MessageBird BV, Mitel Networks Corp., Plivo Inc., Sinch AB, Telestax Inc., Twilio Inc., vCloudx Pte. Ltd., Vidyo Inc., Vonage Holdings Corp., Voximplant Inc., Voxvalley Technologies Pvt. Ltd.
The Latin America - banking-as-a-service (BaaS) market size is estimated to grow at a CAGR of 14.27% between 2022 and 2027. The market size is forecast to increase by USD 2,430.08 million.
The Test Environment as a Service (TEaaS) Market size is estimated to grow at a CAGR of 20.26% between 2022 and 2027. The market size is forecast to increase by USD 16,458.04 million.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Component
Market Segmentation by Geography
Drivers, Challenges, & Trends
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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First published on Tue, Nov 14, 2023
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