Global Communications-Platform-as-a-Service (CPaaS) Market: Introduction
Communications-platform-as-a-service (CPaaS) enables the integration of voice, video, & messaging to the applications without having to build a real-time communications stack. It helps the developer to add real-time communication features within their standalone applications, eliminating the need to build backend infrastructure and interfaces. Communications-platform-as-a-service (CPaaS) also helps in reducing the overall cost to build and operate a communications stack.
COVID-19 Impact on the Global Communications-Platform-as-a-Service (CPaaS) Market
The COVID-19 pandemic is expected to positively impact the global communications-platform-as-a-service (CPaaS) market. Communication was a major issue initially due to remote working and increased adoption of BYOD for office work. Low cost communications-platform-as-a-service (CPaaS) was adopted by SMEs as well as large enterprises who were focused toward cost minimization and hence demand was positive during the COVID period.
Global Communications-Platform-as-a-Service (CPaaS) Market – Dynamics
Rising Focus on Reducing TCO for Efficient Communications from SMEs Driving Growth of the Communications-Platform-as-a-Service (CPaaS) Market
Communication is one of the most integral part of enterprise workflow. Rising investment within communication technology is driving innovation within communication specific technologies. Demand from small & medium enterprises has also increased with the increasing investment on communication technology for better workflow. The integration of communication platforms within the existing workflow is more cost efficient than developing and maintaining a communications stack. The rising demand from SMEs for low cost models for communication is driving the growth of the market.
Lack of Privacy and Transparency within Cloud-based Deployment of Communications-Platform-as-a-Service (CPaaS)
Communications-platform-as-a-service (CPaaS) is a cloud based service. Although the demand for cloud-based deployment has increased across the globe, skepticism has also increased with regards to cloud-based security and transparency from end-users, specific to data protection and fraud. In the SANS Vulnerability Management Survey, the main issues curtaining the adoption of cloud application security management solution includes:
- Lack of transparency in the remediation status of vulnerabilities
- Not having real-time visibility into vulnerabilities and associated remediation status
- Lack of status updates and validation of remediation
However, it is estimated that increased transparency and real-time information about cloud-based deployment would reduce the impact of the restraint.
North America to Dominate the Global Communications-Platform-as-a-Service (CPaaS) Market
In terms of region, the global communications-platform-as-a-service (CPaaS) market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the communications-platform-as-a-service (CPaaS) market during the forecast period due to strong adoption of cloud-based technology for communication by SMEs. The increasing investment in cloud-based technology is expected to drive the market in this region during the forecast period.
Global Communications-Platform-as-a-Service (CPaaS) Market – Competition Landscape
- In September 2020, Phronesis Technologies and Melrose Labs entered into a technology partnership to improve security and protect businesses from fraud. The partnership will see the platform develop new identity verification services that will protect businesses and improve customer engagement.
Global Communications-Platform-as-a-Service (CPaaS) Market: Segmentation
The global communications-platform-as-a-service (CPaaS) market can be segmented based on:
- Enterprise Size
Global Communications-Platform-as-a-Service (CPaaS) Market, by Component
Based on component, the global communications-platform-as-a-service (CPaaS) market can be divided into:
Global Communications-Platform-as-a-Service (CPaaS) Market, by Enterprise Size
In terms of enterprise size, the global communications-platform-as-a-service (CPaaS) market can be segregated into:
- Small & Medium Enterprise
- Large Enterprise
Global Communications-Platform-as-a-Service (CPaaS) Market, by Industry
In terms of industry, the global communications-platform-as-a-service (CPaaS) market can be segregated into:
- IT & Telecom
- Logistics & Transportation
Regional analysis of the global communications-platform-as-a-service (CPaaS) market includes:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Real-time Communications
- Contextual Communications
- Communication Channel
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.