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.
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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.
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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:
- Component
- Enterprise Size
- Industry
- Region