As cited by the research report titled ‘Global Communication Platform as a Service Market size study by End-user Vertical (IT and Telecom, BFSI, Retail and E-commerce, Healthcare), Regional Forecasts 2021-2027’, available with MarketStudyReport, global communication platform as a service market was valued at USD 4.54 billion in 2020 and is estimated to expand at a CAGR of 34.30% over 2021-2027, further reaching USD 35.8 billion in valuation by the end of study duration.
 

Rising demand for omnichannel marketing coupled with increasing shift of companies from adjacent & traditional models are the major factors driving global communication platform as a service market growth.
 

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For the record, communications-platform-as-a-service (CPaaS) enables phone, messaging, and video, to be integrated into applications without needing to create a real-time communications stack. It enables developers to incorporate real-time communication features in their standalone apps without requiring creation of backend infrastructure and interfaces. Communications-platform-as-a-service (CPaaS) also helps in lowering total costs for building and operating a communications stack.
 

Moreover, increasing BYOD policies in various organizations is favoring the industry scope. As per Cisco, companies having a BYOD policy save an average of around USD 350 per employee each year. In addition, reactive strategies can augment these savings to over USD 1,300 per employee each year. These cost savings may rapidly add up for Small to Medium Businesses (SMBs), enabling them to better safeguard their bottom line while bolstering their staff productivity.
 

Speaking of negatives, lack of privacy & transparency is likely to act as a bottleneck for the market progression over the assessment period.
 

The report encompasses a detailed analysis of the market segmentation in the industry. On the basis of the end user range, the worldwide communication platform as a service industry is segmented into IT and telecom, BFSI, healthcare, retail & e-commerce, and others.
 

Regionally, North America is reckoned to emerge as a profitable growth avenue for the industry participants over the assessment period 2021-2027, on account of increasing adoption of cloud-based technology for communication by the SMEs along with rising investments in cloud-based technologies.
 

Moreover, growing demand for cost-effective & user-friendly browser-based communication solutions is leading to introduction of integrated and unified CPaaS solutions by the major players in the region, thereby adding traction to the overall market size.
 

Major players profiled in the global communication platform as a service industry are 8x8 Inc., Plivo, Bandwidth Inc., Sinch AB, Vonage Holdings Corp., IntelePeer Cloud Communications LLC., MessageBird B.V., Voxvalley Technologies, Twilio Inc., and Voximplant (Zingaya Inc.).