Press Release

Emergence of Digital Services in the Banking Sector to Shoot Up the Asia-Pacific CPaas Market

The Asia-Pacific Communication Platform as a Service (CPaas) market is projected to grow at a CAGR of around 33.39% during the forecast period, 2022-27, says MarkNtel Advisors in their recent research report. The major factor driving the growth of the market is the increasing use of communication platforms as a service for customer engagement, by providing contextual communication solutions to customers & improving the overall customer experience.

Globally, the Asia-Pacific is expected to lead digitalization in 2022. China, India, and other countries in the Asia-Pacific region are comparatively more inclined to adopt digital solutions than other parts of the world. In 2017-2020, governments in the region stressed the importance of integrating technology across industries to ensure all citizens benefit from government programs. Consequently, digital platforms were widely adopted in healthcare, banking, financial services, telecommunications, and education.

Besides, as part of the digital initiatives, the supporting tech providers partnered with several organizations operating in the CPaaS market to improve customer satisfaction. In addition, pay-as-you-go cloud business models & low cost of ownership of cloud-based communication platforms are also some of the factors expected to escalate the CPaaS market growth.

Furthermore, companies across the Asia-Pacific region are adopting CPaaS for offering various services to customers on the back of the growing work-from-home due to the COVID-19 pandemic. The upsurge in work-from-home trends encouraged enterprises to use communication platforms as service solutions during the pandemic, hence positively impacting the market growth.

Moreover, CPaaS allows customers to develop communication features in existing on-premise communication systems such as telephony or media servers, thereby allowing customers to add new cloud-based functionality. Thus, the introduction of new communication channels to build safer & trustworthy communication with customers is likely to drive the adoption of CPaaS in the Asia-Pacific region, further states the research report, "Asia-Pacific Communication Platform as a Service (CPaas) Market Analysis, 2027."

BFSI to Maintain a Firm Foothold in the Asia-Pacific CPaaS Market

Based on end-users the market is bifurcated into Healthcare, E-commerce & Retail, IT & Telecom, BFSI, Hospitality, and Others. Among them, the BFSI accounted for the largest market share in the regional CPaaS market. Over the past few years, the APAC banking industry has experienced impressive growth due to digital transformation. The major catalysts for the rise in the banking industry are the emergence of smart digital payments & other digital banking services that have necessitated the use of digital platforms.

Moreover, digital financial services gained traction in the countries such as China & India, owing to the collaborative approach taken by tech-savvy start-ups & traditional players. Thus, the rapid adoption of digital platforms by the banks of the region enabled them to monitor customer queries, protect them from cyber security threats, etc.

Additionally, it makes it easier for people to conduct transactions, check their account balances, transfer money, and file complaints about any issue in real-time. Thus, banks are incorporating communication platform as a service (CPaaS) software applications to track & serve real-time customer data.

China to Hold a Dominant Position in the Communication Platform as a Service Market

Geographically, China dominated the Global Communication Platform as a Service market during the historical period & is expected to retain its dominance throughout the forecast period. This is due to the existence of emerging demand for network connectivity, conducive government policies, escalating online transactions, and the growing use of communication platforms in the business.

Further, being the world's largest exporter of goods, the manufacturers in China are implementing CPaaS to provide remote assistance & establish personalized communication with cross-border customers, hence encouraging the demand for CPaaS in the market. Furthermore, in recent years the country has developed a comprehensive digital infrastructure to facilitate customer engagement & provide unmatched customer expertise. This digital transformation would allow organizations to better understand business complexities & provide innovative solutions to their customers.

Besides, to improve communication platforms, increase productivity, and improve visibility in all aspects, various companies are adopting high-performance conferencing solutions, thereby expanding the scope for real-time communication platforms CPaaS during the historical period & in the coming years as well, reveals MarkNtel Advisors in their research report, "Asia-Pacific Communication Platform as a Service (CPaas) Market Analysis, 2027."

Key Competitors

According to MarkNtel Advisors, the leading players in the Asia-Pacific Communication Platform as a Service (CPaas) Market are Twilio, Vonage (Ericson), Sinch, Tanla Platforms, Route Mobile, Telestax, Syniverse, RingCentral, and Others.

Key Questions Answered in the Study

1. What are the current & future trends in the Asia-Pacific Communication Platform as a Service (CPaas) Market?
2. How has the industry been evolving in terms of geography & service adoption?
3. How has the competition been shaping across various countries, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Asia-Pacific Communication Platform as a Service (CPaas) Market?
5. What are the customer orientation, purchase behavior, and expectations from service providers across various regions?

Market Segmentation:

1. By Services (Professional Services (Integration & Implementation, Technical support, Consulting, Support & Maintenance, Others), Managed Services (Hosting services, Managed communication services, Others))
2. By Enterprise Size (Small & Medium Scale Enterprise, Large Scale Enterprise)
3. By End User (Healthcare, E-commerce & Retail, IT & Telecom, BFSI, Hospitality, Others (Media & Entertainment, Manufacturing, etc.))
4. By Country (China, India, Japan, South Korea, ANZ Region, ASEAN Region, Others)
5. By Competitors (Twilio, Vonage (Ericson), Sinch, Tanla Platforms, Route Mobile, Telestax, Syniverse, RingCentral, Others))