CPaaS is a communication-based service including real-time, cloud-based customized communication service. The communication service provides video, audio, text, and Chabot to an existing application. This service helps to improve and integrate real-time communication between an application and users. With the growth in digitalization across end user industries, the enterprises are increasingly focused on integrating CPaaS to provide best in class customer service and reduce the operational cost.
The Asia Pacific (APAC) Communication Platform as a Service (CPaaS) Market is projected to grow at a 33.39% CAGR during the forecast period, i.e., 2022-27. Asia Pacific region is ranked among the global front runner in digitalization in 2022. The consumer proximity towards the adoption of digital solutions in the countries like China, India, etc., in the Asia Pacific region is comparatively higher than in the other parts of the globe. During 2017-20, the governments in the region stressed upon integration of technology across industries to ensure every citizen of respective countries benefits from the government programs. As a result, the sectors such as healthcare, banking, financial services, telecom, education, etc., witnessed robust growth in the adoption of digital platforms. In addition, the tech providers supporting the digital initiatives partnered with several organizations operating in the CPaaS market to ensure customer satisfaction & improved customer experience.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Key Companies Profiled||Twilio, Vonage (Ericson) , Sinch, Tanla Platforms, Route Mobile, Telestax, Syniverse, RingCentral, Others|
|Unit Denominations||USD Million/Billion|
Since 2020, COVID-19 proved to be a strategic inflection point for the CPaaS vendors in the region as the demand skyrocketed, owing to an exponential growth in the digitalization of service delivery channels (both B2B & B2C). The integration of CPaaS soared across logistics, pharmaceuticals & healthcare, financial services, e-commerce, etc. In addition, the governments in the region adopted SMS APIs to connect with their citizens
Key Trends in the Market
Increasing Demand for Blockchain-Enabled Communication Platform as a Service
Various Communication as a Service provider companies are integrating blockchain technology into their platforms due to several advantages, including secure messaging, enterprise-level communication, secure VoIP, CDNs, etc. The blockchain system safeguards the private data of the customers by decentralization method and allows access to the intended users only. Moreover, some companies like TOP Network has developed decentralized cloud communication network on the blockchain that helps companies to provide high-quality services at cheaper rates. Blockchain technology allows the service providers to join the networks transparently. Further, with the help of a decentralized cloud communication network, blockchain technology could build the ideal integrations between applications. Thus, reducing the complexity of communication services. Along with improving customer services, companies also strive to reduce costs associated with it. The Voice over Internet Protocol (VoIP), is preferred over customary telephony due to its low cost. Further, the integration of blockchain technology in communication systems helps to remove the centralized access point used in VoIP solutions currently.
Hence, owing to the above mentioned advantages of blockchain technology in communication as a service platform, various companies are collaborating with other companies to enhance their customer experience by making the services safe, secure, and cost-effective. Thus, these factors would also lead the market growth during the forecast period.
Impact of Covid-19 on the Asia Pacific (APAC) Communication Platform as a Service (CPaaS) Market
Various organizations were finding effective ways to communicate with their customers & use their feedback to further provide better services & products to them before pandemic. However, during the COVID-19 pandemic, the imposed lockdown led to the slowdown in economic activities of numerous sectors, including finance, retail, etc. Hence, the government of various countries of Asia Pacific took several initiatives to encourage their citizens to adopt digital modes of operations like digital payments, online shopping, etc., to resume their economic activities. Therefore, the shift towards the digital mode of operations led to increased demand for the CPaaS in the market during the pandemic period to enhance the customer services.
Moreover, the COVID-19 pandemic also accelerated the growth of virtual healthcare services that required Interactive Voice Response (IVR) solutions in the healthcare sector. It was required to collect patient data & provide related information, with two-factor authentication that includes a one-time password (OTP) to validate the identities of the patients, during online interactions through video calls & telehealth. Moreover, the CPaaS helped the countries in the APAC region to overcome the COVID-19 pandemic. For instance, during the release of the vaccines for the COVID-19, the CPaaS created text alert systems for the vaccine availability, notification for second-dose of vaccine to the recipients, etc. Hence, these digital services required the integration of CPaaS in their platforms for smooth conduct & to provide better services to their customers.