Market Overview:
Communication Platform As A Service (CPaaS) refers to cloud-based communication services and application programming interfaces (APIs) that enable developers to build communication features like voice calling, video, SMS and more directly into their applications. CPaaS solutions help businesses enhance customer engagement and internal collaboration by offering advanced communication capabilities without having to build and maintain the required infrastructure. These capabilities include voice, video, SMS, and collaboration tools like chat. In the highly competitive Asia Pacific market, CPaaS allows businesses to innovate communication channels and differentiate their customer experience.
Market key trends:
One of the key trends in the Asia Pacific CPaaS market is the rising adoption of conversational AI and virtual assistants. Many businesses in the region are using AI-powered communication tools to automate repetitive customer queries and requests. This allows customer support agents to focus on more complex issues. Another major trend is the increasing focus on omnichannel communication. More companies are integrating different communication channels like voice, video, chat and messaging into a single unified platform. This offers customers a seamless experience while engaging with brands through multiple touchpoints. Advanced analytics is also gaining importance as CPaaS providers are offering analytics features to help enterprises understand user behavior patterns and communication flows. This helps optimize engagement strategies.
The global Asia Pacific Communication Platform As A Service Market is estimated to be valued at US$ 2136.93 Mn in 2023 and is expected to exhibit a CAGR of 45.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The Asia Pacific CPaaS market has moderate threat of new entrants due to high initial capital requirement for infrastructure development and presence of established players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives and flexibility to change providers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and less differentiation in core technology components.
Threat of new substitutes: Threat of new substitutes is high due to emergence of open-source and low-cost alternatives.
Competitive rivalry: Intense competition due to presence of established international and local players.
Key Takeaways
The Asia Pacific Communication Platform As A Service market is expected to witness high growth, exhibiting 45% CAGR over the forecast period, due to increasing demand for advanced communication solutions and integration of advanced technologies by businesses in the region.
Regional analysis
Among regions, East Asia dominated the Asia Pacific CPaaS market in 2023 and is anticipated to grow at a highest CAGR during the forecast period. This is attributed to increasing digitalization and the presence of key players in countries such as China and Japan. South Asia is projected to exhibit substantial growth owing to rapid penetration of advanced technologies across industries in the region.
Key players
Key players operating in the Asia Pacific Communication Platform As A Service market are Voxbone, GENBAND, RingCentral Connect Platform, Brightlink CPaaS Platform, MessageBird, Exotel, Karix Mobile Pvt. Ltd, CALLHIPPO, VCLOUDX PTE LTD, Plivo Inc., Xoxzo Inc., Nippon, BroadSoft Japan KK, NTT Communications Corporation, Telesmart, TWILIO INC., Infobip ltd, Alcatel-Lucent S.A, Amazon Connect, and Ribbon Communications Operating Company, Inc. Voxbone and TWILIO INC capture a significant share in Asia Pacific CPaaS market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
