Communication Platform As A Service Market Worth $45.3 Billion By 2027, Growing At A Cagr Of 29.4%: Report By Marketsandmarkets™

The Global Communication Platform as a Service Market is estimated to grow from USD 12.5 billion in 2022 to USD 45.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 29.4%. The cost effectiveness of CPaaS solutions is expected to drive market growth in the coming years. The message segment is estimated to account for the largest market share in 2022, while the SMEs segment is expected to grow at a higher CAGR during the forecast period. AI, ML, cloud technology, and 5G network are some of the disruptive and innovative technologies that are driving the growth of the CPaaS market.