Communications Platform-as-a-Service Market to Be Worth $45.3 Billion by 2027

Research firm MarketsandMarkets expects the global communications platform-as-a-service market to grow from $12.5 billion in 2022 to $45.3 billion by 2027 at a compound annual rate of 29.4 percent. The growth of the CPaaS market can be attributed to the growing demand for improved customer service and client engagement, according to the firm.

CPaaS solutions, it said, allow organizations to add voice, video, and messaging features to their existing business software using APIs. This allows them to cherry-pick real-time communications features and embed them into their apps and services, which is especially attractive to growing companies that already use cloud-based technology and want to customize their communications infrastructure, the firm said in its report.

The report's list of major vendors in the CPaaS market includes Twilio, Sinch, Avaya, Vonage, Bandwidth, RingCentral, TeleSign, Infobip,, and 8x8.